UK: Brixton to launch its own currency

Brixton to launch its own currency

Brixton will become the first urban area in Britain to launch its own currency in an effort to help local shopkeepers during the recession.

By Jamie Dunkley
Telegraph, 17 Sep 2009

Brixton to launch UK's first urban currency

Brixton to launch UK's first urban currency

Brixton to launch UK's first urban currency

Brixton to launch UK's first urban currency

The area of South London town is today unveiling the Brixton Pound, which will come in B£1, B£5, B£10 and B£20 denominations.

The currency can be used to pay for goods in the area, but cannot be used outside Brixton or be paid into a bank.

"The goal is to create a liquid economy throughout Brixton," said Tim Nichols, the project manager of the Brixton Pound. "We have about 55 businesses on board, who can either give it out as change or pay it as part of their employees wages.

"The idea is for people to pay local suppliers for goods and services - this includes people like plumbers. At any point they can take it back to an issuing point and replace it for sterling."

Brixton will become the fourth town to have its own currency after the Totnes Pound in Devon, the Lewes Pound in Sussex and the Stroud Pound in Gloucestershire.

John Kazantzis, a councillor 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."