04 Feb '12, 6pm

Buying local worth 400 per cent more - @pundles #wishgranted

These are the results of a year-long collaboration between nef (the new economics foundation) and Northumberland County Council, released by nef today, Monday 7 March 2005. Northumberland used nef's Local Multiplier 3 (LM3) methodology to track the value of its local spending, to measure its impact - and how that impact could be increased. Northumberland's research found that: · In addition to the initial contracts, local suppliers in Northumberland re-spent on average 76 per cent of their income from contracts with local people and businesses, while suppliers from outside Northumberland spent only 36 per cent in the area. · This means that every £1 spent with a local supplier is worth £1.76 to the local economy, and only 36 pence if it is spent out of the area . That makes £1 spent locally worth almost 400 per cent more. · A ten per cent increase in the proportion of the ...

Full article: http://neweconomics.org/press-releases/buying-local-worth...

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