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2. Use our own money wisely
(Also known as ‘making financial power work for local places’)
Like our High Streets, our financial arrangements have become far more globalised than they were 50 years ago. A local authority might invest its money in a Nordic Bank, or a workers pension fund investing in property in Dubai to make the maximum benefit for pension holders, but equally couldn’t we make this money work for us, ethically and more locally?
Every public body has significant amounts of wealth, even if it doesn’t always feel that way. Whether it’s a short term surplus or long term pension funds, by investing this in a local building society or local charitable trust we can focus the benefit here in terms of supporting local employment and investments.
So, why not use your surplus capital to support ethical or community or locally owned businesses? Local building societies lending to local social enterprises; local pension funds investing in local energy production? Your investment helps the community – better jobs, longer term loans – a different perspective to risk that balances financial and social gains.
Also, by investing in smaller organisations, you’re often helping your customers grow, which may offer new types of future opportunity. One of our major banks is doing this in partnership with local government, businesses and colleges in Kilmarnock, to support business growth, skills and training.
Questions to ask yourself
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Can I invest temporary surpluses into local building societies?
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Can I invest longer terms funds in local business opportunities, developments, credit unions or co-ops?
Who is doing this already?