JAMES Berry is chief executive of the Bristol Credit Union which is backing the scheme.

He said the Bristol Pound fits well with the ethos of the credit union which wants to see money that is generated in Bristol kept within the local economy.

He said: "The more of us that spend our money locally, then the greater amount which stays within the local economy.

"If you go and spend some money in a supermarket, then a good proportion will be going out of the area to their head office and shareholders which means the money leaks out of city.

"Locally-based independent traders and businesses tend to employ local people and spend their money locally with suppliers.

"One of the reasons why this scheme is particularly innovative compared with schemes elsewhere is the fact that the credit union is involved."

He said anyone who signs up to the Bristol Pound will have their account fully protected by the financial services compensation scheme.

This means that if the Bristol Pound ever folded, then accounts up to the value of £85,000 would be fully reimbursed.

Mr Berry said: "There is no more risk with the credit union than any other banking facility."

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