ABCUL Submits Key Asks to Next Government

Friday 21 June 2024

Following the announcement from Prime Minister Rishi Sunak that the next UK general election will be held on Thursday 04 July 2024, ABCUL has welcomed party manifestos from the Conservative & Labour parties in recent weeks. The Association has ABCUL General Election Policy Asks 2024 for the newly elected Government after the July election.

Over the years, ABCUL has built robust working relationships with a range of Government Ministers during their tenures and been successful in establishing successful results in the Association’s main objectives for continued change and innovation for the sector’s fundamental lobbying priorities.

ABCUL is asking for all political parties to consider and implement the following measures to continue to advance the pivotal role that the credit union sector plays in building financial resilience and generating economic growth and prosperity across the country:

• A support framework that facilitates the doubling of the co-operative and mutuals sector and a clear
  pathway for credit union influence and participation.
• A commitment to a national Financial Inclusion Strategy that puts ethical finance and credit unions front and centre of supporting economic growth.
• A capital support fund that helps facilitate mergers where appropriate and promotes sustainability and innovation across the sector.
• A review of Common Bond/field of membership criteria to serve more of the population across the country.
• The introduction of a central finance function which supports credit unions in terms of asset management. Greater legislative and regulatory permissions/flexibility – to aid the development of Credit Union Service Organisations (CUSO’s) to promote a collaborative agenda.
• Financial support to facilitate the creation of a Community Development Credit Union (CDCU) designation.

“Our primary objective is to support credit unions in building financial resilience across households, workplaces, and communities all across the country,” says ABCUL CEO, Robert Kelly. “Credit unions are founded on the ethos of people helping people and the forthcoming General Election provides a great opportunity to enhance the role of our sector in so many different ways.

“ABCUL and our member credit unions stand ready to support whoever forms the next government. It’s a hugely exciting and vibrant time for the credit union sector.”