Preston’s economic model is set to receive further attention during a debate organised by The Guardian.

Labour has been regularly referencing ‘The Preston Model’ on the national stage.

The philosophy has seen Preston City Council work with prominent institutions in the city, such as the university, to see them invest and buy more products and services locally – keeping money within the city, and county, boundaries.

Hollywood actor Michael Sheen, current shadow chancellor John McDonnell and former Labour leader Ed Miliband are among those who have visited the city in recent months to discover more about how the city is seeing the Preston model work.

Read more: Why Michael Sheen thinks a political answer might be in Preston

Senior economics commentator Aditya Chakrabortty is to lead the panel debate on Monday (12 March).

Cabinet member for social justice, inclusion and policy councillor Matthew Brown, who pushed the uptake of the model, is joined by Labour MP for Wigan Lisa Nandy, Turner Prize winner professor Lubaina Himid and creative director of They Eat Culture Ruth Heritage.

They will discuss whether other cities should follow the path Preston has taken.

UCLan research fellow Dr Julian Manley said: “We’re looking forward to hosting this Guardian Live debate and promoting the idea of local initiatives and a strong co-operative culture.

“UCLan is already working with Preston City Council and other local community organisations to drive the local economy and build up community. In the last 12 months, working in partnership with the Council, we have welcomed John McDonnell MP, Ed Miliband MP and actor Michael Sheen to the University for various events based around the Preston Model.”

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Tickets for the event are £5 and available to purchase via the Guardian website. Wheelchair users and visitor who require assistance can bring a companion free of charge by emailing guardianlive.events@theguardian.com

The University of Central Lancashire’s Darwin Lecture Theatre is the venue and it starts at 7pm and runs for an hour and a half.