It can feel like the needs of the real world are at odds with the way that our current economic system works. A focus on productivity and GDP growth somehow seems to counteract efforts to build a fairer and more sustainable world for all of us.

And yet, across the UK, local government, business, and community groups are fuelling a revolution and reclaiming their local economies. When aligned with the values and aspirations of the community, these systems can reshape places to drive positive and sustained social and environmental action. This kind of thinking has been named ‘wellbeing economics’.

A new report, published earlier this year, tells the stories of local leaders who arewho are working in this way. The ‘Wellbeing Economy in Action’ report, written by Clare Goff and published by the Centre for Thriving Places with support from Triodos Bank UK and Carnegie UK, shares examples of where local communities are focusing not on profit and growth, but on systems that support wellbeing for all. 

One of the stories in the report comes from North Ayrshire, in South West Scotland. The county has been struggling economically since the 1990s, when an explosives company – previously a large local employer – closed its site in the area. Traditional models of economic development, which often focus on policies to grow new sectors or provide business support, haven’t worked.

So, North Ayrshire has changed its approach, and now has a focus on community wealth building. This means that the local council focuses on working with so-called ‘anchor institutions’ (for example hospitals) and supports them to procure locally, building wealth within the area. North Ayrshire Council has recently supported the opening of a community hub and café on a local beach as part of this work.

Reimagining how our economy can work differently to support the wellbeing of all of us, whilst also protecting and restoring our natural environment, is at the heart of Triodos Bank’s vision for a better world.

As Bevis Watts, CEO of Triodos Bank UK explains: ‘Through our sponsorship of this project, we hope to spotlight what is happening on the ground, where local communities are taking back control of their own economies. At Triodos we have always been steadfast in our belief that people and the planet need not be sacrificed for a healthy economy and that, in fact, by prioritising positive societal and environmental impact we can all thrive.'