Gareth Thomas – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Gareth Thomas on 2015-10-26.

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.

Harriett Baldwin

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.