"What can be done to encourage local people to spend their money locally? This is the question the founders of the Brixton Pound (B£) were seeking to answer when they launched a new local currency in September 2009....
The B£ originated from the work of a number of local volunteers inspired by the Transition Town movement and interested in the ‘local multiplier effect’ described by the New Economics Foundation. Their research suggested that spending money in a local independent shop has a greater economic value for the local area than spend in a multinational store such as a supermarket.
A local trader will go on to spend a higher proportion of his or her profits in the area in which they live, generating additional value for the local economy. Besides encouraging people to spend their money locally, the B£ project aimed to promote discussion about the meaning of currency and the ways in which we use it...."
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