Treasury: Credit Unions

HM Treasury written question – answered on 2nd November 2015.

Alert me about debates like this

Photo of Gareth Thomas Gareth Thomas Party Chair, Co-operative Party

To ask Mr Chancellor of the Exchequer, what steps he is taking to promote the use of credit unions in the work of his Department; and if he will make a statement.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

The Government is committed to continuing to support the credit union movement in making financial services more accessible.

The Government has taken significant steps to support the credit union movement in Great Britain. These include increasing the maximum interest rate that credit unions can charge on loans from 2% to 3% per month; investing £38m in the sector through the Department of Work and Pensions’ (DWP) Credit Union Expansion Project; ensuring that universal credit and pensions payments can be paid into any credit union account; providing £500,000 to help armed forces personnel access credit union services; and launching a Call for Evidence which allowed all credit unions, regardless of size or influence, the opportunity to contribute their vision for the future of the sector to the wider debate.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.