WIRRAL'S students, businesses and workers are set to benefit from a new form of economic policy that will see more money spent in the borough, it’s hoped.

The council’s plan to start community wealth building -nicknamed ‘Corbynomics’ – was revealed at an event on Monday.

According to deputy leader, Cllr Bernie Mooney, it’s already been adopted as party policy by Labour leader Jeremy Corbyn and Shadow Chancellor John McDonnell, and it’s hoped various groups from across Wirral will benefit, with their wages and invoices “recycled”.

First dreamt up in Preston, the policy means building an “alternative growth model” – one based on local procurement, rather than the usual approach of chasing investment from traditional funders – many from outside of Wirral. It will also involve a great deal of engagement with local residents.

Wirral MP Alison McGovern was among the speakers at the Birkenhead Town Hall event named Keeping Wealth in the Community, and backed the principles.

She said: “The idea of Community Wealth Building is not a new one, it was an idea begun a century ago with the Cooperative movement and its principles are still relevant today – especially in some of our communities which need economic growth and investment.

“The challenges of New Ferry and places like it haven’t been solved by waiting for a government who don’t care to act, or hoping a private investor will make the difference. The solution is to back the brilliance of our borough – the people inside our communities and the wonderful assets and environment we have.”

The event was also attended by politicians and Labour’s national policy advisors, with the hope the community wealth building will “turn the tide of Tory Government austerity and make a difference to people’s lives”.

Cllr Mooney said: “This innovative model – first trialled in Preston in 2013 – will establish a local economy which keeps more of the money spent in Wirral, here in the local Wirral economy.”

The council said it is already driving economic and “place development” by creating the Wirral Growth Company (WGC), which is committed to exploit public and private investment. WGC’s policies include 60% of the jobs and supply chain contracts it creates being carried out by local residents and businesses.

Cllr Mooney added: “If we are going to rebuild the physical infrastructure of Wirral with new homes, workplaces and improved retail, leisure and entertainment offers, then that investment should realise real benefits to the people of Wirral also.

“We want to see more local workers, students and businesses benefit from this investment and, in turn, for their wages and invoices to be recycled further in the Wirral economy.”

Cabinet member for finance, Cllr Janette Williamson, said: “In Wirral, we are already proud of what we are doing to stand up to the Tory Government for their disastrous austerity measures, which is obliterating our communities.

“We looked at their model and liked some of the policies Preston Council is doing to keep more money in the local economy. Through the WGC, we are charting a new path to not only regenerate the borough but also help the council pay for front-line services people rely on.

“I hope we can now build on the progress we have made and learn from Preston as well as implement national Labour Party manifesto proposals.”