ABCUL Comments on the Prime Minister’s Decision for a July 2024 General Election

Wednesday 29 May 2024

ABCUL Comments on the Prime Minister’s Decision for a July 2024 General Election                                                                                             

Prime Minister Rishi Sunak has announced that the next UK general election will be held on Thursday 4^th July 2024.

He made the announcement in a press conference outside 10 Downing Street on Wednesday afternoon last week. Parliament will be dissolved on Thursday 30^th May 2024 and the current Members of Parliament go back to being ordinary members of the public and many will attempt to get re-elected whilst a significant number of existing MP’s have indicated they will not re-stand.  There is a strong sense of impending change for the country in the weeks and months ahead regardless of final votes cast for the political parties

Commenting on the decision by the Prime Minister and the events to follow the next few months, ABCUL CEO, Robert Kelly said: “In the lead up to the publication of the party manifestos, ABCUL will be actively promoting our key policy asks to all the main parties following on from our ongoing programme of political engagement since the last election in 2019.

“This has seen us build robust working relationships with a range of Government Ministers, including John Glen MP and Bim Afolami MP during their tenures as Economic Secretary to the Treasury.  We also reflect on the successful delivery of such wide-ranging legislative reform to the Credit Union Act 1979 as part of a wider programme of Financial Services reform in the summer of 2023.  ABCUL appreciates the support provided to the sector in recent years however the need for continued change and innovation for our sector remains a fundamental lobbying priority.”

In a recently published Financing Growth report by the Labour Party , it pledges to “unlock the full potential of the mutuals sector to support regional development” and “aim to double the size of the UK’s co-operative and mutual financial services sector.

Following the announcement of the report, Shadow Economic Secretary to the Treasury, Tulip Siddiq MP said that the credit union sector plays “an important role in supporting working people across the country to access affordable finance and gain greater control over their lives.”

Robert added: “it is paramount the interests of the sector will be prioritised by the next Government no matter the final configuration and result. As the sector continues to grow in membership levels, loans, and savings, it’s more vital now than ever to broadcast this message – that credit unions are a vital part of the wider financial services eco-system all across the country and that our ethics and value proposition make a key difference to building financial resilience in households and workplaces.

“ABCUL will continue to promote our aspirations for the credit union sector across the country in the weeks ahead – pre- and post-election as we strive to support the economic growth agenda for consumers and communities alike.

“The country’s population needs our sector to be sustainable, innovative and growth focused more than ever.  ABCUL will be front and centre in promoting that agenda every day on behalf of member credit unions.”