Caroline Lucas MP will join staff, volunteers and board members from a Brighton credit union today to pay tribute to their work in providing affordable credit to local people - and to celebrate becoming the union's 5,000th member.
The Pavilion MP will sign up as a new member of East Sussex Credit Union (ESCU) (1) at an event to be held at Community Base on Queen's Road this evening.
Caroline Lucas MP, who is a member of the All Party Parliamentary Group on Credit Unions, said:
"I am delighted that people here in Brighton are being offered a sustainable and safe way to save, as well as a chance to access affordable credit and to share in any surplus.
"The team of staff and volunteers at East Sussex Credit Union are doing an incredible job.
"High street banks often do not meet the needs of low income consumers for affordable, small sum credit, which means that millions of people end up paying far too much for loans.
"Those on low incomes or with poor credit histories are also particularly vulnerable to exploitation by unscrupulous loan sharks, who often charge sky-high interest rates - trapping them in a cycle of debt (2).
"Credit unions are increasingly being seen as a viable alternative."
Caroline continued: "I am honoured to become the 5000th member of the East Sussex Credit Union and look forward to continuing my support of the organisation into what I hope will be a long and successful future."
Rosemary Friggins, President of ESCU, will also be present at today's event to give a talk entitled, "State of the Credit Union". She commented:
"We are very pleased to have Caroline Lucas as our 5000th member and look forward to her joining our expanding group of regular savers.
"In the last there years we have saved the residents of Brighton and Hove over £400,000 in interest against doorstep and other high cost lenders, including loan sharks.
"We hope to now grow sufficiently to be able to offer basic bank accounts in the future and become the community bank for the area."
ENDS
Notes to Editors
1) East Sussex Credit Union (ESCU) is a not for profit saving and loans cooperative, which has been trading since August 2001. For more information, visit http://www.eastsussexcu.org.uk/.
2) Caroline is sponsoring a Private Members Bill in Parliament calling for regulation to tackle legal loan sharking: http://services.parliament.uk/bills/2010-11/consumercreditregulationandadvice.html
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