Credit Unions
(asked on 29th September 2020) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish a credit union development strategy; and if he will make a statement.
According to the data held by the Prudential Regulation Authority, credit union membership for the past 10 years is as follows:
Credit Union Membership | |
Year | Membership numbers |
2009 | 1,259,183 |
2010 | 1,350,039 |
2011 | 1,427,812 |
2012 | 1,565,724 |
2013 | 1,660,610 |
2014 | 1,758,632 |
2015 | 1,850,503 |
2016 | 1,920,709 |
2017 | 1,969,152 |
2018 | 2,019,873 |
2019 | 2,070,452 |
The annual data for 2013 onwards is available online and can be found at https://www.bankofengland.co.uk/news?NewsTypes=571948d14c6943f7b5b7748ad80bef29&Taxonomies=5de036cac1ff46b49b8ac98c266de410&InfiniteScrolling=False&Direction=Latest
The Government is committed to supporting credit unions, which play a vital role in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.
The Chancellor announced at Budget earlier this year that the Government intends to bring forward changes to the Credit Unions Act to allow credit unions to offer a wider range of products and services. This will allow credit unions to continue to grow sustainably for the future and support them in the vital role they play in financial inclusion.
The Government has no plans to publish a credit union development strategy.