To ask the Chancellor of the Exchequer, whether he plans to require the (a) Prudential Regulation Authority and (b) Financial conduct Authority to provide a payroll deduction service to allow staff to save more easily with a credit union; and if he will make a statement.

The Government recognises the vital role credit unions play 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 legislative framework provides for the regulators to be operationally independent from Government, and HMT has no role in setting employee policies.