Agenda item

“Sheffield Pound” Community Currency Initiative

19.1

It was moved by Councillor Martin Smith, seconded by Councillor Andrew Sangar, that this Council:-

(a)      believes that part of what makes Sheffield so special and unique is our local independent businesses and the community spirit in supporting those businesses;

(b)      believes that by keeping wealth in our city, the Sheffield Pound will improve our local economy and in turn create more local jobs for local people;

(c)      believes that a ‘Sheffield Pound’, a ‘community currency’ that can be used as an alternative to Sterling within our city, would be a boost to our local economy by keeping money circulating in Sheffield;

(d)      notes other areas have launched similar schemes which have proven both successful and popular, such as the ‘Bristol Pound’ in 2012; and

(e)      calls on the Administration to work with community groups to explore the possibility of establishing the ‘Sheffield Pound’.

19.2

Whereupon, it was moved by Councillor Mazher Iqbal, seconded by Councillor Lewis Dagnall, as an amendment, that the Motion now submitted be amended by the deletion of paragraphs (b) to (e) and the addition of new paragraphs (b) to (e) as follows:-

(b)       notes the recent reports of the suggested benefits of community currencies;

(c)       believes the Sheffield Pound may have a role to play in supporting local businesses;

(d)       notes the Sheffield Executive Board has looked at this issue in the past; and

(e)       requests that the Sheffield Executive Board works with local stakeholders to re-examine if this initiative would be beneficial to the City and the local economy.

19.3

On being put to the vote, the amendment was carried.

19.4

The original Motion, as amended, was then put as a Substantive Motion in the following form and carried:-

RESOLVED: That this Council:-

(a)      believes that part of what makes Sheffield so special and unique is our local independent businesses and the community spirit in supporting those businesses;

(b)      notes the recent reports of the suggested benefits of community currencies;

(c)      believes the Sheffield Pound may have a role to play in supporting local businesses;

(d)      notes the Sheffield Executive Board has looked at this issue in the past; and

(e)      requests that the Sheffield Executive Board works with local stakeholders to re-examine if this initiative would be beneficial to the City and the local economy.