Will a Local Currency persuade people to buy locally?
Yes, as there were significant benefits. When shopping locally we reduce environmental damage and have better control over jobs and prices, food quality, and local employment conditions. We empower local businesses and create more fulfilling jobs for local people. We export more local goods, and create an environment where skills and willingness to work are rewarded.
The community is brought together via the increase in local trade and the fact that local people will inevitably forge new friendships.
How would this have been achieved?
The local currency was called ‘Favours’, and one Favour = £1 Sterling.
A (limited) one-for-one exchange scheme existed with Calderdale LETs (Local Exchange Trading scheme), enabling members to use local currency to purchase goods and services. Non-members were also able to participate by purchasing or accepting local currency and using it as full or part payment wherever the 'Calderdale Green Currency Accepted Here' sign was displayed.