On the topic of savings and currencies, there has been an awful lot of attention focused on Bitcoin and other cryptocurrencies over the last 12 months. Last year, I saw many online articles advertising investment in Bitcoin while the price was rapidly on the up... only for the price to then fall sharply. The volatility of Bitcoin continues to be highlighted in the press, especially as its value has fallen by over 50% since last Christmas.

I'll admit, I don't have a full understanding of cryptocurrencies so have steered clear of Bitcoin and these other "new generation currencies”. However, I was very interested in learning about the introduction of the new “Lake District Pound” which is much simpler, closer to home and also supports our local community.

The Lake District Pound can be spent in many shops and businesses locally and can be exchanged for Sterling at various Exchange Points throughout the Lake District. As the LD£ designs will be changing each year to celebrate different aspects of the Lake District, some people are choosing to buy some to keep as a collector's item - my two sons included. They collected their first LD£ last weekend and have decided to save it as they said that they prefer it to “normal money” as it is “a lot more colourful and fun!” Other initiatives such as the LD£ passport trail encourages you to explore local businesses and we are already on the way to collecting our first few stamps.

Whichever way the LD£s are used, I think it is a great way to help support local businesses and fund local community and conservation projects through the work of the Cumbria Community and Lake District Foundations. Whilst the LD£ may not be an investment in the true sense of the word, I believe that if we can support the local community whilst having some fun with money then I think it really should be supported.

Want to find out more about the Lake District Pound? Visit their website at https://www.lakedistrictpound.com/

By Chris Hill