An excerpt from an article for CityMetric discussing the possible implications of an innovative economic model designed by Preston City Council.
Could a blueprint for a self-sufficient local economy worked out by a Lancashire council struggling with poverty and austerity signpost the future for municipalities across England and Wales?
Preston City Council’s work towards developing an economic ecosystem rooted in co-operative principles informed elements of the programme on which Labour fought June’s general election. It’s also at the heart of a major new report, seeking to establish a philosophy to guide the party’s economic policy at local and national level.
The foundations of the Preston Model were laid in 2013, as the Labour-run council cast around for ideas to rebuild the economy of a city ranked in the bottom 20 per cent of the deprivation index, and facing the near-halving of its central government grant from £30m to £18m.
The image above is a detail of Preston Bus Station.