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John McDonnell praises Credit Unions

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Shadow Chancellor John McDonnell MP visited Rawtenstall Credit Union yesterday after giving a speech at the Co-operative Conference in Manchester. 

 John said:

"It was terrific to visit Rossendale to meet out campaigning local Councillors and party members as well as visiting a successful local Co-operative, the credit union.  

Co-operatives should, I believe, play an essential part in the economy of the future. 

"There are now more than 7,000 independent co-operatives throughout the UK, contributing £35bn to the economy. Co-operative businesses are more stable. Whilst only one in three new businesses makes it through the difficult first five years, four out of five co-ops do. 

"Unsecured lending on things like credit cards and payday loans, is rising rapidly. TUC research reports that the number of people with “problem debt” has risen by 700,000 in the last two years, to 3.2 million.

"Rawtenstall First Choice Credit Union is a brilliant example of a co-operative working within a community to offer fairer solutions for local people. I would recommend to everybody in the area that they join their local credit union and find out the benefits for themselves."

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John also took time to speak to local members and campaign on the doorstep. He said:

"We all need to ensure that we secure the return of our team of hardworking Labour Councillors this May to continue to stand up for Rossendale in the face of huge cuts to council budgets from this Tory government."

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