Local Exchange Trading Schemes

Local Exchange Trading Schemes (LETS) are local non-profit 'exchange' networks in which all kinds of goods and services can be traded without the need for money and which enable people to trade with each other without using hard cash. LET schemes provides some local solutions to poverty, unemployment and isolation by providing new opportunities for access to practical help and assistance. They also encourage a 'greener' lifestyle and a sense of community and appreciation.

50 years ago it was common for communities to offer mutual support and neighbourliness but this became rarer with the pace and upheavals of modern life. In the 1970's the term LETS was coined by Michael Linton, a British man living in Canada and in the UK As a result of recessions and crashes in the market, interest in Local Exchange Trading Schemes grew. By the mid 1990s, there were several hundred active LETS groups with a total membership
of over 20,000 people.

Currently, there are about 450 LETS schemes in the UK, involving 40,000 people.

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.

The services could range from anything from childcare, massage, shopping, cleaning, transport or cooking to home repairs, house and pet sittings to typing and word processing and even professional advice.

Members of LET schemes can either decide on the value of individual services or allocate the same value to every service in the scheme.

Standard guidelines are published by the national organisation for LETS, LETSLINK UK:

• www.letslinkuk.net

Rochdale Women’s Enterprise Initiative is keen to explore the possibility of setting up a LET scheme for members of the network. If you are interested please contact Barbara Davidson on 01706 646471.