Shadow Chancellor Visits Wave Community Bank

Friday 26 January 2024

Shadow Chancellor, Rachel Reeves visited Wave Community Bank this week (WCB), to talk about the impact of the cost-of-living crisis on local people and the difficulties first time buyers face currently as a result of the rise in interest rates.

Ms Reeves met with the WCB team including Ann Hickey (CEO) and Richard Priestman (President), and she was accompanied by Peter Kyle, Shadow Secretary for Northern Ireland and MP for Hove, where WCB are based. They had to opportunity to talk to first time buyers about the problems they face including high rental prices that make it difficult to save, lack of affordable houses locally and the difficulty saving the required deposit when house prices are so high in Brighton & Hove.

Ms Reeves also discussed with the WCB team the work they are doing in the local community and the impact of the cost-of-living crisis on members, addressing the need for affordable loans and the benefits of payroll saving and borrowing when household budgets are under immense pressure.

Ann Hickey CEO of Wave Community Bank said: “We were delighted to welcome Rachel Reeves Shadow Chancellor of the Exchequer to our office in Hove today. We discussed how the cost-of-living crisis is affecting our members and people in our community, and the challenges for first time buyers trying to get on the housing ladder.

“She had already had a good understanding of how community banks and credit unions operate. We were glad to have the opportunity to talk to her about our work in our community.”