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810007
star this property registered interest false more like this
star this property date less than 2017-12-20more like thismore than 2017-12-20
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HM Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 2 remove filter
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25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assistance they have given to credit unions in the UK in the last two financial years. more like this
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Lord Elystan-Morgan more like this
star this property uin HL4353 more like this
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answer
star this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The government is committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Over the last two financial years, the government has done this by:</p><p> </p><ul><li><p>Announcing at Autumn Budget 2017, that where a credit union’s membership conditions are based on locality, a credit union will be able to increase the number of potential members it can have to from 2 to 3 million. The legislation to make this change was laid in November 2017 and comes into force in April 2018.</p></li><li><p>Announcing at Autumn Statement 2016 that, from 2018, an existing scheme which incentivises credit union membership in communities at risk of being targeted by loan sharks, will be expanded. This uses funds recovered under the Proceeds of Crime Act from convicted loan sharks.</p></li><li><p>Contributing £600,000 to an initiative developed by the Archbishop of Canterbury and Young Enterprise, to start savings clubs in primary schools and educate young children in the benefits of saving. Lifesavers works with local credit unions to help run savings clubs with schoolchildren, and is currently being piloted in six primary schools.</p></li><li><p>Providing funding for the Credit Union Expansion Project, delivered by the Association of British Credit Unions Ltd. In 2017, three credit unions with a total membership of 16,500 began using an online banking platform provided by this project.</p></li></ul>
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-01-08T16:32:28.647Zmore like thismore than 2018-01-08T16:32:28.647Z
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1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2809
star this property label Biography information for Lord Elystan-Morgan more like this