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Sussex town creates its own currency to beat the credit crunch

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Lewes in East Sussex has launched its own local currency to help beat the credit crunch. Read more about it here.

 

Do you think this is a good idea or not?

 

Would you be happy to receive a salary or accept payment in a local currency instead of sterling?

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Nooooooooo!!!!

 

Can see how its meant to work, and hope that it is as effective as they're hoping, but I'd want paid in good old pounds sterling, thanks all the same.

 

Having said that, money isn't REALLY worth anything at all.....have you read the Terry Pratchett book, Making Money? Brilliant.....and quite thought-provoking!

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The success of a local currency depends on how many things you can buy with it. A local currency that only allows you to buy locally grown food or have your car serviced by an independent garage isn't very useful. If the currency can be used to pay mortgages, rent, council tax, and utility bills then it will be much more useful. There is a grey area concerning taxes and local currencies. Are transactions in local currencies subject to income tax, corporation tax, and VAT? One reason behind local currencies is to keep money in the local economy but taxes siphon money from local economies and hand it to central government.

 

Not many people know that the only currency that is legal tender in Scotland are �1 and �2 coins. No banknotes - whether they be Scottish or Bank of England - are officially legal tender.

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