Lord Bishop of Ripon and Leeds
Main Page: Lord Bishop of Ripon and Leeds (Bishops - Bishops)
Baroness Wilcox
I am delighted to hear someone mention credit unions. They are a wonderful idea. When I chaired the National Consumer Council, we did our very best to get people interested in credit unions. They work extremely well in Germany and Canada, but for some reason they have never taken off as well in this country as we would like. It is a very simple form of people coming together, putting the money together and getting a loan when they need it. We will try again to see if we can market this idea better. It is a wonderful way and we do so hope that we can manage to bring this forward. I know that the previous Government tried as well.
The Lord Bishop of Ripon and Leeds
My Lords, will the Minister comment on the Chief Medical Officer’s recent comments that financial exclusion, which is encouraged by high interest rates, is a major cause of ill health? What plans have the Government to increase the incomes of the poorest so that fewer visits are made to the doctor?
Baroness Wilcox
My Lords, I thank the right reverend Prelate for that question. How shall I answer it? First and foremost, it is important that all people have access to the help that they need, with information that allows them to make a good, informed decision. Getting into serious debt is a worry for all of us and can affect people’s health. We must, wherever we can, encourage people to save and to move away from debt as much as possible. However, when people do get into debt, short-term loans, in particular, can be a help rather than a hindrance so long as they are well described.