 |
answer text |
<p>The Government’s manifesto commits to support the credit union movement in making
financial services more accessible over the course of this Parliament. The Government
has supported the sector in the following ways:</p><p> </p><ul><li><p>Investing up
to £38 million in an expansion project for credit unions, aimed at helping credit
unions expand and grow sustainably.</p></li><li><p>The Government announced at AS16
that a greater proportion of funds recovered from illegal money lenders will be allocated
to incentivise vulnerable people to join, save and borrow with a credit union instead
of turning to loan sharks.</p></li><li><p>The Coalition Government also increased
the maximum interest rate that credit unions can charge on loans from 2% to 3%. This
has helped credit unions become more stable.</p><p> </p><p>The Government will continue
to look at ways it can help support the sector.</p></li></ul>
|
 |
