Credit unions provide a not-for-profit and ethical alternative to the multinational banks. Any Green councillors elected in Carlisle would prioritise massively expanding the role that the credit union plays in financing local peoples' lives.
Credit unions are moving away from being a fringe activity but still more often than not, providing loans to people on low incomes.
However, in the larger UK cities credit unions are able to offer conventional banking facilities such as direct debits and even mortgages.
The Green Party are committed to nurturing the potential of credit unions to provide an ethical, localised alternative to the high street banks while at the same time wiping the streets clean of loan sharks, doorstep lenders and pawnbrokers.
Premises at 95 Lowther St, Carlisle
The first Green councillor elected in Carlisle would:
- Seek cross-party support for the investment of local authority pension funds (or 5% of employee earnings) into the Credit Union, with the option of an opt-out
- Seek to build consensus to pass a motion at full council to set up a feasibility study into whether a proportion of the total amount of the pension pot could be invested in this way, rather than in the stock market as at present
The overall aim of this would be to inject capital into the local economy at a grassroots level and develop our skills base by establishing new and growing current small and medium sized businesses. There's a huge amount of potential to inject enormous capital into the local economy. Carlisle Green Party are reasonably confident we could get that support. The Credit Union after all, came out of an anti-poverty group in the early 1990s which included people like former Labour Mayor Craig Johnston and former Conservative Mayor Judith Pattinson.
Carlisle & District Credit are currently trying to buy their premises in order to provide better ongoing facilities. Carlisle Greens have joined the 1600 Credit Union members, including candidate John Reardon (pictured joining Credit Union with fellow Green Elaine Bromley).
Green Party member Elaine Bromley and Carlisle candidate John Reardon join the Credit Union
Cumberland News political correspondent Julian Whittle and photographer Dave Gudgeon met local Green Party members at Carlisle & District Credit Union, which provided us with an opportunity to highlight just how important community banking and credit unions are to the Green Party's agenda.