Tackling debt and boosting Credit Unions in London

Islington Lib Dem councillor Terry Stacey, Lynne Featherstone MP, Libdem London Assembly members Stephen Knight and Caroline Pidgeon, and Lib Dem local election candidate Tahmid Chowdhury at the report launch.  Photographer John Russell (gallery http://johnrussell.zenfolio.com/p770781535/h17b1561f#h17b1561f)Lynne Featherstone MP last week helped to launch the ‘Payday London’ report, which seeks to tackle the problems created by payday lending and illegal lending in London.

The report, which was published by Lib Dem London Assembly Member Stephen Knight, sets out an eight point plan that the London Mayor could adopt to tackle debt problems.

The recommendations include the Mayor more actively supporting Credit Unions – which can supply quick loans to members without high rates, whilst also providing an ethical investment option for people who are looking to save money.

Suggestions in the report include opening a Credit Union savings account for every secondary school starter, and for further funding to be given to support the expansion of London’s Credit Unions.

The report is backed by the London Capital Credit Union, which hosted the report launch.

Liberal Democrat MP Lynne Featherstone commented:

“Credit Unions are a safe and ethical alternative to payday loan companies. I was more than happy to help Stephen Knight launch this report, which provides some excellent ideas about boosting Credit Unions in the capital.

The Coalition Government has invested £38m to support and expand credit unions, and the Financial Conduct Authority has also announced proposals to clamp down on payday lenders.

“It is vital that we tackle the problems caused by payday loan companies – I hope the Mayor listens to the ideas in Stephen Knight’s report, and takes steps to implement them.”