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Take a look at my Press Release in Support for Credit Union

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Credit Union

There was welcome news this week with the Chancellor unveiling his compensation plans for those who had lost out from the abolition of the 10p tax rate.  I attended a number of behind-the-scenes meetings with both the Chancellor and the Prime Minister in which the concerns of MP’s were laid out.  The announcement that the Government is to raise personal allowances was welcome news indeed and will benefit 22 million people.  Many thanks to all those who wrote to me on the issue, your letters were helpful to me in the evidence I submitted to the Treasury Select Committee this week.  In this evidence I was keen to point out that although 80% of those who lost out will receive the same, and possibly more, than they originally lost the other 20% will receive compensation equal to half what they lost. I therefore urged the Committee to investigate measures which could be used to compensate them further in future budgets.  Nevertheless, I am pleased that the Government listened to the concerns of MPs and acted swiftly to provide compensation to all who lost out.  The particular method of compensation will also serve to put money back into the economy and will bring welcome relief to peoples wallets in light of rising energy and food costs. 

With the credit crunch still having an effect across the country never has it been more important to establish a credit union in the region.  For many years now I have been attempting to set up such a union and this week I had a meeting with North Staffordshire MPs and the North Staffordshire Credit Union to review the business plan.  The need for such a union is clear.  Many people are forced to use loan sharks when they need money and are often forced to pay interest rates as high as 1000%.   Such extortionate rates inevitably get the loanee into more financial trouble.  Credit unions by contrast are non-profit making and can charge no more than 2% interest.  I first began promoting the establishment of a credit union over 8 years ago and I have long been frustrated by delays.  It now seems that real progress is being made however.  Funding has been secured from several bodies including local councils and housing associations and more is still to come.  The application to the FSA is nearing completion and once finished we simply have to wait for the FSA’s decision.  This could take up to six months but I hope that the union will be up and running by the end of the year.  For more information on this you can log onto their website at www.nscu.co.uk.

I am pictured about with fellow Staffordshire MP's and Robin Wiles, Community Regeneration Officer/Interim LSP Officer, Newcastle-under-Lyme Neighbourhoods & Partnerships Unit. Robin Wiles is Chair of the North Staffordshire Credit Union (NSCU) Study Group which aims to set up a credit union for people who live and/or work in Newcastle, Stoke and the Moorlands. To be able to register with the Financial Services Authority they need 700 pledges - people indicating that they may be interested.

If you would like to support this essential initiative by making a pledge - which does not bind you to anything. If you are interested please do click on the link below:

www.nscu.co.uk/index.html?_ret_=return or Simon Oswald on 0207 2196985 for more details