Credit Unions

Treasury written question – answered on 6th February 2019.

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Photo of Baroness Kennedy of Cradley Baroness Kennedy of Cradley Labour

To ask Her Majesty's Government what support they give to credit unions.

Photo of Lord Bates Lord Bates The Minister of State, Department for International Development

The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector.

At Autumn Budget 2018, the Chancellor announced a two-year pilot of a new prize-linked savings scheme offered through credit unions. This will support the credit union sector through increased membership, awareness and deposits, as well as encouraging participants to build up savings to help them cope with financial shocks.

The Chancellor also announced a new £2 million challenge fund to promote innovative solutions from the UK’s Fintech sector to address challenges faced by social and community lenders, including credit unions. This follows the success of last year’s Rent Recognition Challenge, where Government backing has supported UK Fintechs to successfully develop and roll out digital solutions for incorporating rental data into credit scores.

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