Credit Unions

Treasury written question – answered on 5th February 2008.

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Photo of Don Touhig Don Touhig Labour, Islwyn

To ask the Chancellor of the Exchequer what measures are in place to encourage more credit unions to be set up.

Photo of Angela Eagle Angela Eagle The Exchequer Secretary, Member, Labour Party National Executive Committee

The Government support credit unions and other third sector lenders through the Financial Inclusion Growth Fund. More than £40 million has been provided to date with a further £38 million committed for the period 2008-09 to 2010-11. This funding will include provision of capital to new lenders. In addition, the UK high street banks have committed to support the development of new third sector lending provision in 25 high priority areas identified by the Financial Inclusion Taskforce. The Government are currently reviewing credit union legislation to ensure that the sector has a legislative framework that will facilitate its growth and expansion.

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