Community Wealth Building in Preston: Successes and Challenges of Co-operation in Action

Abstract

The CWB initiative in the city of Preston in the North-West of England known as the ‘Preston Model’ (PM) focuses on leveraging local economic power and social value. Applying co-operative principles of economic democracy, resilience, environmental sustainability and social solidarity, it has improved Preston’s socio-economic outlook, through private and public sector partnerships. This chapter discusses how people in local ‘anchor institutions’ (major wealth creators and employers with a long local history) and the voluntary third sector, understand CWB and the PM. It is perceived as a holistic, inspirational narrative with great potential to affect broad social change, although its tangible impact is questioned. The absence of community representation in decision-making and implementation is also highlighted. This control by politics and local statutory bodies rather than the community, is seen as a barrier for the PM developing a true co-operative, democratic and participatory local economy and community.