Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the reduction in numbers of credit unions.

The Government is a strong supporter of credit unions, recognising the vital role they play in local communities throughout the country.

Through the Financial Services and Markets Act 2023, the Government allowed credit unions in Great Britain to offer a wider range of products and services, diversifying their income streams and enhancing their role in financial inclusion.

According to the latest data from the PRA, credit union membership in Great Britain has increased for the fifth consecutive quarter, reaching a record level of over 1.5 million. Their total assets have also increased to over £2.67 billion.

The Government continues to engage with the credit union sector to assess how they can best be supported moving forward.