Traders explore plan for Otley Pound (From Wharfedale Observer)

Traders explore plan for Otley Pound

4:30pm Thursday 12th November 2009

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OTLEY could soon have its very own currency – complete with notes bearing the faces of local historical figures like Thomas Chippendale – if traders back an ambitious new scheme.

Shopkeepers and other businesses have been sent a questionnaire asking if they would back the introduction of the Otley Pound.

The idea is the brainwave of Otley & District Chamber of Trade and Commerce, which believes it would generate a lot of extra trade and publicity for the town by giving it its own ‘micro economy’.

Following a model already operating in other towns like Lewes, in Sussex, the initiative would involve shops buying Otley Pounds (at face value) from an Otley Pound Bank.

Traders could then offer the Otley currency, instead of pounds sterling, to customers as change or as a discount, and the Otley Pounds could be spent in participating shops around town.

The chamber has high hopes for the scheme but says it will only progress if enough people express strong support for it.

Chamber member and chairman of Otley Town Partnership, Peter Heald, said: “The whole idea is to encourage shopping locally and the trick with it is to keep the currency moving around to make it work.

“It is an alternative currency but it’s probably best described as being a bit like gift vouchers that people can only use in the stores that accept them, although they can always be changed back into sterling.

“We’ve looked at one or two other places that have run this and we wanted to do some similar kind of a loyalty scheme.

“I went down to Lewes to see how their scheme ran and now we’re trying to sound out whether retailers would be interested in a similar idea for Otley, to try and build up loyalty, especially for small, independent shops.”

Mr Heald added: “It’s early days. We have just started trailing it out and will need to see what the response is.

“The notes would have a face value of £1. Originally we wanted a picture of the Wharfedale Press on them, and to print them on a Wharfedale Press, but unfortunately the machinery is quite old now and you need to build in security with this kind of currency, so we’d have to print it on something more modern.

“We’ve also thought about putting Thomas Chippendale or Thomas Payne, who built the original Wharfedale Press, on the notes.”

He explained that letters had gone out to retailers and that chamber member Brian King had been gathering feedback.

“When we get the feedback we’ll see if we can take it forward,” said Mr Heald.

In its letter, the Chamber describes the aim of the project as being “to keep and build trade here in Otley for the benefit of the whole community”.

“‘Local not Global’ is our motto,” says the letter. “We hope it will unite the community around a common interest. Everyone can join in and support the Otley Pound because it is their town and their currency.

“It will make shopping in Otley a unique experience, attracting outside interest and publicity that will only be to the benefit of the whole town.”

The move follows hot on the heels of a call by local politicians and business leaders for Leeds City Council to hand over control of tourism and marketing for Otley to the town.

Chairman of Otley Town Council’s environment and tourism committee, Coun Lawrence Ross, is backing the idea.

He said: “I know they’ve done this in other places like Lewes and basically it will encourage people to spend money in Otley rather than go outside the town, so it would give a really big boost to the smaller, non-supermarket shops if it does take off.

“I support it. It would be a nice way of rekindlng the local economy and would get a lot of publicity for the town, too.

“Obviously we would need to make sure enough traders use it for it to work, and for it to be truly Otley-wide.

“As for who to put on the notes, historical figures like Thomas Chippendale come to mind along with the Jubilee Clock, which is really the symbol of the town.”

The chamber expects to sort through local businesses responses to its questionnaire in the next few weeks.

Leeds North-West MP, Greg Mulholland, said: “This is a great idea to support local shops and businesses which are so vital to the local economy and to the town.

“This idea has come from the Otley Chamber of Trade, which is yet more evidence that people who live in Otley know what is best for the town, proof if proof were needed that we should be put in charge of our own marketing and tourism budgets.”

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