Katrina Murray

Katrina Murray

Labour — Cumbernauld and Kirkintilloch

Speaking in the House of Commons on 16 July 2025

Debate

Credit Unions

Contribution

The Chancellor’s speech last night was very timely. Credit unions are particularly well placed to benefit thoroughly from that if they have support, and I hope the Minister will expand on that. We need to update the law in Northern Ireland so that the strength of the credit union movement there is able to match progress that has been made in GB. The perception that credit unions are the poor man’s bank is a harmful stereotype that limits the sector’s growth. Credit unions are for everyone and should be seen as an act not only of charity but of good sense. They are member-owned, community-rooted and democratic. This is finance as it should be. Credit unions are more than just lenders; they are educators, community builders and the agents of financial justice. But they are at risk from burdensome regulation, under-investment and a lack of understanding at the highest level of Government.

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