That this House recognises the vital role that credit unions play in promoting financial stability, financial inclusion, resilience of local communities and ethical banking across the UK; celebrates International Credit Union day, held annually on the third Thursday of October as an opportunity to raise the awareness of the positive impact credit unions have on their communities; acknowledges their contribution to providing affordable, locally-based financial services, such as savings accounts and affordable loans, for everyone; considers that credit unions, as member-owned financial co-operatives, reinvest profits back into local communities, thereby bolstering local economic growth and inclusion; celebrates the growth of credit union membership in the UK, with over 2 million members and more than 350 credit unions, as understood; commends the work done by current and former members to promote credit unions; notes the calls for MPs and all public bodies to engage with the sector, and further notes the calls for continued support to ensure that credit unions thrive as a key pillar of the UK’s financial landscape, supporting the development and sustainability of the sector and helping to deliver tangible benefits to individuals and communities, including achieving the Government’s commitment to double the size of the co-operative and mutuals sector and advance its financial inclusion strategy.
