In the past 10 years, membership of credit unions in the UK has doubled. According to the Bank of England, 1.1 million adults now belong to credit unions, with assets of £1.2bn.
But that’s still less than 2% of the UK population, compared with 45% in the US, which means millions of people are missing out on low-cost credit. Instead, they are being charged high interest rates for borrowing, with some facing sky-high charges.
It’s not as though credit unions lack backing. They are popular with politicians in all parties and have support in civil society, from private sector businesses to the Church of England. Councils, too, have a strong interest in developing credit unions: if local people borrow from local credit unions rather than payday lenders, the money stays within the community, boosting the local economy. Some local authorities, such as Glasgow and Sheffield are already tackling the issues by setting up their own loan services.
To discuss how to turn goodwill into action, the Guardian, alongside Lloyds Banking Group, is bringing together a panel of experts for a morning seminar to explore practical steps towards achieving a bigger, sustainable and more successful credit union movement and financial inclusion for those on low incomes.
We want to consider, among other things:
- How credit unions can work best for borrowers and lenders
- How to encourage more people to join a credit union
- The role of both central and local government in creating policy and practical initiatives to tackle financial exclusion and encourage lower-cost borrowing options
Details
Date: Wednesday 2 March 2016
Time: 9:30am-11:30am
Location: The Guardian, Kings Place, York Way, London N1 9GU
Panelists
David Haigh, financial capability director, the Money Advice Service
Mark Lyonette, chief executive, Association of British Credit Unions Limited
Chris Pond, vice chair, Financial Inclusion Commission
Robin Bullock, managing director, Lloyds Banking Group
Other panelists to be confirmed
Chair: Hilary Osborne, editor of theguardian.com’s money site
While this is a free event, please be aware that space is limited and priority will be given to senior personnel from regulators, civil society, financial and poverty charities, and those with relevant professional experience or research interest in financial inclusion.
Please register your interest in this event below:
