ABCUL comments on London Assembly Financial Inclusion report
12 Jan 18
On Monday the London Assembly Economy Committee launched a new report on financial inclusion, Short Changed: The Financial Health of Londoners, which made recommendations to the Mayor of London, Sadiq Khan. It recommended measures to boost credit unions in the capital, including promoting London’s credit unions on Transport for London and through a new “Money Advice Week”.
ABCUL’s Head of Policy & Communications, Matt Bland, in responding to the report said: “We would like to congratulate the London Assembly’s Economy Committee on an excellent report. We were particularly pleased to see it recommend that the Mayor take steps to support a broader role for London’s credit unions through promoting them, for example on London’s transport network.
“There are 27 credit unions in Greater London who, at 30 September 2016, had 107,000 members and outstanding lending of £80 million. They have grown lending by 62% since 2012 and play a hugely valuable role in providing affordable credit and encouraging members to save alongside borrowing – the powerful Save As You Borrow technique – in communities and workplaces across the capital.
“We look forward to the Mayor’s response to the report and hope that he will act on the report’s recommendations. We are very encouraged by commitments the Mayor made in his electoral manifesto around financial inclusion and the role of credit unions as well as his proposed Good Work Standard which highlights the role of credit unions in London’s workplaces.
“Devolved and regional government has great potential to catalyse credit union growth and support the financial health and wellbeing of their communities. The London Assembly report coincides with new funding announced by the Welsh Government; support for promoting credit unions planned by the Scottish Government and similar financial health initiatives by the Greater Manchester Mayor, Andy Burnham. ABCUL strongly supports these efforts and looks forward to working with regional and devolved authorities on this agenda going forward.”