Preston Council have been working with the social sector to maximise the benefits of local expenditure. The initiative includes three key strands of activity:
- The Community Wealth Initiative which aims to combine the purchasing power of social organisations in Preston (specifically anchor organisations) with the objective of maximising local benefits for Preston communities particularly the creation and safeguarding of local employment.
- Simply buyout – an initiative which aims to support community buyout of existing enterprises from owners who want to transfer ownership.
- The Guild Co-operative Network – a scheme which aims to bring co-operative business together to enhance links, strengthen the network and encourage collaboration and innovation.
Key features of this approach
- Mutuality – the importance of strengthening the mutual links between organisations and businesses in the local economy in order to support future growth and innovation.
- Maximising local multipliers – by strengthening local businesses, these schemes will help to maximise local expenditure and investment in the local area.
- Integration of mainstream – the local authority proactively facilitating the transition of mainstream economic activity into models that maximise local benefit.
To learn more
More information can be found on the Preston City Council website
More information about starting local co-operatives from Co-ops UK