The idea of an Edinburgh Pound to support local trading received a boost this morning as the Council’s Economic Development committee gave the go-ahead to a feasibility study.The idea was first raised by community organisation Transition Edinburgh who held talks in Edinburgh last month.
Council officers will now look at ‘the benefits of a local currency to the environment and local economy, examine how it would strengthen local communities and reduce poverty, and propose a strategy for supporting community groups in their efforts to establish an Edinburgh pound’.
Green Councillor Steve Burgess who proposed the idea to the Council said:
“It’s encouraging that the Economic Development committee wants to explore this idea. Many local businesses are facing a battle with national chains in large suburban shopping centres. If we want thriving local shopping streets rather than rows of boarded-up shop fronts, we need to look at innovative ways to support them and the Edinburgh Pound is one of those.”
“The Economic Development leader has voiced his interest in supporting local trade and I look forward to a positive report showing how the Council can lend its support.”
NOTES: See http://tinyurl.com/3mv74oj Item 5.3 Motion Remitted from the Council of 28 April 2011 – By Councillor Burgess – Edinburgh Local Currency