London borough launches its own currency

Brixton will become the first urban area to launch its own local currency today.

The Brixton Pound will come in B£1, B£5, B£10 and B£20 denominations and can be used in dozens of local businesses in the area following its launch at 7pm tonight.

It is hoped that the currency, which has been introduced by volunteers at Transitional Towns with the support of Lambeth Council, will help to boost spending in the area and support local retailers, as the notes cannot be used outside Brixton or be paid into a bank.

So far 60 local businesses and 700 local people have signed up to use the currency, with more than £10,000 pledged to be converted into B£ following its launch.

Josh Ryan-Collins, expert in local currencies at the new economics foundation and who helped to develop the B£, said: "The Brixton Pound is a community currency that will enable local people to vote with their wallets for a strong and diverse Brixton economy.

"If you spend with a large chain retailer, over 80% of your money leaves the area almost immediately. With the B£ we know that our money will stay working for Brixton."

The Brixton Pound is thought to be the fourth local currency to be issued in the UK, after the Totnes Pound was introduced in 2007.

Each note will feature a local hero, ranging from Olive Morris, a political activist and community organiser who established the Brixton Black Women's Group, who will appear on the B£1, to artist Vincent Van Gogh, who lived in Brixton at the age of 20, before returning to Holland, who will appear on the B£20.

The B£5 will feature scientist and environmentalist James Lovelock, who lived in Brixton between 1925 and 1933, while CLR James, the Trinidadian journalist, historian and anti-colonialist, will appear on the B£10.

Councillor John Kazantzis, cabinet member for employment and enterprise at Lambeth Council, said: "Brixton has a vibrant and diverse business community and I'm delighted that we are the first area in London to benefit from this scheme.

"It is an innovative and creative way to encourage local people to support the local economy and in particular independent shops, and I plan to be first in the queue to buy and spend my Brixton Pounds."