According to economic studies, money spent at a local business will circulate nearly four times as much as that spent at a chain store, showing significant increase in a community’s wealth.
It’s no secret that shopping locally has its benefits. Not only does it cut down on the environmental impact from shipping goods, but it also supports other members of the community, creates diversity amongst independent shop owners and strengthens the overall resilience of the community at hand.
Today, spending locally is taking an interesting turn: communities all over the world are creating their own local currencies, and the Brixton Pound is Britains first urban one. A currency of its own, The Brixton Pound is printed with an original design and is spendable only in the London district of Brixton.
How does it work? First, an individual stops by an issuing point an exchanges Pounds Sterling for Brixton pounds. Next, the individual then goes to a local, independent shop that accepts the Brixton pounds and uses these to pay for any goods or services needed.
Founded in September 2009, the currency has made its way to a first birthday as it continues to circulate. With over 170 businesses accepting the Brixton pounds and over B£30,000 circulating, the Brixton Pound is surely showing success. In addition, a project has been initiated in an attempt to establish a strong connection between Brixton Pound businesses, suppliers and services.
To learn more about the Brixton Pound and find out how to get involved, visit www.brixtonpound.org.