With a fair amount of fanfare, many stalls, some pole dancing and musical acts in the Glass Arcade at St Nicholas Market, the Bristol pound officially launched on Wednesday, 19 September.
The complementary currency is a not-for-profit partnership between Bristol Pound Community Interest Company (CIC) and Bristol Credit Union. The money is guaranteed by the credit union and backed by the city council and traders.
Director Ciaran Mundy is one member of a team which has voluntarily come together to bring this project into existence in order to keep money local and support independent trade.
There is paper money which can be purchased at exchange points for a £1 to £B1 rate. the designs are local too, and were chosen after a competition which saw the winners include a Banksy inspiration of a mouse spray-painting a wall. Electronic money transfers are available with customers able to pay by text message instantly.
To make the scheme even more attractive to companies, the Bristol City Council accepts business rates and tax in £B. The big reason for its promotion by the City Council is the idea of the money staying in the city. “Eighty percent of the money leaves the area if it is spent with a multinational – but 80% stays if it is spent at a local trader” said Munday to the AFP.
Bristol joins other cities Totnes, Lewes, Stroud and Brixton with its new closed circuit currency. It comes in denominations of £B1, £B5, £B10 and £B20 but there are no coins as yet. The notes have an expiry date on them of September 2015 but let’s wait and see. They do not replace pounds sterling but maybe they have come to stay.
