The Bristol Pound - isn't it just a gimmick?

Bristol is the first major city (their words) to launch their own currency. Some towns have already done this, such as Stroud, just half an hour north.

'The Bristol pound' can be exchanged in participating retailers and accounts can be set up with the Bristol Credit Union. So it works just like normal money.

The aim is to try to encourage 'local trade' and to prevent spending from 'leaking' out of the area when spent. According to their website:

What is the Bristol Pound

The Bristol Pound is a complementary local currency designed to support Bristol’s independent businesses, strengthen the local economy, keep our high streets diverse and distinct, and help build stronger communities.
The Bristol Pound is the UK’s first city wide local currency, the first to have electronic accounts managed by a regulated financial institution, and the first that can be used to pay some local taxes.

Well that's fair enough, but is it in any sense a real currency and can it achieve their goals?
The exchange rate if £1 to One Bristol pound (surely it should be called a 'Brizzol') means that it is in a currency union with the UK and so is subject to all the vagaries of the UK economy and UK monetary policy.

Maybe there will be a stronger local multiplier effect. But to achieve anything it must be widely accepted in settlement of debt and as a medium of exchange. For that to happen a large proportion of businesses will have to accept it, including national chains. These large businesses will then simply exchange their 'Brizzols' for real pounds and the money leaks away.

The advance of the Brizzol over other local currencies is that they can be exchanged electronically. But it seems little more than an interesting gimmick that falls into the category of regional marketing rather than economics.

See what you think at their website here