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Local Exchange Trading Schemes (LETS)

LETS are local community-based networks. People exchange goods and services without using money.

LETS were invented in Canada and are now the most widely used model for community currency systems in the world. There are LETS in the UK, USA, Canada, Australia, New Zealand and Ireland.

LETS use 'community credits' as people do not have to make direct exchanges. People earn LETS credits by providing a service and can spend their credits on whatever is offered by other people in the scheme.

This could be childcare, transport, food or home repairs.

There are about 300 LETS schemes in the UK, involving 30,000 people.

The national organisation for LETS is LETSLINK UK. You can visit the web site on:

Credit Unions
For details of credit unions (a kind of community-based bank)
see Where money goes.

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