The Brixton Pound
A local economy is like a leaky bucket. Money spent in the area quickly seeps outside. But the community in Brixton, South London, decided to do something about it.
Local currency
Four years ago, a community in South London launched the “Brixton pound” to ensure that money spent in the area is invested straight back into the local economy. Or that’s the idea, at least...
Novelty money?
Locals can exchange their pounds sterling one-to-one with Brixton pounds at issuing points in the area. The money can then be spent in local businesses and small traders which take part in the scheme. The paper notes have images of famous locals on them, like David Bowie, who was born and brought up here.
Pound sign
You can spot independent shops, cafes and restaurants which accept the currency if they have a Brixton pound sign in their window. Many of the local businesses hope that this scheme will give them a helping hand - and keep out the big, ubiquitous chain stores.
Say no to knives
Brixton is a highly diverse area: About a quarter of the population are of African or Caribbean descent. The area achieved notoriety for riots and street crime in the 1980s and 90s but has now become a trendy, edgy party center.
Historic market
Behind the station you’ll find a maze of streets full of market traders. The impressive indoor arcades date back to the 1920s and 30s. It's a bit like a small village in the heart of South London. And perhaps it's this "village atmosphere" which allowed Brixton to develop a local currency. Such a currency scheme is usually only found in rural areas. Brixton is the first urban center to have one.
Yams galore
There’s all sorts of stuff on sale here, from exotic vegetables like yams….
Eclectic mix
To jerk chicken, ram goat soup... and candy! Many of these traders accept Brixton pounds. But since its launch in September 2009, the currency has largely gone virtual. Locals can create an online Brixton pound account - meaning they don’t have to go to the cash machine. The money appears as a balance on their phone...
'Pay by text'
... And when it's time to pay, they simply send off an SMS and a security code and they receive a confirmation text back. Stuart the watchmaker says the "pay by text" scheme is more popular than the paper pounds - though he says most people still pay the traditional way. He’s had a stall in Brixton market since 1984, so he’s seen a lot of changes in the past 30 years.
Baker's dozen
The Brixton pound has now grown to include over 200 small businesses, from the initial 30-40 involved at the start. Furthermore, staff at the local council can now opt to have part of their salary paid in Brixton pounds. But the community still needs more people using it on a day-to-day basis in order to ensure the currency survives - and doesn’t just become a novelty item.
Bush man
The founders rely on community grants to keep afloat, and they're hoping that the Brixton community will learn to embrace their Brixton pound so they can attract investors in the future.