THE long-discussed “Brighton pound” has become reality with the launch of the gift voucher scheme.

Goodmoney, a social business start-up which is part of the entrepreneurial hub on London Road, has already signed up 145 local businesses to accept the vouchers.

The new scheme, three years in the making, was formally launched at an overcapacity party at Wagner Hall.

The firm is based in New England House and has had their ideas honed at the new business accelerater and start-up hub on London Road.

It is believed that money spent in independent local businesses circulates far longer in the local economy than money spent in national chains.

Research by the New Economics Foundation suggests a pound spent in a local business is worth £1.76 to the local economy, due to the “multiplier effect”.

Meanwhile a pound spent in a national chain is worth only 36 pence.

And Goodmoney is keen to maximise the value of the local economy.

The UK gift card and voucher association estimates that the country spends approximately £5bn a year on vouchers, which equates to £22m in a city the size of Brighton and Hove.

Goodmoney director, Dr Mick Taylor, told the launch party: “Goodmoney Gift Vouchers are ace because collectively, independent businesses have so much more choice than any high street chain store.

“So, by buying and spending Goodmoney gift vouchers, you’re making a positive choice by supporting local businesses, helping to create more opportunities, jobs and prosperity for the whole community.

Over £500 worth of vouchers were sold on the launch night, which also featured the prizegiving for a children’s art competition to design the cards, which would be sold with the vouchers.

It was standing-room only as Brighton Pavilion MP Caroline Lucas handed out prizes to the best-designed greetings cards which will go with the vouchers.

Ms Lucas, who sits on the board of the enterprise, gave out prizes which included free art lessons and, fittingly, £25 goodmoney gift vouchers.

It is estimated that £1m worth of vouchers in Brighton and Hove go unspent, which means pure profit for the businesses which issued them.

But unspent Goodmoney funds will be used to contribute to charitable initiatives in the city, focused on improving the quality of life for residents.

The vouchers are now on sale from Hisbe, the city’s ethical supermarket in York Place, and online at www.goodmoney.co.uk.