Credit Unions

Lord Kirkwood of Kirkhope Excerpts

Thursday 19th July 2012 Lords Chamber

[Lord Freud]

My Lords, we have to build an industry that is self-sustaining. That is the vital priority. It is no good piling money into an industry that cannot effectively absorb it. It is vital that we get this right, and this expansion project is the right way to go.

[Lord Kirkwood of Kirkhope]

My Lords, my noble friend’s announcement of the extra support for credit unions is immensely welcome, particularly because after April 2013 the discretionary social fund will no longer be available to give community care grants or crisis loans. Will some of the £38 million that he has announced, which is extremely welcome, be used to advertise the existence of the social enterprises that usually constitute credit unions? One of the biggest problems is that people do not know about them. If Jobcentre Plus and prime contractors to the work programme were made to advertise the availability of these services, it would help them enormously to make progress in future.