Elizabeth cox
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Elizabeth cox

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  • Connected to:EnvironmentalGoals of societySupporting well-being
  • economically fragile locally economiesa brittle, fossil fuel dependent infrastructurean erosion of the public realm- wearing away the notion of shared space, collective responsibility, power to changereduced social interaction opportunities
  • Fair - Equality argumentSustainability and appropriate scaleHuman scale economics
  • Local jobs, and enterpriseOne way to local in local spending is to use a local currency – examples, Lewes, Brixton pound Brixton: LM3 of businesses between 1.35 and 2.09. Of course this isn’t necessarily attributable to the B£.Supply chain project created creating 26 new trade links that we know about.www.brixtonpound.orgwww.thelewespoundpound.orgwww.berkshares.org

Elizabeth cox Elizabeth cox Presentation Transcript

  • Connected local economies Understanding local economies and local economic impact
  • ChallengeThe current economic system: » Unsustainable » Unfair » Unstable Well-being
  • Ultimate goal - Resources - Money - Decision making Living within - Institutionsenvironmental Well-being limits Economic activity at a scale to maximise social, environment al benefits.
  • Adaptation & local economic opportunitiesSupporting and shaping the structure of the economy forlong term benefitsEnvironmental transformation of infrastructureEnergy – saving and generationTransportWaste managementFood systemsFocus:Reducing reliance on fossil fuelsReducing negative environmental impactSeeking positive economic, social and environmental outcomesfrom how delivered
  • Need to make money work harder locallyThe problem is not necessarily that toolittle money flows into a community.Rather it is what consumers, publicservices & businesses do with that money.Too often it is spent on services with nolocal presence, and so immediately leavesthe area
  • Value of local spendingMarsh Farm, Luton: est. £58m spending power locally, £21m on homeexpenditure – 90% spent outside the estate. Including £1m on takeaways .Sleaford, Lincolnshire: est. £38.2m available to spend onconsumer goods annually.70% of this money is currently spent outside of Sleaford.Manchester City Council: Tracked their spending of top 300 suppliers (of abudget comprising £600m revenue and £300m capital expenditure per annum)Found:86 per cent of spending are with businesses based in greater Manchester areaReduces to 55 per cent for suppliers ranked 301 – 1000.Can use this data to understand the local enterprise and job opportunitiesavailable within the city region if these supply chains become more localised.What actions can be taken to retain wealth in economically disadvantagedareas.
  • Housing associations £10bn. annual turnoverTSA Global Accounts of Housing Providers 2010Annually invest over £435 mn. in communityinvestment activities ...made up of £272 from ownfundsNHF Neighbourhood 2008- 3.5 million (56%) social housing residents of working age arenot working.DWP 2011.- 88% of housing associations offer support / work opportunitiesto residents – mostly as separate to considerations ofmainstream spending .HACT 2012 survey
  • Circulating Pound -The local multiplier effect• It’s not just where you spend your money that matters• It’s also important where the people you spend it with - then spend it
  • LM3 - Measuring money flowsPurpose:• To measure the impact of spending locally• Can be applied at local (self-defined) and regional levelLM3 (Local Multiplier 3):• Adapted from Keynesian multiplier• Measures how money is spent and re-spent locally to 3 rounds of spending to determine local economic impactApplied to: Municipalities, Organisations, Projects,on Contracts or whole organisations
  • Practical tool to measure local spending (LM3) Construction – Norfolk district council Sea wall Car park Local Non-local Round 1 £ 72,000 £ 120,000 Round 2 £ 57,600 £ 20,400 Staff 24,480 0 Suppliers 33,120 20,400 Round 3 £ 24,980 £ 6,760 Staff 17,038 0 Suppliers 7,949 6,768 Total £ 154,580 £ 147,160 LM3 2.15 1.23
  • Increasing LM3 - What to think about How many of your staff live in the local area? How could you address local staffing issues? Where are your suppliers located? How much are your suppliers spending locally? How could you improve local sourcing decisions? Are there supply chain gaps? Will changes you make matter? How could goods and services be delivered differently?
  • Every way housing associations spend money hasthe potential to:Achieve sustainable economic development aims.Open up local employment and businessopportunities.Generate positive local economic, social andenvironmental outcomes.