24th of September 17:30 to 18:45 - The BikeShed Theatre, Exeter
Plans for a local currency, the Exeter Pound, will be unveiled in an early evening presentation at the BikeShed Theatre on Wednesday September 24th.
The Exeter Pound will be a complimentary currency, designed to work alongside sterling, not replace it and will aim to focus more spending in the strong networks of independent producers, retailers and service providers in Exeter.
By being a currency that can be used in local businesses, the Exeter Pound will give the public the opportunity to support the local economy and community.
Local businesses will be invited to use the Exeter Pound to promote a joined up, vibrant local economy, ‘plugging the leaks’ and keeping spending power in the area.
The launch event starts at 17:30 with an opportunity to meet the Exeter Pound team with free nibbles in the bar.
At 18:00 there will be an illustrated presentation by Martyn Goss, Director of Church and Society, and Victoria Hatfield, Exeter City Council. This will be followed by questions and discussion.
The steering group, set up by Transition Exeter in 2013, has researched local currencies in Bristol, Brixton, Totnes and elsewhere, and with support from Exeter City Council is working to set up a scheme in Exeter. It is hoped the local currency will launch in autumn 2015.
The Exeter Pound will be backed one for one by sterling and will be available from service points throughout the city. It will be a paper and electronic currency with payment by text and the possibility of Internet banking.
“It’s great to see Exeter pushing the boundaries and thinking outside the box on ways to help and support local independent businesses. The FSB is delighted to be involved in this exciting new venture and wish it every success.”
Pete Ashton, FSB National Policy Vice Chair.
Daniel Hillier - 01392 348101
Gill Westcott - 01647 124789
Notes for Editors:
(1) The Exeter Pound – How it Works
The Exeter Pound would be available in paper form purchased one for one with sterling from service points in the city, or purchased online and paid into your Exeter pound account, or if your employer is a member of the scheme some Exeter Pounds could form part of your wages. The Exeter Pound would be backed 100% by sterling in the project’s bank account. It can be spent at any of the participating local businesses, as paper money, pay by text, or by online payment.
(2) £1 spent in a local business creates £1.73 value for the local economy, but only 35p spent in a national supermarket chain
[New Economics Foundation The Money Trial http://www.neweconomics.org/publications/entry/the-money-trail}
(3) Report of the Exeter Pound Working Group and background to the report can be download here
(3) To see how a local currency does work, some key facts from Bristol Pound can be found here