Gordon Banks MP welcomes Labour’s commitment to financial inclusion and urges credit unions in his constituency to apply for funding

December 2007

Responding to the recent announcement of £135 million to promote financial inclusion, Gordon Banks MP said,

“Financial Inclusion is all about social justice – it’s making sure everyone, especially some of the more vulnerable members of our community, are able to manage their money and plan for the future. It’s also about safeguarding people’s rights, and making sure they do not face unnecessary costs.

“As a member of a Credit Union, I have firsthand knowledge of how important a role in Society they play.”

“Credit unions play a key role in ensuring people have access to fair and affordable credit, and I urge the credit unions in my constituency to apply for some of the new money that has been made available.

The Action plan announces funding of £38 million to increase consumer access to affordable credit through credit unions and other third sector lenders. These lenders provide small, affordable loans (typically £500 or less) to financially excluded customers who might otherwise be dependent on expensive or illegal alternatives such as loansharks.

Mr Banks continued - “We need to make sure people are given all the help they need in coping with financial pressures and avoiding borrowing large amounts. I know that these proposals will make a real difference to peoples lives.