MP praises role of credit unions
North Somerset MP Dr Liam Fox has praised the work of credit unions following a visit to the new Somerset Savings and Loans HQ in Portishead.
Dr Fox said Somerset Savings and Loans – which recently relocated from Weston-super-Mare to new headquarters in the MP’s North Somerset Constituency – is helping to restore a sense of responsibility when dealing with money.
He comments: “We need to get some sanity back into our economic thinking. Credit unions instill that sense of sanity at a micro level. They are a great idea.”
Dr Fox said North Somerset was the 18th richest constituency in Britain, but recognised that even the most well off families sometimes struggled to manage their money properly.
He said he would be lobbying to raise the credit union’s profile both locally and in Westminster.
“Many people remain over-borrowed and are at even greater risk if interest rates rise from their current historic lows.
“It’s all about living within your income . The real value in credit unions is re-introducing people to the concept of sanity when dealing with money.”
Welcoming Dr Fox to the Somerset Savings and Loans HQ at Kestrel Court , vice president Gill Hull said last year the credit union had facilitated the circulation of around £500,000 in the local economy – with the interest being ploughed back in to the organisation.
Gill comments: “We were delighted Dr Fox took time out to hear all about our work in the community and interested to hear his views on what used to be known as ‘thrift.’
“The directors are all volunteers and do not get bonus payments. There are no external shareholders and surpluses are paid as dividends to savers.”