Published: 14th Feb 2018

The Labour party is to set up a community wealth building unit to explore creative approaches to the running of local services and economies. Building on the Preston Model, which has seen the council and other local ‘anchor’ institutions keep money flowing within the local economy, the unit will bring together a range of advisors. Preston Council’s local economic strategy included working with six large public bodies in the town, including the Lancashire Constabulary and Lancashire County Council, and persuading them to commit to buying their goods and services as locally as possible. Collectively those institutions have increased their spend within the town from £38m in 2013 to £111m in 2017. Spend across the Lancashire region has grown from £292m to £486m. More than 1600 jobs have been supported using this approach and the council is helping to set up worker-led cooperatives that will create supply chains for public sector … (To read the full article, subscribe below)