In an article in The House Magazine concerning the financial sector, Bim Afolami (MP for Hitchin and Harpenden) made specific reference to the importance of credit unions.
He wrote “We need to make sure that the financial services sector is accessible and relevant to everyone. That does not just mean bankers and those working in the City of London but people who need to rely on services such as credit unions. As Chair of the All Party Parliamentary Group on Credit Unions, I know the difficulties that they are currently facing. More credit unions than ever since 2010 closed down last year, even as the demand for them increased. Credit unions provide a vital service for those with low credit scores who cannnot use traditional banks, and offer a welcome alternative to payday lenders. Part of promoting financial services must be working with HM Treasury on making it easier for credit unions to serve local communities.”