REFORM AND EXPANSION OF CO-OPERATIVES AND CREDIT UNIONS

That this House welcomes the recent announcement of a review of the UK's Industrial and Provident Society and Credit Union legislation by HM Treasury; notes the positive impact that co-operative and credit union legislation has had on the British economy since its inception in 1852; recognises the need for reform in this area; further notes that credit unions provide valuable services to communities, including safe and easy savings schemes, affordable loans and financial education; calls upon the Government to note that the capacity of credit unions to expand their provision of inclusive financial services is seriously impaired by existing barriers; and looks forward to constructive proposals for a new legal framework which will allow credit unions and co-operatives to compete and expand whilst recognising the need for modernisation to enable the co-operative sector to continue to lead the way in community regeneration, engagement and participation.