Yesterday Jo Swinson spoke about payday loans on camera to The International Business Times. We cannot embed the video on Lib Dem Voice, but you can watch it here.
She said that she and Vince Cable would be meeting the Archbishop of Canterbury, Rev Justin Welby, today to discuss new guidelines for credit unions. She stated:
My colleague and I, business secretary Vince Cable, are meeting the Archbishop of Canterbury on this issue. We are very keen that credit unions are expanded as they are important way of lending to a community that benefits local people.
The government has already committed £38m to help credit unions modernise and some of the challenges they face, by going up against the likes of paydaylenders, include infrastructure issues.
In June, the Archbishop gave a significant speech in the Lords, in which he called for flexibility in the regulations in order to permit churches and other organisations to set up and promote credit unions to serve local communities.
* Mary Reid is the Monday Editor on Lib Dem Voice.