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UK prime minister MPs state commitment to CUs
LONDON (1/24/11)--United Kingdom Prime Minister David Cameron and several members of Parliament stated the government's commitment to supporting the credit union sector, according to the Association of British Credit Unions Ltd. (ABCUL).
United Kingdom Prime Minister David Cameron reiterates government policy supporting credit unions. (Photo provided by ABCUL News)
Cameron took the opportunity during the weekly Prime Minister's Questions event to express support for credit unions in response to a question from Tom Blenkinsop, MP, about the government's policy on illegal money lending. Cameron replied, "I think there is unity across the House that we should try to encourage credit unions and try to get people out of the hands of loan sharks. That is our policy and that is what we want to do…" Also in a Commons debate called by Sheila Gilmore, MP, centering on the provision of basic bank accounts in Scotland, Financial Secretary to the Treasury Mark Hoban, MP, stated the government's support for credit union services to be made available through the Post Office. Hoban said Gilmore "also asked about support for credit unions and post offices working together. There has been much discussion about that in recent months, and there is already a lot of cooperation between post offices and credit unions. For example, credit union current account holders can access their accounts through the Post Office, and more thought is being applied to that area." ABCUL Chief Executive Mark Lyonette said, "We are delighted to see David Cameron underline the government's commitment to supporting credit unions in Prime Minister's Questions. To do so on such a high-profile platform is an excellent endorsement to the fantastic contribution credit unions are making to the financial inclusion agenda. "Assisting the victims of loan sharks, though, is only one area of credit unions' role," Lyonette continued. "As Mark Hoban rightly points out, there is a role for credit unions in the provision of current account services, a role in developing the Post Office's financial services offering and a role in generally providing competition and choice in banking, which drives up standards and increases the stability of the financial system," he said. "A growing, strong credit union sector is in the interests of everyone and to see the government commit to this is a very welcome recognition," he concluded.


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