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This currency is designed to benefit the local community

This currency is designed to benefit the local community

This article was adapted from our latest book, “Sharing Cities: Activating the Urban Commons.” Download your free pdf copy today.

The Brixton district in South London’s Lambeth borough has been a bastion of progressive thought and culture for decades. After the financial crisis of 2008, local businesses were struggling and had trouble securing loans from banks. An area that had once thrived began to stumble.

The Brixton Pound (B£) was launched in 2009 by Transition Town Brixton to support local businesses with a local currency that would “stick to Brixton.” The founders of the B£ wanted to create a mutual support system tying residents to local businesses and encouraging business to source locally.

The local borough government, Lambeth Council, was supportive of the B£ from the beginning. It recognized the local currency as a way to develop the community, build local economic resilience, and draw positive attention to the area. According to B£ Communications Manager, Marta Owczarek, “The council’s support has greatly helped the B£ start and develop — it would have been very difficult to do what we did without that support. In particular, it acted as a guarantee that the scheme was trustworthy, so local business owners and residents alike felt secure in exchanging their money into and accepting the brand-new local currency.”

Within the first six months of the launch of the B£, Lambeth conducted research that estimated the media coverage of the currency generated by the B£ volunteers was worth half a million pounds to the area.

Since 2012, the B£ has “been a live part of the Co-operative Council, working alongside the policy team,” according to Owczarek. As a result, the B£ has been able to play an active role in supporting the community while receiving council support. The B£ helped set up community spaces like the Impact Hub in the Town Hall.

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