Henry Smith MP is supporting a campaign from the All-Party Parliamentary Group (APPG) on Credit Unions in support of a #2020 vision for credit unions aiming to increase membership to 2 million by 2020.
Henry said;
“I’m supporting the #2020 vision for credit unions because they provide an important service to communities up and down the country.
“They help people who find themselves in financial difficulty through providing affordable loans, and are a protected place to save – they are also helping to make banking more competitive in the aftermath of the 2008 crisis.
“In Crawley, the West Sussex Credit Union assists people who find themselves in debt, and provide a competitive range of loans for a whole variety of purposes. These include setting up a business, buying a new car or going on holiday for the summer.
“They also play an invaluable role in encouraging people to save for a rainy day or towards retirement.
“I’m always pleased to support the West Sussex Credit Union as a member of the All-Party Parliamentary Group on Credit Unions.”
Henry attended an event in Westminster organised by the APPG before the start of the parliamentary recess.
Credit union membership currently stands at 1.2 million. To increase this to 2 million by 2020, the APPG on Credit Unions, supported by the Association of British Credit Unions Limited (ABCUL), is calling on the Government to:
- review credit union legislation to remove barriers to growth
- ensure credit union regulation remains proportionate
- support investment in sustainable business models for credit unions
- encourage employers to provide credit union services via payroll deduction
- support greater skilled volunteering in credit unions
The West Sussex Credit Union was founded in 2008, and merged with Crawley Credit Union in April 2012.
The credit union has a drop-in centre at Crawley Town Hall. For information, please call 01293 438537 or email [email protected]
Credit unions are deposit-taking savings and loans institutions which provide a source of affordable credit and safe savings as well as, in an increasing number of cases, banking services, insurance products with one or two providing mortgages.
They provide services to those who would otherwise find difficulty in accessing finance, and offer choice and competition in the wider market.
External links:
All Party Parliamentary Group on Credit Unions
West Sussex Credit Union