The city is focusing on community wealth building, infrastructure investment, and local business development to strengthen economic resilience.
Major programmes such as the Preston and Lancashire City Deal, strategic transport improvements, and collaboration with universities and local institutions are shaping growth.
These initiatives aim to attract investment, create jobs, and strengthen local supply chains. Together they position Preston as a regional economic hub capable of adapting to the changing UK economic landscape after Brexit.
| Key Economic Strategy | Purpose | Expected Impact |
| Community Wealth Building | Keep spending within local economy | Strengthen small businesses |
| Preston & Lancashire City Deal | Infrastructure and housing investment | Jobs and commercial growth |
| University & Skills Development | Improve workforce skills | Innovation and productivity |
| Transport Infrastructure | Improve connectivity | Attract business investment |
What Economic Challenges Did Preston Face After Brexit?
Like many UK cities, Preston had to adapt to economic uncertainty following Brexit. Changes in trade relationships, labour markets, and supply chains created challenges for local industries and businesses. For cities outside London, attracting investment and maintaining strong local economies became even more important.
Preston’s response has been to focus on strengthening its local economic foundations rather than relying solely on international investment. This includes supporting regional supply chains, investing in infrastructure, and encouraging local business development.
Local authorities have also worked closely with regional partners and businesses to ensure that economic planning reflects the new realities of the UK economy.
Some key challenges that shaped Preston’s strategy include:
- Changes to European funding streams that previously supported regional development
- Labour shortages in some sectors following new immigration rules
- Increased competition between UK cities for investment and talent
These factors encouraged Preston to pursue a more locally focused economic model.
What Is the Preston Model and Why Is It Important?
One of the most widely discussed strategies shaping Preston’s economic approach is the Preston Model. This model focuses on community wealth building and keeping more economic value within the local economy.
Instead of large amounts of public sector spending going to national or international corporations, local institutions such as councils, hospitals, and universities prioritise local suppliers whenever possible.
This strategy has redirected millions of pounds back into the local economy and strengthened Preston’s small business ecosystem. Since 2013, over £70 million in spending has been redirected into the Preston economy and around £200 million into the wider Lancashire region.
Key principles of the Preston Model include:
- Encouraging local procurement by public institutions
- Supporting cooperatives and community enterprises
- Strengthening regional supply chains
- Investing local pension funds into regional projects
The approach has gained national and international attention as a potential blueprint for cities seeking economic resilience in uncertain times.
How Are Infrastructure Projects Supporting Economic Growth?
Infrastructure investment has become another major pillar of Preston’s post-Brexit economic strategy. The Preston and Lancashire City Deal is one of the largest development initiatives shaping the city’s future.
The programme includes around £434 million in funding aimed at improving transport infrastructure, housing development, and commercial space.
The initiative is expected to unlock large levels of private investment and stimulate economic growth across the region.
| Infrastructure Project | Purpose | Expected Outcome |
| Preston Western Distributor Road | Improve transport connectivity | Support housing and business expansion |
| Commercial Development Sites | Expand office and retail spaces | Encourage private investment |
| Housing Developments | Build thousands of homes | Support population and workforce growth |
| Transport Upgrades | Improve regional mobility | Attract employers |
These investments aim to create a stronger economic environment that supports both local businesses and external investors.
How Is Education Driving Preston’s Economic Future?
Education and research institutions are playing a key role in Preston’s economic positioning. The University of Central Lancashire is one of the city’s largest employers and a major driver of regional economic activity.
The university contributes more than £200 million to the regional economy and supports thousands of jobs across the North West.
Universities help cities adapt to economic change by providing:
- Skilled graduates entering the workforce
- Research partnerships with local industries
- Innovation and technology development
- Entrepreneurial support for start-ups
By strengthening collaboration between academia, businesses, and local government, Preston aims to build a knowledge-based economy that can thrive in the post-Brexit environment.
How Is Preston Encouraging Local Business Growth?
Another important part of Preston’s strategy is strengthening the local business ecosystem. Instead of focusing purely on attracting multinational corporations, the city is also supporting smaller companies and entrepreneurs.
Local procurement policies and regional investment funds have helped many businesses access opportunities that were previously difficult to reach.
This approach supports:
- Local construction firms and suppliers
- Small manufacturing businesses
- Independent retailers and service providers
- Regional start-ups and technology companies
Local investment strategies, including the use of pension funds to support regional projects, are also helping stimulate economic activity and support new developments.
In the middle of this evolving economic strategy, platforms such as the Preston Blog provide valuable insights into local developments, community initiatives, and economic changes shaping the city’s future.
How Does Preston Compare to Other UK Cities After Brexit?
Compared with some UK cities that rely heavily on global finance or large corporate investment, Preston has focused on building a more resilient local economy.
This strategy offers several advantages:
| Economic Factor | Preston Approach | Typical Large City Approach |
| Investment | Local and regional funding | Global corporate investment |
| Business Support | Small and medium enterprises | Large corporations |
| Economic Model | Community wealth building | Market-driven growth |
| Supply Chains | Regional partnerships | Global supply networks |
By strengthening local economic networks, Preston aims to reduce vulnerability to external economic shocks.
Conclusion
Preston’s post-Brexit economic strategy highlights the importance of local resilience, infrastructure investment, and community-focused development. Through initiatives like the Preston Model, large infrastructure projects, and strong partnerships with education institutions, the city is building a diversified and sustainable economy.
Rather than relying solely on external investment, Preston is strengthening local businesses and supply chains. This approach positions the city as a forward-thinking regional hub that can adapt successfully to the evolving UK economic landscape.