Credit Unions: Wales

Wales Office written question – answered on 26th October 2020.

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Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Secretary of State for Wales, if he will hold discussions with the Welsh Government on encouraging employers in Wales to offer payroll deductions to enable employees to join a credit union; and if he will make a statement.

Photo of Simon Hart Simon Hart The Secretary of State for Wales

Credit unions play a vital role in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders. The Government is committed to seeing a strong and resilient credit union sector. That is why the Chancellor announced at Budget 2020 that the Government will bring forward legislation to enable credit unions to offer a wider range of products and services.

The Parliamentary Under-Secretary of State for Wales and I have frequent discussions with the Welsh Government and other UK Government Departments on a wide range of issues, including how best to support households with the cost of living.

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