Chancellor Phillip Hammond delivered the budget speech today and cited support for the Credit Union sector.
He proposed that Credit Unions may hold a “Prize Draw” for their members as opposed to paying interest on deposits. This is an exciting opportunity that our Board of Directors are keen to investigate. Watch this space!
5.59 Supporting the credit union sector- Credit unions play an important role in facilitating savings and offering affordable borrowing to their members. To help people increase their financial resilience while boosting awareness and membership of these community organisations, the Budget commits to launching a pilot of a new prize-linked saving scheme for credit unions. (17) https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752202/Budget_2018_red_web.pdf