Published: 11th Feb 2015

Preston Council is leading a community wealth building project, aimed at keeping more money in the local economy Almost £500m leaks out of Preston each year. Now the council is working with the city’s anchor institutions to help them use their spending power locally. Anchor institutions – local authorities, hospitals, universities and housing providers – are key components of local economies and places. They are significant employers and investors in communities, largely unfettered by global economic change, and wedded to place. They are also significant spenders, with large annual budgets for staff, food, energy and other supplies and services. The challenge facing anchor institutions is that while they are wedded to place they are far from embedded in place. They draw in labour from other towns and cities, purchase goods and services from large non-local corporates, and will often fail to collaborate with key local institutions, … (To read the full article, subscribe below)