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

Wed 16-Aug-2017
NewsParties publish manifesto commitments on credit unions
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1 June 2017
Parties publish manifesto commitments on credit unions

In the run up to the General Election on 8th June, the main political parties have set out their position on credit union issues in their manifestos.

The Labour Party manifesto includes a commitment to legislate to ensure a more diverse banking system and a pledge to use legislation and investment to support co-operatives with a view to doubling the size of Britain’s co-operative sector.

Labour also pledges to use the Post Office to ensure a full range of banking services are available in every community.

In their manifesto, the Liberal Democrats highlight the need to address lack of access to bank accounts and low levels of savings, pledging to implement the recommendations of the House of Lords Select Committee on Financial Exclusion and requiring major banks to support the growth of a local banking sector.

The Liberal Democrats also propose making financial inclusion a statutory objective of the Financial Conduct Authority and including financial literacy as part of a “curriculum for life” in state-funded schools in England.

The Conservative Party has committed to strengthen the hand of regulators on consumer protection, with clearer terms and conditions on financial products and more scope for consumers to compare products using online comparison tools.

The Conservatives also commit to making more banking services available through the Post Office to support rural communities, and they pledge a new six week statutory breathing space provision for people with unmanageable debt in England and Wales.

Martin Groombridge, Chief Executive of the Credit Union, said: “It is good to see that all the main parties have included commitments to improve access to financial services in our communities, in support of some of the credit union sector’s key policy priorities. I particularly welcome the commitment to extend the role of the co-operative sector. Whichever party wins, we will be watching closely to see if they live up to their promises.”


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