(For latest updates see our REconomy news posts)
TTB has been commissioned by the REconomy Project to imagine what a future-appropriate new economy for Lambeth might look like and to come up with a cost benefit analysis, leading to a prioritised 3 year plan to begin to make it happen. We will focus on the Food and Energy sectors. This is part of the Economic Evaluation work of the Transition Network’sÂ REconomy ProjectÂ which has already completed evaluations in TotnesÂ (rural town), and Herefordshire (rural county). Obviously the picture will be very different in a central London borough. The Lambeth REconomy reports are available at the above link.
We held a launch event,Â Rethinking our Local Economy, on Wednesday 13 MarchÂ at Lambeth Town Hall, with leaders from Lambeth’s community networks, business, Lambeth College, Lambeth Living, and Lambeth Coop Council. Together we looked at some key facts about Lambeth’s economy, then plotted how money (lots of it) flows into the area – and then how nearly all of it flows straight out again. This was represented by a Leaky Bucket. We then looked at how we might start to Plug the Leaks and start to keep more value in the borough, in terms of money, resources, people’s time, skill and knowledge. The Local Multiplier Effect means that money that is spent locally with independent local businesses brings between 2 andÂ 4 times more valueÂ to local people that money that escapes out through chains and corporates.
We also produced a thumbnailÂ case studyÂ of 5 early adopter businesses who are doing localisation on the ground.
The Economic Evaluation will produce 2 detailed reports of the new Food Economy and the new Energy Economy to determine the ‘size of the prize’ to be had by relocalising our economy where appropriate and focussing on supplying real needs of Lambeth’s population.
The reports will go through a refining process with the original workshop attenders and other key stakeholders and experts from TTB and other pioneering local groups and projects.
The reports will be written online in Googledocs so you will be able to review and comment on them as they progress. We are keen to get expert input, suggestions of ‘catalyst projects’ towards a rethought local economy, with any numbers you may have to support you ideas. Links to these report will be posted here soon.
Strategic 3 Year Plan
The reports will conclude with a prioritised strategic plan outlining the steps and projects that will begin to ‘repatriate value’ to Lambeth build resilience, well-being, connection and real economic benefit.
We will present the finding to key local stakeholders including decision-makers, service commissioners and budget holders – but also local businesses. We will be asking for endorsement of the value of the findings – that localisation brings real benefit to local people and ‘sign up’ to take actions (outlined in the 3 year plans) to make sure it happens.
TTB and REconomy
Last year representatives of TTB and sister initiatives met up with Fiona Ward of the national Transition Network’sÂ REconomy ProjectÂ - Â the economics strand of the Transition Movement looking at how a rethought, reconnected, relocalised, future appropriate economy could be better for all of us. Inspired by this TTB resolved to make REconomy the unifying story that makes all our work, groups and projects more than the sum of their parts. Fiona wrote aÂ great blogÂ about her visit to Brixton. So we were the logical Transition Initiative to do the economic evaluation in an urban area to assess the ‘size of the prize’ of localising as much as possible our economy. SeeÂ news of launch.
To get involved please contactÂ firstname.lastname@example.org