The new Bristol pound is soon to take to the streets and the pockets of Bristolians. Unlike other local currencies, this one, according to the article on the BBC West website, will have the backing of the council and a credit union. One Bristol pound will be worth £1 sterling.
The article explains that ‘People will open an account with the Bristol Credit Union…for every pound sterling they deposit, they will be credited one Bristol pound.’ The funds will also be guaranteed by the Financial Services Authority. As such the article explains that an account with Bristol pounds will have the same protection as any other deposit account. The standard government scheme guarantees up to £85,000 per person.’ The new local currency will be the first such scheme that can be used to pay local business taxes. For the full details including local reaction to the new currency see the article on http://www.bbc.co.uk/news/uk-england-bristol-16852326
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