What are the alternatives?

Locally issued paper money is one viable alternative to the Bank of England system. The basic unit of currency we used equated to 12 minutes of labour, 1 LETs Favour or £1 (calculated using £5 per hour as a minimum wage), and could be used for goods and services within the Borough of Calderdale.

A further alternative example which has worked is Sainsbury’s ‘Reward’ vouchers. Earned by shoppers at Sainsbury’s stores, the vouchers can be redeemed at the store, but also as part-payment at other outlets, (e.g. ‘Blockbusters’). These other outlets accept the vouchers because they know that shoppers will spend additional cash while in the store, and may become regular customers.

The Reward vouchers and local money effectively work in the same way, encouraging people to shop at pre-determined local outlets.