Bristol launches City’s local currency
What is it about the West Country? It is at the heart of the transition movement, Bristol is now joining Totnes, Stroud and other places with its own currency. I wonder if being the most rural of regions (begging a dispensation to use the old “R” word) it is a hotbed of independent and dynamic places. I have to say it is my favourite bit of England. This article goes on to tell us:
The Bristol Pound, which can be used by exchanging sterling for the local currency, goes live at noon on Wednesday and can be spent with participating businesses in the region.
British Pounds are spent just like sterling, with £B1 equal in value to £1 sterling and businesses can accept paper Bristol Pounds in payment as they would for sterling. As well as using paper money, the Bristol Pound can also be used online, or via mobile phone.
Creators of the Bristol Pound claim that a local currency has the potential to significantly increase the amount of spending power in the region and ensure that it is channelled into local, independent businesses.
Ciaran Mundy, co-founder of the Bristol Pound, told AFP last month: “Eighty percent of the money leaves the area if it is spent with a multinational – but 80pc stays if it is spent at a local trader.”
“The perception of banking and money is that it’s a very ruthless system: people are out for what they can get,” he added. “This is about saying yes to something new. It’s tapping into a different set of values about money.”
More power to the elbow of people trying to keep spend local – I still have some personal cynicism about how effective such approaches are, but if they at least generate local pride and a debate about the importance of local economies they cant be all bad – as long as they don’t usher in a whole raft of new Royston Vaseys!!!