Yorkshire Times
Voice of the North
1:11 PM 12th January 2012

Ed Balls to promote Credit Unions

The Shadow Chancellor and MP for Morley and Outwood will on Friday visit the Leeds Credit Union head office to celebrate new legislation that makes it easier for Credit Unions to reach new customers and attract investment. His visit is especially relevant at a time when many of his constituents in Morley and Outwood, as well as people across the country, are being affected by the Christmas spending hangover, worries about debt, rising inflation and flat incomes. When he served as Economic Secretary to the Treasury under the last Labour Government, Ed was the architect of new legislation for Credit Unions that comes into force this week.

Credit Unions are owned and controlled by their members and operate for the purpose of promoting saving, providing credit at affordable rates, and other financial services to members. The Leeds City Credit Union is one of the largest and most successful in the UK. The 35,000 members across Leeds and Wakefield are encouraged to save for their future, and in return receive access to a range of financial services including affordable credit, current account facility and a return on their money.

Chris Smyth, Chief Executive Leeds City Credit Union said, "I am very pleased that Ed has chosen to visit the Leeds Credit Union and recognise the work that we do in providing affordable credit and straightforward savings especially at a time when so many families are worried about the cost of living and debt. Ed's visit coincides with the passing of new powers for Credit Unions, that he led the way on; the new powers will enable Credit Unions to compete even more effectively with the big banks and the doorstep lenders"

Credit Union Members in Morley & Outwood: 1,400 (35,000 across Leeds & Wakefield)
Loan Value Morley & Outwood 800k
Savings Value, Morley & Outwood 700k

Across Leeds and Wakefield there are 8 Credit Union branches as well as other staffed information points. Credit Unions also offer access via the web, phone and post.

Ed Balls will be available for comment on Friday and will use his visit to encourage more people to join a Credit Union.

Location: Leeds Credit Union, Westminster Buildings, 31 New Street, Leeds, LS2 7DT
Contact: Chris Smyth Leeds Credit Union (07920 116136)