Brixton gets own currency

Brixton gets own currency

Brixton in south London has launched its own currency in a bid to boost local trade during the recession.

The Brixton pound comes in £1, £5, £10 and £20 notes, each featuring a famous local figure and printed on watermarked paper with holograms and serial numbers.

The money is worth exactly the same as sterling, acting as a "complementary" currency that will be accepted at dozens of local businesses. Over 800 local people have committed to buy at least 10 Brixton Pounds.

It is the latest local currency to be introduced under the auspices of the Transition Town Network, a worldwide movement attempting to get local communities "to look Peak Oil and Climate Change squarely in the eye".

The organisation says the currency will help boost spending in the area and support local retailers. It cites research from the New Economics Foundation showing that money spent with independent businesses circulates within the local economy up to three times longer than when it's spent with national chains.

In addition, by promoting local trade and business, the movement claims communities can reduce their dependency on oil and help cut their carbon footprints.

The Brixton project has gained backing from the local council and Lambeth Savings and Credit Union, a financial cooperative.

In the UK, Totnes in Devon, Lewes in Sussex and Stroud in Gloucestershire have all launched their own "pounds" under the Transition Town banner but Brixton is the first urban area to enter the fray.

Comments: (1)

A Finextra member
A Finextra member 17 September, 2009, 23:20Be the first to give this comment the thumbs up 0 likes

A counterfeiters dream come true, but at least its one way of dealing with Brixton's mugging problem!