Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to (a) support and (b) expand credit unions.

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 products and affordable credit. We continue to engage regularly with this sector to understand the current barriers they face and consider further opportunities for growth.

The Chancellor announced new measures to support the growth of the credit union and mutuals sector in her Mansion House speech on 14 November 2024. 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.

Responsibility for credit unions in Northern Ireland is a devolved matter for the Northern Ireland Executive. Treasury officials engage with their counterparts in the Department for the Economy.