ABCUL welcomes Saving Gateway commitment

ABCUL – the Association of British Credit Unions – has welcomed the Government’s decision to take forward the roll out of the Saving Gateway and its commitment to continuing the Financial Inclusion Fund, announced in the Pre-Budget Report.

“We strongly support the Government’s decision to move forward with the roll out of the Saving Gateway to encourage saving among lower income households,” says Mark Lyonette, Chief Executive of ABCUL.

“We believe this initiative should be made available through a broad range of institutions, and credit unions would look to play a significant role in promoting and providing Saving Gateway accounts. We look forward to finding out more details about this scheme in the Budget.”

ABCUL also welcomes the continuation of the Financial Inclusion Fund for the period 2008-2011 to support the provision of free money advice for financially excluded people, and to widen access to affordable credit.

“We welcome the commitment to £130 million over the next three years,” says Mark Lyonette. “However, to meet the Government’s plan to scale up credit unions, we urge the Government to commit a larger amount to the sector than has so far been made available.”