Community wealth building

Community wealth building is a term which covers a range of approaches which "...aim at improving the ability of communities and individuals to increase asset ownership, anchor jobs locally by broadening ownership over capital, help achieve key environmental goals, expand the provision of public services and ensure local economic stability”.

[3] Anchor institutions are mission-driven organisations committed to maintaining service in their local communities, such as councils, hospitals, universities, colleges and housing associations.

Critics have also pointed out Preston relies heavily on multi-national companies for employment, and that local procurement isn't the answer to everything, despite being a useful tool.

[8] Preston City Council notes that its model builds on Manchester City Council's "principles of progressive procurement" and mentions Birmingham, Oldham, Salford, Kirklees, Islington, Enfield, Southampton, Wakefield and Bristol as examples of other UK locations implementing similar community wealth building approaches.

[10] Birmingham's approach, adopted with the support of former Council leader John Clancy, focussed on using the area's "significant existing wealth ... more effectively for the benefit of our economy and people".