Credit unions continue to grow

The latest Bank of England statistics show continued growth for Britain’s credit unions.

The unaudited figures – based on quarterly returns from 342 credit unions across England, Scotland and Wales – show that at the end of December 2015, total credit union membership (including junior savers) had grown to 1,269,345. This represents annual membership growth since December 2014 of 5.7%.

ABCUL (Association of British Credit Unions ) Chief Executive Mark Lyonette said: “These latest growth figures are extremely encouraging and demonstrate the continued success and appeal of the credit union model.”

All the details are in this ABCUL report.