So how important is the local economy to you? According to the US electoral maxim that Ed Miliband famously forgot, it is all – indeed, “the economy, stupid!” During the last ten years, locally produced sold locally items have steadily increased their market share by over 10%, pulling sharply into focus the strengths of the local and hyperlocal values, rather than the well-remembered, if not fondly remembered, Hyper Value values.
In Wales the phenomenon of promoting local businesses by using a local currency has been an idea circulating for a while; indeed there have already been attempts to promote the produce of companies that use the Welsh language by using #YGeiniogGymraeg on social media. In Cardiff this phenomenon already has a name: the Cardiff Pound.
Cardiff Pound founder Michelle Davis explained how the idea originated:
The first example in the UK in modern times is the Totnes Pound, which was part of the Transition Town movement. There are another couple of small local schemes in Lewes and Stroud, but really it was the launch of the Brixton Pound in 2009 that pushed the idea of an operational local currency up the agenda. When the Bristol Pound launched in 2012 that really caused me to question why we aren’t doing this in Cardiff.
So why aren’t we doing this in Cardiff? Cardiff is a capital city, and a City Region, so if Bristol has its Pound, why doesn’t Cardiff?
Unsurprisingly, it’s funding, or rather the lack of funding says Michelle:
We need a mechanism so that businesses can pay their rates to the council in Cardiff Pounds. This was part of the scheme right from the off in Bristol and it took away the main worry when signing retailers up ‘what can I do with my Bristol Pounds’? Bristol Council has been incredibly supportive of the scheme; people can now pay their council tax in the currency also. Cardiff Council has also been supportive of the currency, by awarding some funding to create the business plan and so on, although so far in our story it has been unable to commit to accepting Business Rates in Cardiff Pounds so we are reaching out to them to sound them out again in the near future. Obviously we hope we can still make this happen for the good of the local economy.
The main difference between a local currency, and let’s call it the Cardiff Pound for the sake of argument, and Sterling (ironically made locally to Cardiff in Llantrisant of course) is that the Cardiff Pound will limit the holder of the money to spending it with locally-owned businesses, which would hopefully lead to a boom for local businesses – and naturally enough, considering the huge resources available to multinational companies – not much busting of many household names.
Once staff are used to being paid in Cardiff Pounds, they’ll be able to choose from a variety of shops who accept the currency… although come to think of it, won’t the shops have to agree to accept it first? Is it this chicken and egg scenario the plan’s Achilles heel? There has to be therefore a call to ‘alms’ by the Cardiff community to ensure that enough grocers, butchers and bakers accept the currency so that the good people of Cardiff can live in the way that they’ve become accustomed… not to mention the plethora of choices of places to eat which seem, as yet, unaffected by austerity as Cardiffians and visitors from all around continue to flock to the capital city of Wales’ for its many attractions. OK, we do mean places for stag nights and hen nights too.
For the continued success of Cardiff’s economy, it would make sense for a local, Welsh Pound to begin its life in its thriving, cosmopolitan capital city…iachi da!
What’s the long-term vision for the Cardiff Pound? Let’s leave last word to Michelle Davis:
It won’t be a novelty, or a bit cool and quirky, but instead a regular and unremarkable aspect of business in our city. And that because of this, it will have contributed to making Cardiff’s local economy even more vibrant, viable and inclusive.
They say if you want something done, then ask a busy person. So rather than Cardiff being remembered for its Hyper Values, how about some hyperactive hyperlocal values.
For more information on the Cardiff Pound project, and to register your business, get in touch with @cardiffpound on social media or visit the Cardiff Pound website – or alternatively become part of this good news story by commenting below.
words DAVID WYN, photo WILIAM WARBY