Influential MPs including committee chairs say millions could benefit with minor changes to financial inclusion bill
A group of Labour MPs have called on Rachel Reeves to support a huge expansion of credit unions to increase access to cheap credit for millions of people on low incomes.
The move coincides with celebrations on Monday to mark the 10-year anniversary of the UK’s military credit unions, which are supported by Queen Camilla and provide “an ethical and affordable alternative to high-cost lenders” for service personnel.
Every employee, starting with teachers and nurses, should have a “right to save” and be able to request that their employer allows them to save directly with a credit union via the pensions auto-enrolment scheme.
Every social housing provider should promote credit unions to their tenants and staff.
The City watchdog, the Prudential Regulation Authority, should ease the rules on credit unions lending to each other to help them manage their financial security and expand the range of financial services they can offer.
Continue reading...
