The concept of Time Banking -

“I don’t suspect we will suddenly be inundated with a deluge of plumbers who’ll work for nothing” - I was addressing our members at the bimonthly meeting of the Soho Caring Agencies Forum and I wanted to adjust expectations about the functioning of a Time Bank. It isn’t about being able to afford very expensive or hard to come by goods and services but more about rebuilding communities and social capital. It is a way of valuing aspects of life which conventional money has long since forgotten – such as love, neighbourliness, caring and altruism.

Members joining the bank provide a list of what they can give and a list of what they need. This is entered on a central database and the Time Broker does the matching. It might be as simple as providing companionship for an older person who has earned time credits by doing some sewing or ironing. All services are valued equally so one hour spent putting up some shelves is valued exactly the same as an hour of legal advice. Criminal Records Bureau checks are carried out on members working with vulnerable adults or children and the time bank is required to carry its own public and employee liability insurance.

The development of the scheme is dependent upon the characteristics and needs of the community. As more and more people become involved then more importance is attached to time credits and they have the potential to be accepted by local businesses, councils and Housing Associations in exchange for goods and services."