Kendal's Local Exchange and Trading Scheme.

Newsletter. July 2000.

LET'S KEEP LETS INFLATION PROOF!

It has been mentioned to the steering group that some people are still uncertain about the charging system we recommend, so we thought it may be useful to reiterate the principles here, especially for newer members who haven't read old mailings or been to the AGM's where this has been discussed in the past.

LETS aims at equality among members and bases its charging on the fact that when we are trading time, one hour of your time is the same as one hour of mine, regardless of what we are exchanging. Members of LETS schemes who would charge £10, £15 or £20 an hour for the skills they offer when they are earning their living out in the world of £money are happy to charge only 5 kents per hour for what they offer within the scheme because

they know everyone else is doing the same and
they know that 5 kents will buy them an hour of a service they want in exchange.

If they go to spend their 5 kents only to find that someone is charging twice or three times that rate then understandably they are either to get disillusioned with the scheme and leave or they are going to put their rate up to compensate and then we are in a situation of spiralling inflation which we all know and recognise from the modern world. LETS aims to stay outside this and we hope that in 10 years time we will still all be charging 5 kents an hour for our time! LETS also values all our members' skills in this way, not discriminating between gardeners, joiners, accountants, cake-bakers or therapists in terms of "worth".

Obviously there are exceptions - if there is a cash element to the exchange (such as the cost of remedies on top of the hour for a homeopath) or if someone does an hour's work with a member and then another hour at home afterwards (eg a joiner working on site and then finishing off at home) then they would charge 10 kents for the two hours actually worked.

On the other side, members may agree between themselves that babysitting for children who are asleep in bed should be cheaper than when they are up and awake, for example. So all trades are still negotiable between the members involved.

But, the expectation is still 5 kents per hour and if there are members out there who after reading this still believe their hour is worth more than anyone else's then the suggestion is that this should go in the directory so everyone is well aware of it before they trade and can ask the member involved the reasons for this. It would also give members the choice to charge this member the same inflated rate if they want to buy something, so that the principle still works of the hour worked buying another hour within the scheme.

However, we are hopeful that we can avoid this sort of two tier system and help everyone to understand and agree to use the guidelines recommended in our Trading Guide given out when you join. Alternatively, if anyone feels they need to talk further about this issue then please ring 014 who will be happy to listen and discuss, or offer articles to read on the subject from LETS nationally.

Happy trading, and have a good summer.

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