Bristol Pound Aims to Boost Local Economy

Hundreds of retailers in Bristol have already signed up to the new Bristol Pound.

The Bristol Pound is a new initiative by local traders to keep local money in the economy. It has been backed by the local council and a credit union.

The aim of the new paper currency, which can also be traded electronically, is to stop money flowing out of Bristol to other cities such as London or offshore.

Ciaran Mundy, the director of the Bristol Pound, told the BBC: "Big companies just hoover up money from a local area."

Bristol Pound

“We will be driving more business to independent traders, and ensuring the diversity of our city, which is one of the things people love about Bristol.”

However some experts were sceptical that the idea would fail to boost local spending and instead move money from one sector to another between national and local companies. They went as far as to say that it may even impede employment in the city.

The Bristol Pound will be the first city wide currency in the country. The scheme has been registered by the Financial Services Authority and it is being administered by the Bristol Credit Union.

Being FSA-registered means that if the initiative fails, companies which are part of the scheme will be covered by the Financial Services Compensation Scheme.

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