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Trade News Archive September 08 August 08 July 08 June 08 May 08 April 08 March 08 February 08 January 08
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9th September 2008
East Sussex town launches own currency
The town of Lewes in east Sussex has taken the unusual step of launching its own currency in a bid to protect local retailers.
Mayor Michael Chartier proposed the scheme because he believed issuing residents with money that is only redeemable in participating shops would protect the local economy.
Some 10,000 notes have already been produced, with each Lewes Pound pegged directly to the value of the sterling.
Organisers say that in addition to protecting local retailers from larger stores, the measure is helping to increase the sense of pride residents have in their local community.
Mayor Chartier told Sky News: "The idea behind it is to encourage as many local people as possible to shop locally.
"Lewes has a tradition of small shops and hasn't got a large number of major chain stores that a lot of other towns have," he added. "It has traditionally been the small shops that have given Lewes its unique appeal."
Observers say traders also stand to benefit from a reduction in fees associated with card-based transactions.
(c) 2008 Adfero Ltd.
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