The Minister for Welfare Reform David Freud showed his support for credit unions by applying to open an account at London Mutual Credit Union on Wednesday (22May).

Lord Freud spoke to staff and members at the credit union’s Peckham branch about the Government’s support for credit unions and their work to provide people on low incomes with access to banking products, low interest loans and advice.

He said: “Many credit unions offer a range of financial services like current and savings accounts, often with better rates than high street banks. They also play a vital role in offering people an alternative to the dangers of loan sharks and high-interest loans.