Events in York, Visit York, Local News Yorkshire, Things to Do in York – Oneandother.com

The national and international finances are in trouble, as we all know (unless you’ve been living in a cave for the past few years), but Bristol has the answer – the introduction of their own currency. A council and credit union backed idea, a group of independent traders in Bristol are bringing into use the “Bristol Pound”.

Towns such as Lewes in Sussex, Totnes, Stroud in Gloucestershire, and Brixton, have previously introduced their own currencies in an attempt to circumvent the credit crunch. Local currencies aim to encourage people to shop locally, boosting local trade and income, and retaining capital within local communities. In Totnes, seventy local shops have signed up to be part of the scheme, and in Lewes, 5p from every pound is put straight back into a community fund.

With a strong tradition of independent, diverse and one off businesses, Bristol hopes to follow on from the success of these local currencies. Moving the scheme a step forward, the Bristol Pound will be used to pay local business taxes, and electronic and mobile payment methods will be made available. One hundred companies have already signed up to use the Pound, including local cafes, family bakeries, and even Thatcher’s Cider.

Bristol Pounds will be printed in £1, £5, £10, and £20 amounts, with a Bristol Pound being equal to £1 sterling. People will need to open Bristol Credit Union bank accounts to change their money, or accept the Bristol Pound as payment. As the credit union is backed by the Financial Service Authority, deposits will have the same protection as any other.

Keeping with the community theme inherent in the scheme, Bristolians are being asked to help design the notes and decide whose face should be on them. Residents are being encouraged to come up with design ideas which best represent the city.

Despite the positives of the scheme, some sceptics have been quick to point out the negatives. Such as the inconvenience of carrying about two lots of change in your pocket or purse, and the fact that, although the introduction of such currencies boosts local income, some argue that it will not boost the economy on a national scale. Others are worried that a local currency will actually scare of larger businesses from investing in Bristol, and that people will be unlikely to turn to a new currency in a time of economic distrust and uncertainty.

With the hive of independent businesses in York, could the introduction of a “York Pound” boost the cities economy? Let us know what you think about the pros and cons of local currencies, and who’s face would you like to see on a “York Pound”?