Public encouraged to join online event that will see next phase of 'Preston Model' unveiled

'Community Wealth Building 2.0: Leading Resilience and Recovery in Preston' will see international speakers launch the next phase of this area of work which is designed to support a more democratic economy in Preston and help the city to rebuild from the effects of the pandemic.

Participants at the online launch include Phil Thompson, the Deputy Mayor of New York City and former Shadow Chancellor John McDonnell MP as well as a range of local and regional voices.

The "Preston Model" refers to how the council and other partners are implementing the principles of Community Wealth Building within Preston and the wider Lancashire area.

And according to the Preston City Council website, Community Wealth Building "is about ensuring that workers are paid a living wage, that employers invest in skills and training, that financial institutions invest in the productive economy and it is about exploring alternative methods of economic organisation and economic governance."

As well as a renewed commitment to these key areas, the event will set out plans to use the city's assets to increase social and environmental benefits.

Councillor Freddie Bailey, Cabinet Member for Community Wealth Building at Preston City Council, said: "The launch of the next phase of Community Wealth Building could not come at a more vital point in our city's economic story.

"As we look to rebuild from the impact of the pandemic and continue to rebuild from the devastating impacts of austerity it is vital we embrace new ideas and a community focus to build an economy that works for everyone.

"This event brings together inspirational voices to talk about the power community wealth building has to build a democratic economy which supports communities and stands up for the environment.

"I look forward to sharing our plans with the public and embarking on the next stage of the exciting journey that is Community Wealth Building to help our city reach its full potential."

The implementation of the model is being shared across a range of Preston based anchor institutions, including Lancashire County Council, UCLan, Preston College, Cardinal Newman College, Lancashire constabulary and the Community Gateway Association.

Councillor Matthew Brown, the Leader of Preston City Council, said: "What we have been able to achieve to date through the Preston model in and for our city has made a significant impact on the local economy.

"I am proud that we are able to tell the story of how we have implemented community wealth building in Preston and to demonstrate the journey we have taken over the last eight years.

"Our ultimate aim is to embed these principles further by building a richer and more democratic economy in Preston with further plans for a regional community bank and expanding the cooperative economy."

The online event takes place on Thursday, February 25, between 6:30 and 8:30pm. Tickets are available here.

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