A financial initiative to encourage people to spend their money at Island businesses is being launched by Newport Business Association.

A small number of Newport businesses have agreed to take part in The Magic Tenner concept and Jo Randall from the Business Association has agreed to coordinate the event.

The Association is looking for as many independent shops and businesses to join in.

A study by The New Economics Foundation discovered a £10 spend at a local shop that sells products from local producers, can put over £50 back into the local economy.

If you buy an Island-made pie from an Island shop, a big part of your money is passed on to the Island piemaker. The shop employs an Island accountant or even a decorator.

In turn, the piemaker who sources his meat from an Island farm spends a big percentage of his money with the Island farmer. The farmer then spends some of his money with a local garage, and on and on it goes.

The Magic Tenner concept takes place from October 7-21, with all participating businesses offering a special £10 deal during the fortnight to showcase their business, support the Island economy and encourage local spending.

If you want your independent Newport business to be involved in the initiative, contact Jo at mail@love-running.com