Bristol mayor launches city’s pound

Local currencies in the UK took a major step forward yesteday as Bristol became the first British city to launch a local currency.

About 300 city centre stores and businesses will open Bristol pound accounts with Bristol Credit Union, as the city follows Totnes, Stroud and Brixton, and creates its own currency to boost local independent shops.

Some £125,000 worth of notes will be printed, but most transactions are expected to be virtual – by text or email.

Bristol is learning from the experience of other schemes, such as the one in Brixton, by allowing shopkeepers to pay their business rates in the parallel currency – removing the potential problem of retailers being left with notes they have no use for.

The City Council has also followed Brixton’s Lambeth council in saying its 17,000 staff can choose to have part of their salaries paid in Bristol pounds. The council is investigating which services it can procure using the new currency.

For more information, you can read the full article in the Financial Times:

Or visit:

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