For immediate release; 01 04 16 [after 12pm ;)]
Plymouth Pound founder considers legal action against Council if they try and create a rival local currency.
The founder of the local currency project ‘The Plymouth Pound’ is considering legal action against Plymouth City Council who has announced they are creating a new rival local currency project.
Council leader Tudor Evans this week made the Plymouth Pound a labour party pledge, and then the next day – he’s saying its needs a new name…strange behaviour? Perhaps an ulterior motive maybe…The founder of the Plymouth Pound the local currency for an ocean city – certainly believes so and could prove it in a court of law if necessary as he considers is legal position and the council leaders sudden announcement and change of support for the project within local media within a day?
The founder of the Plymouth Pound, understood to be a local lawyer and entrepreneur stated;
“This has clearly been done maliciously and deliberately due to the fact the local council seem to want to up the ante in their personal vendetta against me. They have refused to meet with me or any my team who have worked hard over the last 2 years to create the Plymouth Pound project. I have been warned that because of my history with them – they will not work with the project as long as I am involved in it. To ensure this exciting local project survives I have recently decided to sell the project [at a lot less than ‘cost price’s] to the local City of Plymouth Credit Union and step away from the project so that it can happen and become the citys local currency.”
“It is clear from the councils recent press coverage – that they really want it to happen…and they really don’t want me involved in the project so much so they are now threatening to set up a rival currency and are blatantly openly asking the public to come up with an alternative brand – when really ‘The Plymouth Pound’ – is perfect! And they know it.”
“The website has been up over 8 months now and the response from independent retailers in Plymouth has been fantastic; we have worked hard on the brand, the structure of the project and working with key partners – such as the local City of Plymouth Credit Union. Hence why I offered it to them immediately when I realised that the council were refusing to work with me at all and now they are deliberately trying to scupper the project and possibly derail the sale now to the local credit union.”
“I have already had several other offers from 3rd parties outside of the city; but my much preferred buyer is the City of Plymouth Credit Union and I have had several meetings and constant communications which are in their final stages of completing a sale.”
At the moment the Plymouth Pound founder wishes to remain anonymous as he is in the final stages of selling the project to the local City of Plymouth Credit Union.
“At the end of the day this is about the Plymouth Pound becoming the local currency for Plymouth; but the council have turned this into a personal vendetta against me – its creator. Hence I am stepping down and virtually giving it away to the credit union to continue with and make it work with the council and for the people of Plymouth and its global visitors that come here every year.”
After two years of research and development the team behind the Plymouth Pound stated;
“We think it’ll be great for Plymouth and help us feel really proud of our city, Local Currency projects in other towns and cities have shown that people get a real sense of ownership out of this and really enjoy spending their money locally.”
A spokeswoman for the CIC project said.
“If all goes well, a quarter of a million specially-designed Plymouth Pounds will be created and put into circulation next year. The Plymouth Pound will trade at the same price as a Great British Sterling pound; a P£ for a £. It won’t be worth any more than our ‘normal’ notes but the real value of having our own city currency is that it will be worth significantly more to the local economy.”
Gill Westcott from the Exeter Pound project which was launched last September says keeping our money local adds up;
“Economists have found that for every pound of our money that is spent in a supermarket or a national chain only 35 pence stays within the local economy. But every pound that we spend locally, in our independent shops and businesses, is worth considerably more to the local economy; an actual value of £1.73.”
Like the Totnes, Bristol and the recently launched Exeter Pound projects, people with pockets full of Plymouth Pounds will only be able to spend them in local shops and businesses that have signed up to take part and they, in turn, would only be able to spend them with other participating organisations.
By keeping it local it would make the city more sustainable and not just economically; through using local suppliers Plymouth would be able to reduce its food and trade miles and, in doing so, reduce its carbon footprint.
Getting the local council and credit union on board is a key factor in the success of the scheme. Therefore, in the foreseeable future, people in Plymouth will be able to pay their council tax and business rates through the scheme, possibly at reduced rates. If each year the City Council ends up with a big piggy bank full of Plymouth Pounds and chose to spend it locally (rather than exchange it into Sterling) then Plymouth and its economy would be much stronger for it.
Notes for editors;
The Founder of the Plymouth Pound can be contacted directly on 07831 658492
Twitter @plymouthpound https://www.facebook.com/plymouthpoundpage/