Tom Watson MP, Deputy Leader of the Labour Party, was the guest of honour at the opening of a new credit union branch in Walworth Road, Southwark, on Thursday 3rd March.

The new London Mutual Credit Union branch is equipped with its own ATM service, five spacious counters and an iPad stand where members can join the credit union, apply for low cost loans and carry out other online transactions.

Located in a busy high street, close to public transport links, the new credit union branch offers local people easy access to fair and affordable financial services.

Tom Watson MP said: “I am delighted to attend the opening of this impressive new London Mutual Credit Union branch in Southwark. Credit unions have a vital role to play in providing great value loans and savings to those who may otherwise be excluded from mainstream financial services.

“Located in the heart of the communities they serve, credit unions are ideally placed not only to provide access to ethical finance, but also to help people manage their money better, keeping them out of the clutches of loan sharks and high interest payday lenders.”

A credit union is a financial co-operative which provides savings, loans and a range of services to its members. Credit unions share the co-operative ethos of people helping people, and because they are owned by their own users, and not by external shareholders or investors, the emphasis is always on providing the best service to members, not maximising profits from them.

The new branch of London Mutual Credit Union is at 177 Walworth Road, Southwark SE17 1RW.