Post Office to help credit unions?
Saturday, November 15, 2008
Complementing our suggestion here that, rather than a whole new state-run bank competing with financial mutuals, the Post Office could do more to support local credit unions, it's good to see the idea being mooted by ministers, according to The Guardian.
Particularly helpful was this contribution in Thursday's debate by Kerry McCarthy MP (Bristol East, Labour):
Particularly helpful was this contribution in Thursday's debate by Kerry McCarthy MP (Bristol East, Labour):
I too welcome this announcement very much, as will the hundreds of my constituents who have written to me about it. I chair the all-party group on credit unions, and I have just written to Lord Mandelson to see whether we can explore how credits unions can use the Post Office network to make their services more available, especially to people in remote areas. Will he undertake to talk to Lord Mandelson to see how we can move those issues forward?In response, James Purnell (Secretary of State, Department for Work and Pensions) commented:
Yes, that is a very important point. The Post Office's reach is clearly wider than that of credit unions, even after their growth under this Government. My hon. Friend is right that credit unions play a vital part in providing the services and advice that help people to get out of debt and improve their financial affairs. I have seen very clearly how credit unions in my constituency have literally turned around the lives of hundreds of my constituents. My ministerial colleague the Under-Secretary of State for Work and Pensions, my hon. Friend Kitty Ussher, will be happy to meet my hon. Friend to discuss exactly how what she proposes can be done.In her previous ministerial role, of course, Kitty was responsible for credit unions, so this is very welcome.
Labels: banking, credit unions, James Purnell, Kerry McCarthy, Kitty Ussher, post offices
