All-party parliamentary group on credit unions launched

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All-party parliamentary group on credit unions launched

Wed 2nd Jul 2008

A new cross-party parliamentary group aims to help bring affordable credit to more people.

Kerry McCarthy, Labour MP for Bristol East and chairperson of the group, outlined government proposals such as widening membership criteria for credit unions, allowing group membership and enabling unions to pay interest on members' deposits, under certain conditions.

She said that "everyone should be able to get affordable credit", adding that credit unions could make that a reality.

The Association of British Credit Unions (ABCUL) will provide the group's secretariat.

Mark Lyonette, ABCUL chief executive, said the government, banks and credit unions are "working together to scale up the sector".

Loughborough MP Andy Reed (Labour) welcomed the action.

He told Loughborough News that credit expansion meant that people who needed to borrow money "can do so safely and reasonably without having to go to loan sharks."

The group's launch reception was supported by the Co-Operative Financial Services and hosted by Ms McCarthy.

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