Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what progress she has made in reviewing responses to the call for evidence on reforming the credit union common bond in Great Britain; and when she plans to publish proposed next steps.

The government recognises the role that credit unions play in providing savings and affordable loans to their members, serving local communities throughout the country. This is why the government is taking steps to ensure credit unions are fully supported to grow and scale into the future.

This includes exploring legislative reform to the credit union common bond, to ensure it remains fit for purpose. We launched a call for evidence at last year’s Mansion House on the potential reform, which closed in March this year.

Responses to the call for evidence are being carefully considered and the government will provide an update on this work in due course.