Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of the number of credit unions operating in (a) London and (b) England.

The Government has made clear its strong support for the credit union sector, recognising the value that credit unions bring to their members in local communities across the country in providing savings products and affordable credit.

The Chancellor announced new measures to support the growth of the credit union and mutuals sector in her Mansion House speech on 14 November. This included publishing a call for evidence on the potential to reform common bonds for credit unions in Great Britain, asking the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to produce a report on the mutuals landscape by the end of 2025, and welcoming the establishment of an industry-led Mutual and Co-operative Business Council. Together, these actions reinforce the Government’s commitment to support the credit union and mutuals sector, and help it grow to drive innovation and economic growth across the country.

The Prudential Regulation Authority (PRA) publishes quarterly statistics relating to credit unions in the United Kingdom. According to this latest data, there are currently 140 credit unions operating in England. Whilst HM Treasury does not hold data on the number of credit unions operating in London, all registered mutuals are listed publicly on the Mutuals Public Register, which is managed by the Financial Conduct Authority.