PLUGGING THE LEAKS Making the most of every pound that enters your local economy
Imagine Some Farmland In An Area With Not Enough Rain How do you make it more fertile?
The Problem • Need to focus on what consumers, public services & businesses do with that money. • Too often it is spent on services with no local presence, and so immediately leaves the area.
For Your Local Economy • 3 key groups: residents, business, public sector • Identify how money enters • Identify how money leaves • Potential plugs
Cluster Plugs Under Common Themes • Plan Leak Plugging Action - Agree Priorities - Person To Take Them Forward - Maintain Progress
Outcomes • Develops Economic Literacy • Generates Economic Ideas • Mobilises People To Action To Change And Shape Their Local Economy www.pluggingtheleaks.org
Local Multiplier 3 (LM3) • Measure an organisations economic impact on the local economy. • Measure how money is spent and re-spent within the local economy.
3 Rounds of Spending: Round 1: organisation’s income Round 2: how income is spent Round 3: how local people and businesses receiving round 2 money, spend their money.
1% Challenge How Could You Switch 1% Of Your Budget To Be Spent Locally