Dear John

We can end trickledown economics - and begin a revolution in ‘community wealthbuilding’ here in the West Midlands.

This week saw a shocking new report from the Resolution Foundation showing young people in the West Midlands have amongst the worst chances of doing better in life than their parents. It underlines a simple point. Poverty levels in many of our wards haven’t improved for years - and are getting worse. That's why it's time for us to radically scale up the approach pioneered by Preston and start community-wealth building from the bottom up.

Here's a few ideas to help.

- A new Office of Community Wealth Building to help the public sector break up big contracts and place them with smaller coops and SME's - especially those creating jobs in high unemployment wards.

- A new Municipal Savings Bank and Post Bank - to provide branch services through Post Offices and recycle local savings, making sure there's investment available for growing small firms.

- A Green Development Corporation to help councils build more social housing - and use our share of the national ECO funding to pay for retrofitting energy poor homes - delivered through coops providing jobs for young people.

- A Municipal Energy Company based on ideas developed by Labour's Welsh Assembly Government, designed to help communities move to solar power for domestic heating - and co-own the new infrastructure.

- Begin the task of creating Labour's National Education Service, to help make sure people have the skills they need to thrive.

Taken together this radical new model could transform community ownership of housing, energy and banking - and deliver skilled, well paid jobs in areas where poverty has been entrenched for years. It's what you might call a New Municipal Socialism. Here's a quick film setting out the argument.

As ever, we'd really welcome feedback! And if you'd like me to pop by and help lead a discussion in your ward or workplace, just let me know.

Best wishes

Liam Byrne MP