Co-operatives and Mutuals

Lord Walney Excerpts

Tuesday 10th December 2013 Commons Chamber

[Stephen Williams]

Even if the hon. Gentleman and I were to visit the Ivy House pub in Nunhead later and drink however much it took to get us both thoroughly inebriated, I do not think that my will would be so weakened as to accept that kind invitation, which I must admit has been offered by his colleagues many times over the years.

The hon. Gentleman also mentioned credit unions. I am a member of Bristol Credit Union—I am reminded that I need to top up my funds. The reason I became a member in the first place was to be able to use the Bristol pound. Local community currencies are another example of putting power in the hands of local people to keep more of their spending power in the local economy and to support businesses and the agenda he is putting forward.

[John Woodcock (Barrow and Furness) (Lab/Co-op)]

I thank the Minister for giving way and hope that both he and my hon. Friend the Member for Harrow West (Mr Thomas) will accept my apology for arriving late—I, too, was surprised by how early the debate started. Will he agree to look at the financial regulations for credit unions? Barrow-in-Furness now has a credit union and has done very well to establish it, but it is dealt with in the same way as some much larger institutions even though they have nothing like the same level of financial risk.

[Stephen Williams]

I suspect that the regulations for credit unions are the responsibility of the Treasury, so I will ensure that a note of the hon. Gentleman’s point is sent to Treasury colleagues and that he receives a reply.

The hon. Member for Harrow West questioned why there is no military credit union and gave the example of north America. I was unaware of that and will raise it with colleagues in the Ministry of Defence to see whether complementary provision already exists in the United Kingdom or whether we should look at that model seriously to see if it would work in this country.

I was pleased that the hon. Gentleman mentioned the Bristol Ferry Boat Company share offer. Mr Deputy Speaker, I do not know whether you have made your life even more complete by journeying to Bristol West to see the yellow boats that plough their way around the harbour, but you are very welcome. People visiting Bristol are often surprised to see ferry boats in the heart of a city centre that they thought was well inland. Unfortunately, the company that owned them failed last year, but it has now been saved through a community share. All of us in Bristol were delighted to see that.

In conclusion, I think that all the Members who were watching the Annunciator screens carefully and managed to get into the Chamber for this debate have made useful contributions. I will ensure that the hon. Member for Harrow West receives responses to the questions he asked. I thank him for securing the debate. To end on a note of Christmas unity, I am sure that co-operatives and mutuals have a great future in this country, as do social enterprises. The coalition Government are determined to ensure that that is the case.

Question put and agreed to.