Credit Unions

Treasury written question – answered on 15th October 2008.

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Photo of John Battle John Battle Labour, Leeds West

To ask the Chancellor of the Exchequer if he will take steps to promote saving with credit unions in the current financial circumstances.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform, Economic Secretary, HM Treasury

The Government recognise the role that credit unions together with other mutual societies play in encouraging a savings culture among its members as well as the contribution they make in providing for greater choice and diversity in the financial services sector.

Government are currently consulting on proposals to amend credit union legislation The proposed changes, which include reform of the membership criteria and the ability to pay interest on members' savings, will serve to increase public awareness of the services provided by credit unions and to encourage their use.

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