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Animal welfare boosted by new law coming into force - England Only READ MORE HERE: https://www.gov.uk/government/news/animal-welfare-boosted-by-new-law-coming-into-force
Freud announces further investment to secure future of credit unions Credit unions will receive up to £38m of investment to modernise and expand so they can support one million more people, Minister for Welfare Reform Lord Freud announced today. The £38m fund, which follows the £13m already invested last year, will help credit unions to buy in new IT systems and infrastructure needed to increase the numbers of people they help to save and borrow. Lord Freud said: “Credit unions provide an essential service for communities and we want to help them to extend the support they provide. “Credit unions are growing – almost doubling in membership since 2006 – but we want them to be a mainstream option for savers and borrowers just as they are in other countries and to ditch the image of a ‘poor man’s bank’. “Our investment will help credit unions reach up to one million new customers providing a real alternative to rip-off interest rates from payday loans, doorstep lenders and illegal loan sharks.” The investment in credit unions follows the decision by the Government to take forward the recommendations of the independent Credit Union Feasibility Study to help secure the industry’s long term financial sustainability. The project’s Feasibility Study found even the biggest credit unions struggle to meet the operating costs of making small loans to people on lower incomes. The Government will also consult on allowing credit unions to increase the 2% monthly cap they face on interest rates. http://www.dwp.gov.uk/newsroom/press-releases/2012/jun-2012/dwp070-12.shtml