Boosting local development: Insights from the Preston Model approach

Boosting local development: Insights from the Preston Model approach

In a recent policy briefing, researchers at the University of Central Lancashire have provided a comprehensive analysis of the impact of the Preston Model on the arts, culture, and heritage sectors in the region. The Preston Model, an innovative policy intervention, focuses on community wealth building through local institutions, and its benefits for creative businesses in Preston and Lancashire are becoming increasingly evident.

Anchor institutions in Preston underpin 9% of the turnover in creative businesses, providing a solid foundation for the growth of the local creative economy. However, a more detailed examination of the specific benefits of the Preston Model for creative businesses has not been directly provided in search results.

By analysing the broader context of the Preston Model and its concept in economic and community development, and by relating it to creative businesses in the region, several benefits can be synthesized.

The Preston Model empowers local economic development by encouraging local institutions to invest in and support local businesses, including creative enterprises. This keeps financial resources within Preston and Lancashire, providing creative businesses with more local funding and contracts.

Creative businesses also benefit from increased opportunities to tender for public and institutional supply chains that prioritize local companies. This stimulates local creative industries and fosters sustainable growth.

Moreover, the Preston Model encourages collaboration among local stakeholders, facilitating partnerships, creative collaboration, and shared resources among creative enterprises. This creates a stronger ecosystem for innovation and creativity.

Job creation and training opportunities are another advantage for creative businesses. The model supports workforce development initiatives, giving creative businesses access to a local talent pool trained to meet their needs, boosting employment in the creative sector.

The Preston Model also promotes sustainable local growth by prioritizing social impact alongside profit. This provides creative businesses with a stable, supportive environment, which can lead to longer-term sustainable growth.

The policy briefing sets out areas for possible policy action in Skills, Jobs, and Education, and precedes a paper commissioned by the PEC from the University of Central Lancashire. The full paper will be made available later in the year.

In the first four years of its operation, local procurement spend increased significantly within Preston and Lancashire. This, coupled with the fact that growth per head and labour productivity in Preston grew faster than the UK average, suggests that the Preston Model is contributing to the region's economic success.

Unemployment in Preston has also shifted from above to below the UK average, further indicating the Model's positive impact. It seems that creative businesses in Preston have benefited from the Preston Model's interventions, contributing to a thriving creative economy typical of the Preston Model’s approach.

The policy briefings were authored by Dr Alina Petrescu, Research Fellow in Labour Economics, Professor Philip B Whyman, Professor of Economics, Mary Lawler, Research Assistant, and Dr Adrian Wright, Deputy Head of School (Business Development and Partnerships). The brief outlines recommendations for transitioning to more sustainable theatre production across the UK, demonstrating the far-reaching implications of the Preston Model.

In conclusion, the Preston Model benefits creative businesses in Preston and Lancashire by fostering local investment, enhancing access to contracts, encouraging collaboration, supporting workforce development, and promoting sustainable community wealth building — all of which nurture a thriving creative economy in line with the Preston Model’s approach.

1. The benefit of the Preston Model for creative businesses includes empowering local economic development, as it encourages local institutions to invest in and support these enterprises.
2. Analyzing the broader context of the Preston Model reveals that it keeps financial resources within Preston and Lancashire, providing creative businesses with more local funding and contracts.
3. Creative businesses in Preston and Lancashire benefit from increased opportunities to tender for public and institutional supply chains that prioritize local companies.
4. The Preston Model fosters a stronger ecosystem for innovation and creativity by encouraging collaboration among local stakeholders and creative enterprises.
5. The model supports workforce development initiatives, giving creative businesses access to a local talent pool trained to meet their needs, boosting employment in the creative sector.
6. The Preston Model promotes sustainable local growth by prioritizing social impact alongside profit, providing creative businesses with a stable, supportive environment for longer-term sustainable growth.
7. The policy briefing sets out recommendations for transitioning to more sustainable theatre production across the UK, demonstrating the far-reaching implications of the Preston Model in the arts and culture sectors.
8. In the first four years of its operation, local procurement spend increased significantly within Preston and Lancashire, contributing to the region's economic success.
9. Unemployment in Preston has shifted from above to below the UK average, indicating the Model's positive impact on job creation and talent development in the creative industries.
10. The Preston Model is an innovative policy intervention in economic and community development that aims to build community wealth through local institutions, with a focus on creativity, innovation, and internationalisation in various industries.

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