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Information » Money » Banks and Building Societies » LET Schemes

LET Schemes

LET (Local Exchange Trading) Schemes are networks that allow local people to create their own local 'currency' without the need for money

  • Anyone can join an LET Scheme whether they are employed or unemployed
  • LETS use a system of community credits, so that direct exchanges do not have to be made
  • People earn LETS credits by providing a service and can then spend the credits on whatever is offered by others on the scheme: for example childcare, transport, food, home repairs or the hire of tools and equipment
  • This new 'currency' allows a person to 'swap' hours of work. For example, an hour of cutting hair in exchange for an hour of bricklaying
  • The schemes aim to make the most of local skills and resources

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