Credit unions "delighted" by pre-Budget report

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Credit unions "delighted" by pre-Budget report

Thu 27th Nov 2008

The Association of British Credit Unions Ltd (ABCUL) has welcomed Alistair Darling's pre-Budget report, saying it is "delighted" with some of the chancellor's proposals.

Mr Darling announced that credit unions will be able to open Saving Gateway accounts, which are aimed at persuading those on lower-income salaries to save.

The Saving Gateway scheme will see the government putting 50p into people's accounts for every £1 they save, which could benefit credit unions as well.

ABCUL chief executive Mark Lyonette said: "This is a valuable initiative which will help to encourage low income savers and we look forward to working with the government to ensure that the scheme is a success."

He added that credit unions' status as co-operatives, owned by their members, means they are trusted financial institutions in many low-income communities.

Alistair Darling's pre-Budget report contained a number of measures aimed at helping those on lower income salaries, including a 2.5 per cent cut in VAT.

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