Just to reiterate, Kingston Pound is ‘tagged’ sterling which can only be spent in the borough. The member businesses are the only ones who can benefit from any K£’s spent. The deal is that local businesses have to consider where they spend their K£’s for example local suppliers or service providers and sometimes the KK has encouraged collaborations and partnerships.
Spending sterling with local businesses is helpful as you are helping local businesses. All we are saying is that there is a potential for more local businesses to benefit from trading with each other.
During normal economic conditions, local businesses still find it tough and so a project to encourage more local trading has great potential. However, we are now in the midst of a cost of living crisis and we quite understand that when some small traders, who are worried about paying the heating bills, would prefer to accept sterling or if they accept K£’s don’t want this to affect their cash flow. Our project is not aiming to add to any hassle for them.
We know there are priorities and so our project will have to grow more slowly during these times. We hope in the meantime that shopping locally is still high on peoples agenda.
Have a great Christmas.