Payroll Local with Brixton Pounds
by Startacus Admin
Payroll Local with Brixton Pounds. Intrigued? Startacus outlines this London based initiative currently doing the rounds (and pay packets too).
In 2009 Brixton, a district in South London followed other towns in England like Totnes in Devon and Strand in Gloucestershire, in introducing a form of local currency.
Intended as an alternative to the pound sterling, it provides an interesting case study in examining local attitudes towards encouraging local business and start-ups.
Brixton though has taken another step recently in pushing the scheme, by creating Payroll Local. In this, members of the Lambeth council staff have the ability to get 10% extra in their wages if they take some of it in Brixton Pounds.
Brixton, Totnes and the other towns are hopeful that the more their respective local currency is used, the greater mutual benefit it will have for the whole community. Basically, the money is printed by a local company, goes into local peoples’ accounts who then spend it in local businesses. They in turn are able to improve output and potentially provide more jobs in the area.
The whole idea is thought to originate from the Great Depression and specifically a town in Austria called Wörgl. The Wörgl Experiment issued a new local currency at the height of the Great Depression in one of the worst affected countries– and became an almost unbelievable success. A growth in employment followed, local projects were created, funded and completed, and the town seemed to defy what was ravaging economies everywhere else in the western world.
As with most schemes though, there have been criticisms. There has so far been no clear cut data, which we have been able to find, on whether or not the scheme has actually been successful. What’s more, there are still plenty of shops in Brixton that haven’t gone in for the scheme for one reason or another. Either way, the Brixton pound is voluntary and the romanticism of the idea cannot be denied. Pictures on the notes contain celebrities alive and dead that have at one time lived in Brixton (including Lenford Garrison, David Bowie and Vincent Van Gogh).
The launch of the recent Payroll Local shows an innovative attempt at boosting the wares of local companies and something we at Startacus appreciate: thinking outside the box. We look forward to finding out more about this part of the iniative as it progresses.
Written by Ethan Loughrey @iamstartacus
Join the Self Start society! If you like what you see here on Startacus and want to get involved yourself, why not become a member of our growing community by joining for free here!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
With more companies turning to influencers to connect with their audience, we ask what makes influencer marketing have such a high impact effect?
Manchester fintech GoodBox, who helps charities embrace the rise of fintech through digital and contactless payments, have raised over £2m for UK charities.
The startup that has created a 3D product configuration and visualisation platform
.jpeg)
How exactly do you go about finding the best office for your startup? Here's some top advice on finding the right place for you.
We take a look at yulife, a new InsurTech startup shaking up the life insurance sector, with customers earning rewards for healthy activities.
A study recently carried out by Volteface, has been revealed that social media platforms are frequently being used in order to advertise illicit drugs.
When it comes to setting up a startup there are certain things to consider before you set up your business in the city.
The edtech startup that's helping students learn by putting the core syllabus to music
The startup that's creating a learning experience to inspire the next generation of STEM learners, starting with Maths.
Not having the right team is a common reason why startups fail. Here are some of the key personalities and soft skills you'll need in your team.
Published on: 26th February 2013
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Manchester fintech GoodBox hits £2m donated to UK charities 21st Oct 2019 Manchester fintech GoodBox, who helps charities embrace the rise of fintech through digital and contactless payments, have raised over £2m for UK charities.
- Event at Startup Week Dublin to explore startup collaboration between NI and Ireland 11th Oct 2019 With the impact of BREXIT still very much an uncertainty, our evening event at Startup Week Dublin will explore startup collaboration and opportunities between NI and Ireland.
- Startups shaping future of the smart built environment wanted for RElab programme 8th Oct 2019 Tech startups focused on smart buildings and cities, smart grid, construction tech, predictive maintenance, and other tech solutions - take note!
- Tech startups in telecom infrastructure sought for BT run competition 3rd Oct 2019 BT and the Telecom Infra Project (TIP) have launched the third annual competition for startups in telecom infrastructure
