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MP welcomes news we are a step closer to a credit union

September 23, 2014 4:59 PM

South Lakes MP Tim Farron has called for more support from the government and councils for credit unions.Local MP Tim Farron has welcomed the news that we are a step closer to having a credit union set up here in the South Lakes.

The study group for the area has submitted an application to the Prudential Regulation Authority (PRA) for approval. Currently South Lakeland is the only district in Cumbria that does not have a credit union. The South Lakes Credit Union Study Group have sought over 1,000 pledges from local people, including one from Tim, who would be interested in signing up for account to support their application.

Tim said: "I have been a supporter of the credit union since 2010 and the campaigners have worked hard to get the project to this stage. Credit unions are owned and controlled by their members and are run by and for local people, not for profit. I want to pay tribute to everyone involved in getting the credit union to this stage. It's their hard work and dedication that has made this happen."