For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails Email * SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our Privacy noticeA Holyrood committee has backed the principles of community wealth building legislation. The Scottish Government would also be required to produce a statement in Parliament on actions it would be taking to reduce wealth inequalities and increase wealth in local areas. A report from the Economy and Fair Work Committee backed the general principles of the Bill, with convener Daniel Johnson saying: “Our committee recognises the transformative potential of community wealth building, when supported by local authorities and other public bodies. “But an obligation to act imposed by the legislation may not, on its own, drive implementation,” Mr Johnson added.