The unsound Bristol Pound

At the weekend it was reported that the Bristol Pound, a local currency that is worth the same as a normal pound, has fallen on hard times and may soon be taken our of circulation. In practice, this means that the government has stopped squandering taxpayers' money on it.

I looked at the financial accounts of the company that runs the scheme and was astonished by the amount of cash it has got through. Every Bristol Pound spent in every transaction since 2012 has cost around 33p in administration costs. The only people who have benefited from the project are the people who run it.

I've written about it for Cap-X. Do have a read.