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4th Jul, 2022

Hoping to coin a new idea for trade

Malvern Editorial 4th Apr, 2014 Updated: 20th Oct, 2016

RESIDENTS have been urged to back a move to develop a unique form of currency for the town.

Malvern Town councillors Mayor Julian Roskams and Coun Martin Lawrence are behind the ‘sterling’ idea in a bid to boost the local economy and keep money in the area.

Coun Roskams has previously welcomed the introduction of a ‘Malvern pound’ in his monthly Observer column, and has vowed to lobby the district council to back the idea and possibly accept payment of taxes in the new local currency.

“A currency that must be spent locally boosts local economic activity by retaining money in the area. The Malvern pound would be spent repeatedly only within the local economy, whereas with sterling, much of the wealth spent in the area is soon lost to big international business, remote shareholders and the boom-bust financial services industry.

“A Malvern pound would deepen and diversify connections between local business people and all the citizens of the region which is essential to building a sustainable regional economy and providing high quality employment building a sense of community and shared purpose.

“If local councils accepted the Malvern pound in payment of taxes, this would immediately underwrite the value of the currency and increase its credibility.”

Coun Lawrence has launched the petition for people to declare support on the general idea and said if it proved popular then work could start on forming the details of the project.

He added Bristol’s successful introduction had provided great inspiration and Malvern’s version could even be coined the ‘Elgar pound’ to widen its appeal including towns Ledbury and Upton.

“If Bristol can create the Bristol pound then so can beautiful towns like Malvern and Upton upon Severn.

“I intend to liaise with the councils, but the most important engine of people that can make the ‘Elgar pound’ a reality are local residents and independent retailers and traders.

“They stand to benefit the most from a truly local currency, helping to retain niche shops, specialist traders and all the associated jobs.”

Contact Coun Lawrence at martinlawrence4chase@gmail.com for a copy of the petition or visit www.ipetitions.com/petition/malvern-pound to declare support.

Visit BristolPound.org for more information on how the city introduced the scheme in 2012.

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