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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Wed 16-Aug-2017
NewsBritish credit unions keep growing
Print
9 May 2016
British credit unions keep growing

It’s great to see that, according to the latest statistics from the Bank of England, credit unions in Britain are continuing to grow.

The figures show that, at the end of December 2015, Britain’s 342 credit unions had over 1.2 million members (including junior savers). This was an increase of 5.7% compared to the previous year.

The figures also show that there was a surge in credit union membership during the final quarter of the 2015. In fact, on average, more than 2,500 new members joined a credit union in Britain every week in the last three months of 2015.

When it comes to credit union loans, savings and assets, the official statistics reveal even more impressive growth. Credit union lending was up 6.9% to £769 million, savings increased by 8.6% to £1.17 billion and the British credit union movement’s assets grew by 8.5% to £1.37 billion.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “It is good to see that credit unions across the country are attracting more and more members, who recognise the benefits of fair and affordable loans and safe savings.

“Here at London Capital Credit Union we have been leading the way, with a 21% increase in members and a 23% rise in savings during 2015 – far outstripping the national average. We are proud to be making a real difference to our members’ lives and making a vital contribution to improving people’s finances.”


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