Katrina Murray

I feel honoured to wind up the debate. I thank all colleagues who have contributed to a thoughtful and constructive debate. We heard that credit unions are not just financial institutions; they are community institutions. They offer dignity, access and inclusion where commercial lenders often do not and, as the hon. Members for Strangford (Jim Shannon) and for Upper Bann (Carla Lockhart) reminded us, credit unions step in when commercial-led banks step out. From local volunteer-run unions to large workplace models, such as the NHS credit union, their role in tackling financial exclusion, supporting resilience and anchoring community finance cannot be overstated. As we have discussed—I very much welcome the Minister’s comments—we might be in a place to remove the burden of over-regulation and inappropriate regulation arising from outdated perceptions. I thank the hon. Member for Wokingham (Clive Jones) and my hon. Friend the Member for Airdrie and Shotts (Kenneth Stevenson) for reminding us that credit unions will take the risk to lend to people, to their members, because they know them. They know the financial situation that those people are in. That does not necessarily meet an affordability question from a spreadsheet. The importance of the role of small, local organisations is that money will stay in the community. A risk that might have been seen as too big a risk by a wider organisation is not, because everything is done locally. On the devolved nature of Northern Ireland, I am sure that all the parties there are on the same page on credit unions. I hope that, now we realise that something has been missed and that we need to make that reform, we will be in a good place for it to happen. Let us ensure that the sector not only survives but thrives. We have all talked about the absolute benefit of mutuals and the credit union sector, and how we want to increase their numbers. I hope that the sector continues to serve those who need it the most. Question put and agreed to. Resolved, That this House has considered the role and future of credit unions.