Sir Tony Baldry: The Church of England is developing a three-pronged strategy in its work with credit unions. The first is to link parish churches to local credit unions to offer support where any is available. The second is to set up an archbishops taskforce to work with the credit union movement and the local banking sector to produce credible alternatives which offer financially responsible products and services. The third is the plan to found the Church’s credit union, primarily for clergy and Church employees.
Fiona Bruce: I welcome the work the Church is doing to promote the good work of credit unions. Will my hon. Friend also update the House on the involvement of the Church Commissioners in the proposed new bank, Williams & Glyn’s, which I understand is to lend to local small and medium-sized enterprises in particular?
Sir Tony Baldry: I am glad to be able to report to the House that the Church Commissioners were part of a consortium of investors that will be partnering with Royal Bank of Scotland to set up a new bank, Williams & Glyn’s. It will be a vigorous challenger bank which is intended to set up the highest ethical standards and give consumers more choice, and I hope that it will work out how we can better help some of those presently denied access to financial services.
