Above: Karen Leach from Localise West Midlands and Andy Reeve from Impact Hub Birmingham who have produced a currency note exclusive to Birmingham – see http://www.birminghammail.co.uk/news/midlands-news/birmingham-could-next-city-launch-8810436.
They are planning to follow the model of the existing Bristol Pound, which is currently used by 782 firms and generates £1 million of business each year.
Karen Leach, coordinator at Localise West Midlands, said: “What normally happens is money leaves the area all the time because you spend money in an organisation that isn’t locally based and locally owned. Money is constantly sucked out like water down a big plughole from the local economy. That’s what we’re trying to stop.”
Since its creation more than two years ago, the Bristol Pound has become the UK’s largest rival to Sterling and the first city-wide currency. Brixton, Stroud, Totnes and Exeter have also introduced the scheme – and it is hoped the Birmingham Pound will repeat their success with independent businesses.
The Bristol Pound, a non-profit organisation, is regulated by the Bristol Credit Union and has received backing from Bristol City Council which has discussed plans to pay staff in the currency. Around a quarter of current Bristol Pound transactions are made using paper notes in £1, £5, £10 and £20 denominations while the rest are made electronically by mobile phone text messages or online. Read more here: Bristol Mayor chooses to be paid in Bristol Pounds.
Consultations on developing the idea will be made by a campaign group of local credit unions, trade organisations and businesses following an initial meeting last week.