Local multiplier 3 or LM3 for short, is a tool originally developed by the New Economics Foundation (NEF) to allow organisations to calculate the extent to which their procurement decisions impact positively on the local economy. Over the last decade the Centre for Local Economic Strategies (CLES) have been working extensively with a range of local authorities including Manchester City Council, and other organisations using LM3 to not only to analyse how current procurement impacts the local economy, but using the results to improve local economic impact.

This introductory session will cover:

• The theory underlying LM3: why does local economic spend matter?
• The key elements of the LM3 methodology, and what they enable.
• The basic calculations that need to be undertaken in LM3.
• Real life examples of organisations that have conducted LM3, and the benefits that this has brought.

The session will be run by Matthew Jackson. Matthew is the Deputy Chief Executive at CLES and is a leading expert on progressive procurement practice. He is currently principal advisor on an EU-wide procurement project and leads on CLES’ LM3 work. The session is suitable for anybody with an interest in how LM3 can be used to change spending decisions in order to improve the economy in which organisations are based.