17/09/2009 - Brixton area launches own currency
Brixton is the first urban area to launch its own currency, in a bid to boost the area's economy.
The Brixton Pound has denominations of B£1, B£5, B£10 and B£20 and can be used in dozens of local businesses in the area.
Introduced by volunteers at Transitional Towns with the support of Lambeth Council, the currency is expected to boost the local economy as it cannot be used outside Brixton or be paid into a bank.
Josh Ryan-Collins, expert in local currencies at the new economics foundation (nef), who helped to develop the B£, said: "The Brixton Pound is a community currency that will enable local people to vote with their wallets for a strong and diverse Brixton economy."
Until now, 60 local businesses and 700 local people have signed up to use the currency, with more than £10,000 pledged to be converted into B£ after the launch.
Explaining how the local currency would be beneficial to the local economy, Mr Ryan-Collins said: "If you spend with a large chain retailer, over 80% of your money leaves the area almost immediately. With the B£ we know that our money will stay working for Brixton."
The Brixton Pound is believed to be the fourth local currency after the Totnes Pound was introduced in 2007.
Copyright © Press Association 2009
Related links
|
