Tonight:
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London borough launches its own currency
Ben Bailey17 Sep 2009
Brixton will become the first urban area to launch its own local currency today.
The Brixton Pound will come in B£1, B£5, B£10 and B£20 denominations and can be used in dozens of local businesses in the area following its launch at 7pm tonight.
It is hoped that the currency, which has been introduced by volunteers at Transitional Towns with the support of Lambeth Council, will help to boost spending in the area and support local retailers, as the notes cannot be used outside Brixton or be paid into a bank.
So far 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£ following its launch.
Josh Ryan-Collins, expert in local currencies at the new economics foundation and 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.
"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 thought to be the fourth local currency to be issued in the UK, after the Totnes Pound was introduced in 2007.
Each note will feature a local hero, ranging from Olive Morris, a political activist and community organiser who established the Brixton Black Women's Group, who will appear on the B£1, to artist Vincent Van Gogh, who lived in Brixton at the age of 20, before returning to Holland, who will appear on the B£20.
The B£5 will feature scientist and environmentalist James Lovelock, who lived in Brixton between 1925 and 1933, while CLR James, the Trinidadian journalist, historian and anti-colonialist, will appear on the B£10.
Councillor John Kazantzis, cabinet member for employment and enterprise at Lambeth Council, said: "Brixton has a vibrant and diverse business community and I'm delighted that we are the first area in London to benefit from this scheme.
"It is an innovative and creative way to encourage local people to support the local economy and in particular independent shops, and I plan to be first in the queue to buy and spend my Brixton Pounds."
Reader views (9)
Home rule for Brixton, that´s what I say, me.
- Graham Rodhouse, Helmond, Netherlands, 17/09/2009 15:22
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It's difficult to point out that this is an utter waste of money without making it sound like a poor pun.
So the council-backed plan is to build a virtual wall around Brixton? Will they stop the millions of boring UK£s being sent over the river from Westminster? Will they brick up the Victoria Line? Is this 'Passport to Pimlico' relaunched 50 years later?
Not for the first time, I thank the good Lord that I live over the border - in council tax terms, UK£1 = B£2.5
- Bean Counter, Wandsworth, 17/09/2009 14:22
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Who wants to go there anyway it is an absolutley vile place, think i'll stick with sterling north of the river.
- P, Socialist Republic of Londonistan., 17/09/2009 14:22
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And because it can't be paid into a bank will be used as a bartering tool to fuel the black economy. Not traceable, as good as cash, can be sold for cash, not taxable. Who thinks these schemes up, and how can a council endorce potential tax avoidance?
- Alan, carlisle uk, 17/09/2009 14:22
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Through all your misconceptions, Jerry and Linda, Brixton remains the most multicultural diverse areas in London. Bad things (crime) happens in every area in London, check the Police Stats.
- Clive, Streatham, 17/09/2009 14:22
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Perhaps it'll encourage the locals to stay inside Brixtons bounderies there as well
- Linda, italy, 17/09/2009 14:22
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Well, that will solve a problem of mugging and burglary, nobody will want to go to Brixton to spend it, unless you are a local perpetrator of course !
- Jerry, London, 17/09/2009 14:22
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With the British pound loosing value every day,this is no surprise.
- Dave, london, 17/09/2009 14:22
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Lewes in Sussex has been running a similar scheme..to great effect.
- Nick, London, 17/09/2009 14:22
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