Credit unions across the UK are celebrating renewed support from the highest level of government as the movement to build a fairer, more inclusive financial system gains serious momentum.
On Monday 9th June, representatives from the Association of British Credit Unions Limited (ABCUL) and credit unions representatives, were welcomed to a special reception at No.10 Downing Street. Hosted by the Secretary of State for Business and Trade, Jonathan Reynolds MP, the event celebrated the important role that co-operatives and mutuals play in British society.
More importantly, it marked a renewed commitment by the UK Government to its ambitious pledge to double the size of the co-operative and mutual sector — a powerful signal that mutual, community-focused financial institutions like credit unions are being recognised as essential to building a more resilient economy.
This pledge sits firmly within the Government’s wider goal of promoting financial inclusion — part of a broader “Plan for Change” designed to put more money in people’s pockets and drive inclusive economic growth. Supporting credit unions is a logical and effective way to achieve this, as we continue to provide safe, ethical, and affordable financial services to people who are often underserved by traditional banks.
At the event, ministers highlighted several measures already in motion, including the advancement of the Business Growth Service and the launch of a Call for Evidence on Co-operatives and Mutuals. The Government reaffirmed their vital role that credit unions play in the UK’s financial ecosystem.
ABCUL Chief Executive, Matt Bland, who attended the reception, described it as “a significant moment for the credit union sector,” adding:
“The government’s commitment to doubling the size of the co-operative and mutual economy, as well as the financial inclusion strategy under development, represent major opportunities for credit unions to grow and play a bigger role in British society.”
Wave Community Bank (WCB) welcomes this commitment wholeheartedly. As a proud credit union serving East Sussex, Kent, Medway and the London Borough of Bexley this year celebrating 25 years’ service, WCB know first-hand the life-changing impact that financial inclusion can have on individuals, families, and local communities.
Wave Community Bank work to fuel this growth by encouraging more local people and local businesses to join them and become part of the credit union movement. Together, we can build a stronger, fairer financial future — one member at a time.
If you’re not yet part of Wave Community Bank, now is the perfect time to join. Be part of the movement. Be part of the change.
