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Credit Unions

Volume 468: debated on Thursday 29 November 2007

The Government regularly meet representatives from the voluntary sector. I most recently met credit unions when I visited Manchester about a month ago, where I was delighted to visit the offices of Manchester credit union and meet representatives of the Association of British Credit Unions Ltd.

Just over a year since the Farepak fiasco, what further steps are being taken to help credit unions such as the Cashfields credit union based in Hucknall meet the needs of the more economically disadvantaged members of our society?

I was delighted to hear of the formation of Cashfields in my hon. Friend’s constituency. I understand that it is relatively new and I wish it every success. Following the collapse of Farepak, more that 100 credit unions throughout the country now offer Christmas savings accounts, which is to be welcomed. I shall shortly be publishing the results of the Government’s financial inclusion action plan, which will include further measures to support the growth of credit unions.