Could and should Exeter get its own currency?

A presentation on the success of the Bristol Pound Project was given at a public meeting at St. Stephens’s Church on Thursday night (26 September).

Chris Sunderland, Director of the project, gave an overview of some of the successes and challenges of the Bristol Pound Project and discussed the potential benefits of bringing in a local currency to Exeter.

He spoke about council support in the Bristol Pound Project after a period of hesitation, Chris said: “very early on we asked the council about accepting business rates in Bristol Pounds and they looked at us like we were stupid.

“The next time we met I asked again, and again they were a bit quizzical. Finally we got to a point where they said ‘ok how do we do this’ and then we won.

“So from launch whatever else they could do with them traders knew they could pay their business rates with them which was key in building confidence in the project.”

He added: “Bristol’s just got its first elected Mayor, elected last November. George Ferguson said that if he was elected he’d take his whole salary in Bristol Pounds and he won so we got it sorted.

“He’s been a great advocate for the project and it’s been very exciting.”

The project is designed to support and grow small independent businesses by encouraging consumers to shop using a currency to be spent at participating stores. The scheme is not available to large retailers and turned down Tesco after they asked to join the scheme.

The Bristol Pound Project was launched last year as a paper currency with internet banking facilities. Users can also make mobile phone payments in Bristol Pounds at the point of sale.

The currency has received support from Bristol City Council which now accepts Bristol Pounds as payment of business rates and council increasing their validity. The currency is also now accepted on bus routes around the city in a deal with First buses.

The meeting was hosted by Transition Exeter and asked participants to consider founding a local currency in Exeter.