In for a pound – why Hackney needs its own currency

A Hackney Pound can help local traders, say Hackney Friends of the Earth

Last month thousands of people from all over the world – from governments, businesses, NGOs and other parts of society – gathered in Rio de Janeiro, Brazil to discuss, reinforce and strengthen their commitments to sustainable development. They came together for the UN Earth Summit 2012, also known as Rio+20.

While the success of the summit was limited in terms of its actual political output, in some areas real progress was achieved, such as on Sustainable Development Goals which will replace the UN’s Millennium Development Goals in 2015 and on principles of a Green Economy.

Global sustainability goals, Green Economy, United Nations: all of this may feel far away and non-related to what is going on everyday here in Hackney. But, some of the insights and discussions on what a Green Economy may look like and how we can achieve it are of real importance for the borough, as they are for any other part of the world.

One of the means of achieving more economic wellbeing for people and greater economic resilience – key attributes of a Green Economy – are local currencies. Those are basically an alternative way to pay for the goods and services you buy in a specific local area or region, taking for example the form of notes. Their aim is to make money stay in a particular area and make it work harder for local businesses and communities – and not so much for major corporations whose profits benefit local communities far less than local shops and markets do.

These days local currencies or similar local trading systems are being used all over the world. In South Germany, the 2003-introduced alternative currency “Chiemgauer” has significantly helped to boost the regional economy with a turnover of more than €5m in 2010. In London, the Brixton Pound is a successful example of a very popular note; it is a widely acknowledged complementary currency with 200 local businesses accepting the Brixton Pound.

The same (or even more!) could work for Hackney. Currently a few engaged individuals, partly related to Transition Town Hackney, are committed to preparing the launch of a new local currency in Hackney, the Hackney Pound. With many of Hackney’s local businesses facing extreme economic hardship, this seems much needed. Through increasing the circulation of money in Hackney, the Hackney Pound could make a real contribution to the future success and survival of Hackney’s local traders and sellers.

Surely one of the things everyone loves most about Hackney is its diversity – of people, but also of shops, markets, pubs, cafes… So, once the Hackney Pound is launched, use it whenever and wherever possible and start building a fair and stable Green Economy right in front of your doorstep.

In the meantime, why not get involved with the development of Hackney’s own alternative currency? Watch out for the Passing Clouds’ programme (in Dalston) as a few events are planned there in the next few months to get people together and start thinking about how the Hackney Pound could work.

For the time being, support your local shop and market.

More at Hackney Friends of the Earth.

This article was written by Friederike Hanisch of Hackney Friends of the Earth