In 2011 Preston hit rock bottom. Then it took back control | Aditya Chakrabortty

In a new series looking at how to make the economy work for everyone, Guardian columnist Aditya Chakrabortty finds out how Preston turned its fortunes around by spending locally

The city of Preston in Lancashire dates back to Roman times. It is listed in the Domesday book as Prestune. It's where inventor Richard Arkwright kickstarted the cotton trade. Yet ask local people to tell you its history and they jump straight to 2011. That was Preston's year zero, when the grand schemes for the city fell apart. For more than a decade the council had bet everything on a massive shopping mall. The Tithebarn would sprawl over the city centre, cost 700m and be built by two of the biggest developers on the planet. It was going to have a Marks & Sparks, a multiplex and a huge John Lewis store. It was the lottery ticket, said the council leader. The lifeline, the turnaround, the magic bullet.

Related: The Alternatives: how Preston took back control - podcast

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In 2012 Preston declared itself the first Living Wage employer in the north of England

Private finance initiative deals were introduced in 1992 under John Major but became widespread under Tony Blair. Typically used for public buildings and infrastructure, PFI schemes introduce private investors into the design, build, finance and operation of new facilities which are then rented back by the state.

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