Credit Unions – Parliamentary Written Answer

Mr Bain: To ask the Chancellor of the Exchequer what recent discussions his Department has had with the Association of British Credit Unions to broaden the range of financial services provided by them to their members in areas of social deprivation.

Steve Webb: I have been asked to reply on behalf of the DWP. DWP is providing funds of up to £38 million to support credit unions. A contract has been awarded to the Association of British Credit Unions Limited (ABCUL) to develop the sector. This will support participating credit unions to become financially sustainable while offering an increased range of financial services to a million more consumers, many of whom reside in areas of social deprivation. Since the commencement of the contract on 1 May 2013 my officials have held numerous meetings with ABCUL, both informally and as part of the formal commercial governance.