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Local Wealth Building: How to develop locally controlled economies and put people first

Learn how to develop locally controlled economies that prioritize social justice, good local economies, and effective public services. Discover the elements of local wealth building and the impact of anchor institutions in creating an inclusive economy. Explore the success of Preston's local wealth building journey and the actions taken to banish extractive wealth. Join the movement towards broadening the ownership of wealth and implementing inclusive commissioning and market making practices.

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Local Wealth Building: How to develop locally controlled economies and put people first

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  1. Local Wealth Building:How to develop locally controlledeconomies and put people first Tom Lloyd Goodwin Associate Director CLES

  2. A bit about us We are a Think AND Do tank Through our work we aim to achieve social justice, good local economies and effective public services for everyone everywhere.

  3. Context

  4. Our current model of growth is failing…

  5. Our current model of growth is failing…

  6. A new economics

  7. The Solution? NO!

  8. The Solution? Inclusive Economy

  9. Inclusive Growth vs Inclusive Economy

  10. Building an Inclusive Economy

  11. Anchor institutions H Local government Hospitals Housing providers Private Businesses Education providers

  12. The 5 elements of Local Wealth Building • Plural Ownership of the economy • Making financial power work for local places • Fair employment and just labour markets • Anchor purchasing • Socially productive use of land and property

  13. Local Wealth Building – in practice

  14. Preston 2012-A 6 year journey…..

  15. Preston’s Local Wealth Building: A new economic ecosystem Anchor Institutions: Sticky Capital! Play a significant and role in a locality - Size & scale – Purchaser/procurer, employer with land, property and assets H Hospitals Local government Voluntary and community sector Housing providers Private Businesses Education providers

  16. The change: Preston and Lancashire County 5% £616m of spend within the Preston City Council boundary Total spend of all 6 anchors 12/13 39% of spend within the Lancashire economy

  17. The change: Preston and Lancashire County 18% £616m £200M of spend within the Preston City Council boundary £70M Total spend of all 6 anchors 16/17 80% of spend within the Lancashire economy

  18. Preston’s Local Wealth Building: A new economic ecosystem • Extractive wealth banished through a growing set of actions • Spend and actions of anchor organisations (5 years in) • Lancashire Bank (in development) • Use of local pension funds for local investment (in development) • Local food networks (established) • Platform cooperative (established) • Local cooperatives development to feed into supply chain(in development) • Local energy company(in development)

  19. Our current work

  20. The list is growing!

  21. Broadening the ownership of wealth

  22. Inclusive Commissioning and Market Making

  23. Get in touch 0161 236 7036 tomlloydgoodwin@cles.org.uk @CLESthinkdo @tomlloydgoodwin www.cles.org.uk

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