Unprecedented Growth in British Credit Unions Reported by The Bank of England

Friday 17 May 2024

The Bank of England recently published its credit union data for the fourth quarter of 2023 which revealed an enormous rise in credit union membership in Britain.

Between quarter three and quarter four, credit union membership increased by over 3% equating to over 32,000 new members. This increase is the largest rise seen since 2017 and sets a new record of total credit union members at over 1.54 million members. Credit union membership in Britain has set a new record for the past five consecutive quarters.

“Once again it is thrilling to celebrate a record level of credit union members in Britain” said ABCUL CEO, Robert Kelly, “This data indicates that British credit unions are more financially resilient than ever. British credit unions have consistently supported its members and remained steadfast pillars of communities across the country.”