Funded PhD on Local Currencies

Fully funded full time PhD on local currencies in stunning Cumbria, supervised Prof. Jem Bendell. Closing date: midnight 18 February 2018.


The Lake District Pound (LD£) initiative is the context within which the research project will be carried out. This is an innovation in local currency that builds on the prior work and positive outcomes of other complimentary currency initiatives in the UK and globally. The LD£ will operate alongside sovereign Sterling currency with a more direct purpose to support the local rural economy.

This initiative will utilise a range of innovative methods to adapt and extend the idea of a ‘currency with a purpose’ to a rural context with a unique demographic including for the first time a National Park. A core aim of the initiative is to shift visitor spending from using large external businesses (e.g. online retailers and travel companies, remote delivery services, etc.) towards local companies and communities. The anticipated impact is to retain more wealth in the region to fund social and environmental projects and through the local focus and supply chains deliver measureable environmental benefits.
The LD£ initiative has a number of short and long-term aims, which will be greatly enabled through this research project. The aim of the research project is to provide a foundation and framework for measuring the success of the local currency initiative and from that measure, to identify optimum practice and future direction to improve such local currency initiatives.

The PhD research topic is the development of a framework for evaluation of the impact of the Lake District Pound and generation of data on that impact. This evaluation must include indicators of economic impacts, as well as social, cultural and environmental impacts. The evaluation needs to involve quantitative metrics, but can also include more qualitative assessments. It is a multidisciplinary study, with the candidate being able to draw upon a range of fields in consultation with the supervisor (for instance, potential insights from sociology, accounting, corporate sustainability, voluntary sector and organisation studies).

The PhD researcher will work with The Lakes Currency Project Ltd as well as conducting the research for the PhD – and will be based in the stunning Lake District National Park.

The Lakes Currency Project Ltd is the organisation behind the introduction and support of the ‘Lake District Pound’. It is incorporated as a private entity following the guidelines of a Community Interest Company to drive the LD£ initiative as a commercially sustainable project. The generation of revenue from the initiative will be directed in joint partnership with the Lake District Foundation to support vital sustainability projects in and around the National Park, and the Cumbria Community Foundation to support critical projects to help the poorer local communities. Their long-term aim is to develop an element of autonomy and economic resilience within the Lake District and surrounding communities in response to the continually increasing impact of global tourism that often serves to impoverish rural areas.


Full-time PhD – annual tax-free stipend of £15,000 p.a. for 3 years
Tuition fees paid for by the industry sponsor (Home/EU fee)

The PhD is supported by the ERDF funded Eco-innovation Cumbria project led by the University of Cumbria.

Application process

To apply please visit the website for details of the entry requirements which must be met and to access the application form. Under the Research Proposal section of the form please summarise your approach to the proposed project outlined in this advert under the following headings: General Overview of Area, Identification of the Relevant Literature, Key Research Questions, Methodology, Timescale/Research Planning

Please include a covering letter telling us why you want to study for a PhD, what interests you about this project and highlight the skills and experience you will bring. Give the title of your research proposal as: “The Lake District Pound: Developing Local Sustainability through Economic Innovation in a Rural Context

For any queries relating to admissions please contact Research Student Admissions

If you wish to find out more about the project in the first instance please contact: Ken Royall, Chief Executive, The Lakes Currency Project Ltd. or Dr David Murphy, Institute for Leadership and Sustainability, University of Cumbria

Closing date: midnight 18 February 2018.

Interviews to be conducted 26th February 2018 in Ambleside, Cumbria. Candidates will be required to give a short presentation on their approach to the research proposal. Strong candidates may be given the option for an interview by video conference.

Source: Prof. Jem Bendell’s Website

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