The move is seen as a further demonstration of the government’s commitment to helping those people across the UK who are impacted by issues of financial exclusion and can often find themselves facing debt management problems.
And with the scale of Britain’s debt management mountain continuing to increase, Abcul is keen to see money made available for credit union efforts nationwide.
Commenting on the Treasury announcement, chief executive of Abcul Mark Lyonette said: “This is a further demonstration by the government of its commitment to the good work that our sector is doing in making affordable credit and banking services available to the financially excluded.”
“We are especially pleased to see support for the new credit union current account…as we believe this is a landmark product in the financial services sector,” he added.
Last month, the minister of state for the Department of Work and Pensions Jim Murphy praised the efforts of credit unions in helping to improve the lives and financial situations of impoverished people throughout the UK.