A licence to print money?

AS the Government part-nationalises the banks and proposes to part-privatise the Post Office in these changing and challenging economic circumstances, how best can the ordinary citizens of Hackney respond? What measures can we take to look after ourselves and our neighbourhoods?

For one, perhaps we need look no further than the citizens of Lewes and Totnes. As Transition Towners will no doubt be aware, both places now print and use their own money: the Lewes and Totnes Pounds respectively.

Like the Lewes and Totnes pounds, the Hackney Pound could work as a complementary currency (such as, for example, air miles), exchangeable for goods or services with local shops and businesses. It wouldn’t replace ’real money’, but by using it, we could all help support local livelihoods and promote the importance of shopping locally.

This would mean that each pound of ‘Hackney-made’ currency would be backed up by official currency, so shops and other businesses and their customers could buy and sell with them and remain confident that they would have real worth.

Hackney Pounds could be bought or redeemed for sterling at any of a number of Hackney Pound issuing points, for example newsagents.

Since our native currency would only be accepted by local businesses, their use would encourage the purchase of local products and services. This would help to keep the money circulating within the local economy.

Shops and businesses that accepted the Hackney Pound would benefit from a loyal customer base of people who are committed to buying local whenever possible. It could also help to strengthen local community relations, by bringing local shops, businesses and people together.

For information on Transition Town Hackney visit www.tthackney.org