This short animation explains what local wealth building is, why its time has come and how people can get involved.
The Preston Model
Over the past six years, CLES has been working with Preston City Council and a number of other partners to retain and build local wealth in Preston.
The impact of this work has been significant, attracting the attention of national media and policy makers, including an article published today by The Guardian.
CLES Chief Executive Neil McInroy and Senior Researcher Victoria Bettany have been invited to speak at a conference dedicated to community wealth building, focusing on CLES’ work in Preston.
Their session will be chaired by CLES’ Amy Clancy, and it is one of a series of sessions which will explore how to use levers such as procurement, insourcing, setting up local banks, and energy generation to revitalise local economies and strengthen economic democracy. Other speakers include John McDonnell, Shadow Chancellor; Aditya Chakrabortty, Guardian senior economics correspondent; and Ted Howard, Democracy Collaborative.
What is Community Wealth Building, why is it important, and what has CLES been doing about it?
Over the past 10 years, CLES has amassed a body of work around Community Wealth Building and Anchor Organisations in Greater Manchester, Preston, Birmingham and 11 cities across Europe. This pioneering work is focused on building an economy where wealth – including the spend of local anchor organisations – is recirculated locally for the benefit of local communities.
Neil McInroy, CLES’ CEO, joins actor and political activist Michael Sheen and Shadow Chancellor John McDonnell to chair round table on the innovative work of Preston City Council and its partners around community wealth building.
Over the past three and a half years CLES, has worked collaboratively with Preston City Council and six other anchor institutions to put into practice progressive economics that truly benefits people and place. Now known as the ‘Preston Model’, the programme is succeeding in developing the local economy in Preston and the surrounding areas in Lancashire, through strengthening local supply chains and increasing the number of local jobs. The achievements have been published in a recent report by CLES, Community wealth building through anchor institutions.
As councils struggle with cuts, one Lancashire city adapted a pioneering grassroots approach from America to tackling inequality and keeping profits local.