Devon

Exeter pound plan for local currency

Exeter
Image caption Shops and businesses are being asked to accept the Exeter Pound

A Devon city could get its own currency in an attempt to boost local trade.

Organisers said the Exeter Pound would only be accepted by a number of local shops and is designed to work alongside, not replace, sterling.

It would not be accepted by banks but organisers, environmental campaigners Transition Exeter, hope that firms would part-pay workers in the currency.

Transition Exeter hopes to launch the currency in autumn 2015.

Local currencies are already being used in Brixton, Totnes in Devon and Bristol which claims to have more than 500,000 Bristol Pounds in circulation which are accepted at 650 businesses.

Transition Exeter said it aims to encourage consumers to buy locally and "foster a sense of community".

Shops and businesses are being asked to accept the Exeter Pound, which will be sold by Transition Exeter for £1 sterling.

The currency will be available in shops and organisers also aim to create online accounts.

The Exeter Pound would be backed 100% by sterling in the project's bank account.

Transition Totnes will be working with Exeter College on the design.

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