Support for Credit Unions at the Post Office

Meg has given her backing to an innovative scheme to make credit union services available at every Post Office counter across the country. At an event hosted jointly by the All-Party Parliamentary Group on Credit Unions and the Association of British Credit Unions (ABCUL), Meg pledged to support the proposed link-up in Parliament.

Credit unions are financial co-operatives, owned and controlled by their members, who provide inclusive financial services to communities up and down the country. As ethical, not-for-profit organisations they are often the only place for low-income families to put a little aside in savings each week or to access fair, affordable loans.

The proposed scheme would require an investment of only a few million pounds in order to set up behind-the-scenes IT and administration systems allowing any credit union member to walk into any Post Office branch and access their account. Good news for credit unions and their members, but also for the Post Office which would benefit from new income - always welcome following years of closures.

[possible reference to local, constituency Post Office and / or credit union]

Mark Lyonette, ABCUL Chief Executive, said of the plan: "Credit unions have been transformed over the last decade tripling membership and more than quadrupling their assets. Nowadays they provide a very familiar service including current accounts, cash ISAs, Child Trust Funds, insurance and even mortgages as well as the traditional savings and loans services.

"One of the key challenges now is to scale-up in order that credit unions are accessible to many millions of people. Without a branch network this is very difficult to achieve and whilst credit unions have the services, the Post Office has the network. Our proposal would see credit unions become visible and accessible on almost every highstreet whilst creating welcome new income for the Post Office."

[NAME] said: "Credit unions provide an important service in our community - helping everyone, including those on the lowest incomes, manage their finances and access services on fair terms. Similarly, the Post Office provides many valued and trusted services in our communities - including to many on a low-income such as those on benefits or the state pension.

"Making credit union services available through the Post Office would cost relatively little whilst giving everyone access to fair financial services and helping to secure the future of the local sub-post office.

"I am backing the plan to put credit union services in the Post Office."