In September 2012, the Bristol Pound was launched. It is the UK’s first city-wide complementary currency and, as of March 2013, there is over £B 140,000 in circulation. These currencies encourage people to shop at locally-based independent stores and encourage businesses to source locally, keeping money in the local economy. This can also shorten supply-chains, reducing carbon emissions from transport of goods, and develop resilience to external shocks, like oil price rises.

Mark Burton, co-founder of the Bristol Pound, said: “The Bristol Pound is a systemic intervention – sustainability requires recognition that social, environmental and economic concerns are interlinked. The Bristol Pound can have positive impacts across these issues. And as it becomes more established the city gains more ability to shape how money can be used; to develop a prosperous, resilient and sustainable city. The Bristol Pound is an important social structure which opens up many more possibilities for change.” Mark also noted that the scheme has benefitted from institutional support: “The Council have enabled local businesses to pay businesses rates with the Bristol Pound, which has helped embed it in the local economy. It is also fantastic when local leaders lead by example – George Ferguson, Bristol’s newly-elected Mayor, accepting his salary in Bristol Pounds gives a powerful signal to the city.”

The Bristol Pound is the first local currency to have partnered with a fully-regulated financial institution. This link with Bristol Credit Union provides security, credibility and professional expertise to the scheme. Darren Hall, Manager of the Bristol Green Capital Partnership, commented: “The Bristol Pound was the first project to receive funding from our Community Challenge Fund – it has been fantastic to see it go from strength to strength. The fund has really proved it can help catalytic projects at their inception.”

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