It’s quite difficult to deny that the financial collapse has been quite a shock to the economy, but the big question is why should it affect me? Surely local services shouldn’t be affected by what London’s bankers are up to? Why have local workers lost their jobs because of a crisis that started in the USA’s mortgage market?
Imagine a leaky bucket. Water is being poured in, but as soon as the pouring stops, the water continues to flow out, and the bucket runs dry. This is a metaphor for our local economy, with national government and banks pouring money in, until a crisis comes along, and they stop lending and cut back budgets. The money currently in the local economy soon leaks out to banks in interest payments and to large corporations.
If we plug those leaks, by directing our expenditure back into the local community, rather than to national corporations, the local economy will become much stronger, multiplying the positive effect of each pound that you spend, generating local economic resilience. Much easier said than done? Definitely. But certainly not impossible. In the Economy & Livelihoods group, we'd like to see what we can do to help the process along.
If you are concerned with these issues, or want to know more about how economic resilience can be built, come along to an information and discussion session on “Plugging the Leaks” at House Cafe, 52 St. Benedict’s Street on Thursday 7 July, 6pm.
Contact: Simeon Jackson (simeon [at] simeonjackson [dot] co [dot] uk).
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