More people in Rotherham to benefit from access to affordable finance, says MP

A Rotherham MP has welcomed new Government measures designed to help tens of thousands more people across the country access affordable finance through credit unions.
The changes will make it easier for people to join credit unions, including through extended family membership arrangements, helping more households benefit from affordable loans, savings and practical financial support.

Under the proposed changes, someone who is a member of a credit union but moves out of the area it is situated will now be able to refer a relative or household member to become a member and access its services, strengthening their financial resilience.

Currently, someone must live in the same area as the credit union to do so.

The measures have been backed by John Healey, MP for Rawmarsh and Conisbrough, who is also serving in the Labour government's cabinet as Chancellor of the Exchequer.

He said: “Credit unions play an important role in helping people manage their money, build up savings and access affordable borrowing without having to turn to high-cost lenders.

“These changes are particularly welcome at a time when household budgets remain under pressure. They will help more people access responsible financial services, strengthen community-based finance and give families greater choice and security.

“Here in Rotherham, we already have organisations such as South Yorkshire Community Bank providing an important service to local people. I want to see more residents in Rawmarsh, Conisbrough and across our communities able to benefit from the opportunities credit unions offer.

“Expanding access to affordable finance is an important part of tackling financial exclusion and building stronger, more resilient communities.”

The Government estimates that the changes could open up credit union membership to more than 50,000 additional people across Great Britain.