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Credit Unions

Volume 453: debated on Tuesday 21 November 2006

To ask the Chancellor of the Exchequer what plans he has to promote credit unions in the East of England; and if he will make a statement. (101638)

The Government are supporting credit unions and other third sector, not-for-profit, lenders across England, Wales and Scotland through a £36 million Growth Fund. Ipswich and Suffolk credit union, Essex Savers credit union and Liberty credit union in Romford are among around 80 third sector lenders being supported to expand their lending service through this funding. In addition, on the advice of the Financial Inclusion Taskforce, the Government are launching a campaign to promote demand for financial products and services including sources of affordable credit, such as credit union loans. The Department for Work and Pensions is managing the campaign delivery unit, in partnership with secondees from stakeholder organisations. Nine stakeholder managers have so far been appointed, including one for the East of England region.