Irene Campbell
Main Page: Irene Campbell (Labour - North Ayrshire and Arran)Department Debates - View all Irene Campbell's debates with the Department for Work and Pensions
Credit Unions
Irene Campbell Excerpts(2 days, 6 hours ago)
Westminster HallRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Westminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Irene Campbell (North Ayrshire and Arran) (Lab)
It is a pleasure to serve under your chairship, Mr Twigg. I thank my hon. Friend the Member for Cumbernauld and Kirkintilloch (Katrina Murray) for securing this important debate. I declare an interest: I am excited to begin working with the Association of British Credit Unions Ltd on forming the new all-party parliamentary group on credit unions, which will meet for the first time in September.
We have heard a lot today about why we need credit unions. Now more than ever, it is important that people have access to affordable loans and do not get trapped by payday loans, expensive hire purchase or even predatory loan sharks. Credit unions are a fantastic example of people working together to make finance more accessible.
Many credit unions welcome volunteers. My very good friend Catriona Currie, along with Nancy, volunteered for the credit union in Stevenston, in my constituency, for many years—I think more than 20. Nancy was a founding member of the local credit union and was key in making sure that the service thrived and survived. Until covid, they provided a service every Saturday morning in Stevenston library. Catriona and Nancy knew most members who came in and made sure they had set up the account they needed, including Christmas savings, which many people relied on to get good toys and so on at Christmas time. They often helped with a range of other issues outwith the remit of the credit union. Savers knew and trusted the service provided in their community and very much relied on the credit union.
The Association of British Credit Unions describes its vision of credit unions becoming
“the primary source of affordable, high quality and ethical financial services for the people of Great Britain.”
As we know, many people on low incomes are often excluded from accessing a range of bank accounts. Credit unions can ensure that people can access a degree of financial freedom, allowing them greater control of their finances and a say in how the union is run. It is vital that we encourage membership and ensure that people are aware of this excellent local service.
The 1st Alliance community bank in Kilwinning, in my constituency, provides those excellent services to my constituents and the wider west of Scotland. It offers a range of much-needed facilities, including savings, low loan rates, standing orders and online services. I look forward to hearing from other Members and the Minister about what we can do to further support credit unions.