The recent financial difficulties of several English local authorities has focussed attention on financial and innovations which have been pursued, extensively by some, over the past decade or so. In particular, the role of commercial investments in the financial collapses in Woking Borough Council and Thurrock have been in the spotlight, calling forth calls of ‘I told you so’ from those who cautioned against (what have subsequently been proven to be) risky investments. Councils invested some £6.6 billion in commercial property such as hotels, offices and shopping centres from 2016/17 to 2018/19 alone. However, this is far from the whole picture, as local governments have once again also displayed remarkable innovative capacity in the harshest of circumstances, generating alternative revenue streams, making novel trading and charging interventions in local markets, launching direct ‘for profit’ trading companies in municipal goods and services, creating public service cooperatives and mutuals in collaboration with communities, and exploiting procurement policies as a tool to support local economies.
