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'Money is like blood – it needs to circulate for local economies to survive' 'Money is like blood – it needs to circulate for local economies to survive'
(7 months later)
With the spectre of a triple-dip recession looming menacingly on the horizon, proud businesspeople from Yorkshire are working together, harnessing each other's talents and local produce, to ensure they all make it through to the other side.With the spectre of a triple-dip recession looming menacingly on the horizon, proud businesspeople from Yorkshire are working together, harnessing each other's talents and local produce, to ensure they all make it through to the other side.
Ross Halliday, co-founder of the Holbeck-based coffee chain Out of the Woods, has built her business around the quality of her local suppliers. "We need to support each other to maintain the local economy," she said. "There are many amazing small producers in Yorkshire and supporting each other's businesses helps maintain longevity."Ross Halliday, co-founder of the Holbeck-based coffee chain Out of the Woods, has built her business around the quality of her local suppliers. "We need to support each other to maintain the local economy," she said. "There are many amazing small producers in Yorkshire and supporting each other's businesses helps maintain longevity."
Out of the Woods is part of a burgeoning Leeds scene intent on utilising the best products and talent the region has to offer in a variety of ways. Far from sticking to the usual Yorkshire staples, many local suppliers are now branching out and producing their own takes on exotic produce.Out of the Woods is part of a burgeoning Leeds scene intent on utilising the best products and talent the region has to offer in a variety of ways. Far from sticking to the usual Yorkshire staples, many local suppliers are now branching out and producing their own takes on exotic produce.
For example, Three Little Pigs – based at Kiplingcotes Farm in Beverley – produces Yorkshire chorizo from their own breed of pigs, while the Shepherd's Purse in Thirsk invented their own take on feta cheese known as Yorkshire Fettle.For example, Three Little Pigs – based at Kiplingcotes Farm in Beverley – produces Yorkshire chorizo from their own breed of pigs, while the Shepherd's Purse in Thirsk invented their own take on feta cheese known as Yorkshire Fettle.
Piers Chead, CEO of start-up specialists The Formations Company, is a firm believer in small businesses seizing the initiative and teaming up to fight the downturn. He explains: "Choosing to support local businesses can make a profound economic impact on the fate of many communities."Piers Chead, CEO of start-up specialists The Formations Company, is a firm believer in small businesses seizing the initiative and teaming up to fight the downturn. He explains: "Choosing to support local businesses can make a profound economic impact on the fate of many communities."
The businesses are not looking local just to reduce costs, but boost the surrounding community too. As well as increased consumer choice and employment of local people, which come hand-in-hand with micro-economic methods, Chead says the alliance also "strengthens a community's resolve to create a better environment for families and business in their local area".The businesses are not looking local just to reduce costs, but boost the surrounding community too. As well as increased consumer choice and employment of local people, which come hand-in-hand with micro-economic methods, Chead says the alliance also "strengthens a community's resolve to create a better environment for families and business in their local area".
Research carried out by the New Economics Foundation (NEF) found that more than twice as much money stayed in the local community when people shopped at a farmer's market as opposed to a supermarket chain.Research carried out by the New Economics Foundation (NEF) found that more than twice as much money stayed in the local community when people shopped at a farmer's market as opposed to a supermarket chain.
NEF spokesman David Boyle says "money works like blood – it needs to circulate around the local economy if it is going to keep it alive". Money spent in large supermarkets instead of local businesses "pours straight out again," according to Boyle. So, where local economies are suffering, it's not due to low cash flow – it is a result of how and where that money is spent.NEF spokesman David Boyle says "money works like blood – it needs to circulate around the local economy if it is going to keep it alive". Money spent in large supermarkets instead of local businesses "pours straight out again," according to Boyle. So, where local economies are suffering, it's not due to low cash flow – it is a result of how and where that money is spent.
Laura Wellington, a co-founder of Duke Studios, a creative and co-working space based in Munro House, Leeds, believes that skills nurtured locally are a key pillar of both their business and the local economy: "Leeds has suffered massively due to talented people thinking places like Manchester or London have better career options." Along with business partner James Abbott, Wellington thinks that simply retaining the talent of those trained and educated in Leeds will give the city a significant economic boost.Laura Wellington, a co-founder of Duke Studios, a creative and co-working space based in Munro House, Leeds, believes that skills nurtured locally are a key pillar of both their business and the local economy: "Leeds has suffered massively due to talented people thinking places like Manchester or London have better career options." Along with business partner James Abbott, Wellington thinks that simply retaining the talent of those trained and educated in Leeds will give the city a significant economic boost.
This sentiment is echoed by Boyle, although he noted that local areas shouldn't aim to become totally self-sufficient – after all, outside parties can still bring a lot to a community, "That is why the key to local economic recovery may not always be specialisation, as often it is going to be import replacement."This sentiment is echoed by Boyle, although he noted that local areas shouldn't aim to become totally self-sufficient – after all, outside parties can still bring a lot to a community, "That is why the key to local economic recovery may not always be specialisation, as often it is going to be import replacement."
His advice for those looking for success on a smaller scale around the country is simple: "You can produce more locally if you make better use of what you've got. People, money and land."His advice for those looking for success on a smaller scale around the country is simple: "You can produce more locally if you make better use of what you've got. People, money and land."
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