Credit Unions at Centre of Growth Agenda in Treasury Committee Hearing

Friday 30 January 2026

Matt Bland, Chief Executive of ABCUL, this week gave evidence to the House of Commons Treasury Select Committee alongside Sarah Harrison, Chief Executive of the Building Societies Association, speaking on behalf of the UK’s financial mutuals sector.

The session provided an opportunity to set out the vital role that credit unions and building societies play in delivering economic and social value, and to explore how the sector can be supported to grow sustainably. It comes at a pivotal moment, with the UK Government committing to double the size of the wider co-operative and mutuals sector.

In his evidence, Matt emphasised the distinctive contribution credit unions make as member-owned, community-based financial institutions, particularly in reaching people underserved by mainstream financial services. He highlighted the sector’s strong track record in promoting financial resilience, supporting household stability and providing affordable credit and savings products rooted in local communities.

Matt outlined what is needed to unlock inclusive growth for credit unions, pointing to the importance of targeted reform, investment and collaboration across the financial services landscape. Central to this, he said, is the Government’s Financial Inclusion Strategy, which recognises credit unions as a key delivery partner in expanding access to fair and affordable financial services.

He welcomed the Government’s £30 million investment commitment through Fair4All Finance as a significant step forward, noting that long-term, strategic funding will help credit unions modernise infrastructure, improve digital capability and scale their impact. Matt also highlighted proposed reforms to the common bond framework, which would allow credit unions to reach more people while maintaining their local and member-focused ethos.

Looking ahead, Matt referenced the Credit Union Growth Plan, developed collaboratively across the sector, which sets out a clear roadmap for expanding membership, strengthening financial sustainability and increasing the sector’s contribution to the UK economy. He stressed that proportionate regulation, supportive supervision from the PRA and FCA, and continued engagement with policymakers will be critical to turning ambition into delivery.

Commenting on the hearing, Matt said: “ABCUL welcomed the opportunity to ensure the voice of credit unions was clearly heard by MPs as they consider the future of mutuals in the UK financial system. The evidence session underlined the sector’s readiness to play a larger role in delivering inclusive growth, provided the right policy, regulatory and investment environment is in place.”

The session can be viewed in full here.