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Scottish Labour Party commits support to credit unions

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12 Oct 18

The Scottish Labour Party has committed support to credit unions and promises to set up credit union accounts for young pupils.

In 2016 the Scottish Labour Party said all pupils in their first year of secondary school should have a credit union account opened for them. This policy was developed by Labour, Co-op-led Glasgow City Council and designed to protect people from loan sharks.

After visiting a credit union in Liverpool last week, where the Labour Party conference took place. Scottish Labour Leader, Richard Leonard stressed the importance of credit unions in society saying: “Credit unions can play a vital role in personal financial education and on the importance of an ethical economy”.

Richard added that the Scottish Labour would commit its support by giving every first year high school pupil a £20 deposit savings account with a local credit union, in a bid to reduce the influence of pay day lenders in Scotland.

Speaking at the Labour Conference, Richard Leonard said: “Scotland’s broken economy doesn’t work for working people, with too many families having to turn to high-cost credit to pay essential bills. That cannot go on. Under Labour, the days of predatory companies profiting from the squeezed wages of working people will end. Labour will take real action on the cost of living to ensure more money in the pockets of working people.

“But I also want to see generational change in attitudes towards how people access credit if they need it. That’s why a Scottish Labour Government would expand support for credit unions and establish a credit union account for every first year pupil in Scotland – We’ll put £20 in it too.

“This will increase awareness of credit unions among working class families and ensure that generations of young people to come have access to low cost credit”.

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