The ‘Preston Model’ became a hot phrase in politics and economics after Preston became the most improved city in the UK.
A study that took into consideration factors; such as, employment, house prices and transport found that Preston has seen huge improvements in the last two years.
At the time, the Leader of Preston City Council, Councillor Matthew Brown said, “we are really pleased to see the results of this report highlight the great progress we have made, and are still making in Preston. This success is based on practical policies to build wealth for the whole community collaboratively with a number of partners.”
For obvious reasons, the City and the work undertaken by the Preston City Council was being praised nationally; which led to the emergence of the ‘Preston Model’ phrasing.
We’ve heard that term a number of times in the last 12 months, but, what does it actually mean?
A spokesman for the Preston City Council said, “The ‘Preston Model’ is a term applied to how the council, its anchor institutions and other partners are implementing the principles of Community Wealth Building within Preston and the wider Lancashire area.
“The implementation is something which is being shared across a range of Preston based anchor institutions, including;
– Lancashire County Council
– University of Central Lancashire
– Preston’s College
– Cardinal Newman College
– Community Gateway Housing Association Lancashire Constabulary.
“This is important as many of these institutions have significantly greater spending power and assets than the City Council and by working together we can have a significantly greater impact on the future well-being of the city.”
Essentially, the point of the ‘Preston Model’ is to invest in local businesses and assets, rather than allowing money to leave the city to be invested elsewhere.
The City Council, along with its partners, use the investment to ‘procure’ properties and assets to help stimulate the local economy.
Think of it as a local government actually being able to have an impact on the community, rather than decisions being made for a Northen City coming from London.
The spokesman added, “We hope our approach to boosting our economy is helping to strengthen the economic bases of other UK regions and enabling the UK’s economy to fire more effectively on more cylinders than before.”