The Bank of England’s ‘Promise To Pay’ Theoretically ensures the receiver of a note gets ‘paid’ for goods and services. Since 1844 however, the notes have been issued against securities (instead of gold and silver) and today the notes are all but worthless - any real value is controlled by outside forces. More pounds exit Calderdale than enter causing local debt and poverty. Local shops struggle to compete with multinationals, and may be forced to close.
Local employment decreases and people become increasingly isolated from their community. Conversely, local currency was created by those who showed a willingness to accept it. Because it represented the skills, labour and time of local residents, it created a self help network; it ensured local money stayed local, and enabled imports (food, clothing, tools, services) to be replaced with local produce.