New economic model mooted for Limerick

COUNCILLORS are set to consider a new economic model which could transform Limerick’s economy.

At the Council's economic committee meeting, it was agreed to invite representatives from the Centre for Local Economic Strategies (Cles) to discuss adopting the new community wealth building model to Limerick.

Put simply, community wealth building is a new approach to local economic development which redirects wealth back into the local community.

It’s based on five key principles – plural ownership of the economy, fair employment, progressive acquisition of goods and services and a socially productive use of land and property.

It was Sinn Fein’s Limerick City North councillor Sharon Benson who secured unanimous support for a call to invite representatives of Cles to address the local authority, with a view to adopting the practice here.

She said: “Community wealth building is a common sense approach to local economic development that centres on ensuring wealth is retained and re-circulated and not just extracted from our local economy. This development model aims to leverage existing local resources to meet local needs while promoting values of equality and sustainability.”

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Councillor Benson said the practice has benefits for the environment in terms of reducing carbon footprint by establishing shorter supply chains and bringing in greater local employment.

She added: “The model has proven to be more resilient to recessions and has been impacted far less by the current pandemic compared to private sector businesses.”

The model has been a success in the city of Preston in north-west England, an area which up to its introduction, was in the top 20 most deprived parts of Britain.

“Since they developed this model, they’ve moved out of this bracket and unemployment levels have dropped below the national average,” the councillor said, pointing to a recent study which revealed eight in 10 Irish unemployment blackspots were in Limerick.

The proposal to bring representatives of Cles to Limerick was seconded by Independent councillor Jerome Scanlan, the acting chair of the economic committee, and also supported by the Green Party’s Sasa Novak.

Economic director Vincent Murray added: “I’d be very happy to invite Cles to the next economic meeting, and invite all councillors to attend also. If they are not available on that date, we could gladly have a special meeting to hear what they have to say.”