Socialist economic policies will be introduced by mid-2022 in efforts to bolster the local economy and support small businesses in Islington, councillor Angela Picknell has said.
Business closures, adding to the so-called “death of the high street”, were a constant threat due to “strong competition from chain stores” and “increasing rental costs”, Mrs Picknell, councillor for St Mary’s and champion for small business, told Islington Now.
In response, the Mrs Picknell said the council is looking into adopting a “community wealth building” scheme known as the Preston Model, after being pioneered in Lancashire, to be introduced within the term of this council which is due for reelection in May 2022.
The model draws on socialist ideals of distributed wealth and resources, “looking into how big conglomerates of activity can support and be supported by small businesses,” Cllr Picknell said.
Big business would be encouraged through monetary incentives to use “naturally aligned, local providers,” rather than going out of the borough, to boost the local economy.
Rhys Bevan, assistant manager of Upper Street wine merchants The Sampler, welcomed the proposal saying, “that would be great for a business like this, as it would help ensure income.”
“Business is ticking along, but currently we have no support from local government,” and competition from chain stores is “absolutely a threat,” he added.
Also on Upper Street, manager of Custom-Made Furniture Mohammad Dehvani told Islington Now he had seen “two of three recent closures on this road because rent is too high … something needs to be done or the big chains will take over”.
Mrs Picknell admitted that incentives for such scenes would be costly, but said she hoped “national government would support that … you need national backing for local impact”.
