In 2002, Preston, Lancashire – a vibrant industrial town in the north of England – attained city status and struck out on its own, adopting a form of guerrilla localism. It keeps its money as close to home as possible so that, despite major spending cuts nationally, the amount spent locally has gone up. Where other authorities privatise, Preston grows its own businesses. It even creates worker-owned cooperatives.

After a wealth of positive feedback in response to senior economics commentator Aditya Chakrabortty’s Alternatives series, looking at how we can make the economy work for everyone, and notably his piece on the Preston model, we decided to host a Guardian Live event in the city to meet some of the people making it happen.

Having sold out the first venue for The Preston model: how to fix a city, we relocated to the city’s university campus for our panel discussion of the area’s unique approach ­– and how it might be used to inspire and create stronger, fairer local economies. More than 400 people turned up for the discussion, hosted by Chakrabortty and including the Preston city councillor Matthew Brown; Lisa Nandy, the Labour MP for Wigan; the 2017 Turner prize winner, Lubaina Himid; and Ruth Heritage, the creative director of arts organisation They Eat Culture.

With residents increasingly tired of being handed decisions from Whitehall, several hundred miles away, there was a strong focus on how power could continue to be restored to the city’s residents, and spending reinvested into local growth. Many felt ignored by decision-makers and expressed a desire to be listened to more closely when it came to the future of their industries and professions, while others felt the arts should be considered more. Brown noted that he had received between 20 and 30 messages from people in other towns across the country, asking how they could replicate the model for themselves.

I spoke to two attendees after the event to get their reactions. Alice Davies, 26, moved to Preston a few years ago from Dudley and said she thought it was the best place to live in the north of England. “I had considered moving to Manchester, but Preston needs younger people to keep its strong identity alive and to fuel the local economy,” she said. “The quality of life here far exceeds that of other areas around the region, and indeed the country, so it’s a no-brainer, really.” She also mentioned the recent £1m lottery grant awarded to the city towards improvement of its central square, noting that dozens of local businesses had come together to help ensure it was spent as effectively as possible.

There’s a palpable appetite for something different. There’s been a shift in public mood

Fellow attendee Simon Thelwall, 66, an honorary Prestonian since moving here in the late 90s, said the event had reinforced his views of an area he has grown to call home. He told me the benefits of Preston’s strong loyalty to localism were visible throughout the city, and listening to its residents speak so passionately about the project had given him hope.

“There is a strong sense of community here which you can’t get in many other places. Walking home after the event, the enthusiastic debate continued among attendees – it was a pleasure to see.” He was struck, too, by the audience member who said he had heard the Preston model being mentioned in discussion at the European council in Brussels. “It just proves cities across the world are looking to us for hope and inspiration.”

Afterwards, Chakrabortty was fizzing with ideas and enthusiasm following the lively debate. He said the discussion was “absolutely central to what comes next for Britain”. The comment that had most stuck with him was the suggestion, put forward by an audience member, of Preston creating a “toolkit” for other towns wishing to follow suit. “There’s a palpable appetite for something different. There’s been a shift in public mood and people are grasping for alternatives. Those in power must listen. Local authorities as well as residents want to think beyond austerity and approach their economic challenges more constructively.”

He was heartened to hear ideas about how the Preston model could be scaled to fit other towns and other aspects of life, noting the comment from Himid, the much-feted Turner prizewinner and proud Prestonian, that the city’s “cooperative-style” economic model could be replicated to harness artistic talent in the area.

As the country navigates its exit from the European Union, it may well be that towns become the next battleground in politics – and fresh, innovative ideas that challenge the status quo are exactly what will be needed.