A Labour Group motion coming before Swindon Borough Council proposes that the authority explore establishing a Swindon Municipal Wealth Fund (SMWF) — a professionally managed, ring‑fenced structure designed to improve the management and performance of the Council’ assets and future income designed to ensure they deliver long‑term benefits for residents.
The motion notes that Swindon Borough Council is a major public asset owner and that future receipts and land value uplift from the Wichelstowe Housing Joint Venture could provide an initial seed contribution. This would allow the Council to reinvest locally generated value back into Swindon in a structured, transparent way.
Research referenced in the motion, including The Public Wealth of Cities by Dag Detter and Stefan Fölster, highlights that many cities hold significant but under‑utilised public assets and can unlock substantial additional value through more strategic and professional management. It also notes that clearer balance‑sheet understanding and arm’s‑length structures can support long‑term investment while reducing reliance on taxes, debt or short‑term financial measures.
A UCL policy report on public wealth funds further emphasises the benefits of independent, professionally governed asset vehicles, which can support long‑term regeneration, allow cities to take strategic equity positions, and help channel investment into areas where private finance may be hesitant.
Councillor Jim Robbins, Leader of Swindon Borough Council, said:
“This proposal is about making sure Swindon’s public assets work as hard as possible for the people of Swindon. By exploring a Municipal Wealth Fund, we are looking at whether a more professional, long‑term approach can help us unlock greater value, strengthen the Council’s financial resilience and reinvest more of the returns from our own assets back into our communities. This is not about short‑term fixes — it is about responsible stewardship and making sure that the benefits of growth in Swindon stay in Swindon. We know we stand to receive significant income from the Wichelstowe Joint Venture over time, and we want to ensure that money circulates in Swindon for years to come, strengthening the local economy and delivering for residents.
This motion ties in with the Co-operative Council vision we set out at last month’s meeting and builds on our plans for Community Wealth Building.”
The proposal aligns with several of the Council’s strategic missions, including:
Building a fairer Swindon — ensuring that publicly owned wealth directly benefits residents.
Building a better Swindon — strengthening long‑term financial resilience to support regeneration and infrastructure investment.
Building a greener Swindon — enabling investment in sustainable and climate‑focused initiatives.
Supporting community wealth building — making sure public value is retained and reinvested locally.
Scope of the Proposed Report
If approved, the Council’s Chief Executive will bring forward a detailed report for Cabinet within six months, covering:
Potential funding sources, including future Wichelstowe receipts.
Fund design, ring‑fencing and investment criteria.
Alignment with the Council’s missions and long‑term priorities.
Governance models, including an arm’s‑length asset board with councillors and independent commercial experts.
Safeguards including public‑benefit tests, risk limits, conflict‑of‑interest rules, external audit and transparent reporting.
Legal and corporate structures and implications for the Council’s balance sheet.
Opportunities for co‑operative working with community organisations, social enterprises and housing associations.
Scrutiny and Oversight
The motion requests that the Corporate Overview & Scrutiny Committee undertake pre‑scrutiny of the report, with a particular focus on governance, safeguards and value for residents.
Background
International evidence highlights that cities which take a long‑term, professional approach to managing public assets are better able to strengthen financial resilience, support regeneration, and unlock additional investment without relying solely on taxation or public borrowing.
Public wealth fund models are already used in several global cities and have been recommended in UK research as a mechanism for supporting long‑term economic growth and ensuring public assets deliver maximum public value.
For more details, contact jrobbins@swindon.gov.uk.