Matt Bland, CEO of the Association of British Credit Unions (Abcul) shares his thought on the Labour Party conference in Liverpool.
This week I had the privilege of joining colleagues at the Labour Party conference in Liverpool, where I represented credit unions both in our own right and through the Mutuals and Co-operatives Sector Business Council. It was an energising few days – not just because of the packed fringe events and inspiring discussions, but because the government’s agenda is clear: they want to see our sector grow, thrive, and double in scale. That’s hugely exciting, but it also places a challenge at our door – we cannot stand still. We must seize this opportunity with both hands.
One of the highlights was co-hosting the Delivering Inclusive Growth fringe event with our partners at Co-operatives UK, the Association of Financial Mutuals (AFM), the Employee Ownership Association (EOA), and the Building Societies Association (BSA). Chaired brilliantly by Robin Fieth of the BSA, the discussion brought together a diverse panel: Andrew Pakes MP, chair of the All-Party Parliamentary Group for Mutuals; Ciara Davies from Metro Moneywise Credit Union, executive lead for the Sound Pound Group and an Abcul director; Rose Marley from Co-operatives UK; and James de le Vingne from the EOA. Together, we explored how our movement can work hand in hand with the new Labour government to realise its ambition of doubling the UK’s mutual and co-operative economy.
The conversation in the room was vibrant and forward looking. It underlined what many of us already know: mutuals – whether credit unions, building societies, co-ops or employee-owned businesses – are at the heart of building a more inclusive, resilient and community-focused economy. Financial inclusion isn’t just part of that vision; it’s central to it. And credit unions are uniquely placed to deliver.
We also had the chance to hear directly from the ministers leading this agenda: Lucy Rigby the Treasury and Blair McDougall at the Department for Business and Trade. Their remarks left no doubt that the government is serious about expanding the role of our sector in driving inclusive economic growth.
Related: Co-ops position themselves as inclusive growth enablers at Labour conference
Alongside these discussions, I was pleased to share Abcul’s perspective on the government’s consultation on common bond reform. For many years, we have been pressing for changes to the cap on locality-based membership – currently set at 3 million potential members. This cap creates a barrier to growth and makes mergers unnecessarily complicated.
Abcul has consistently argued that reform is needed to unlock the sector’s full potential. As I explained during the week, Abcul has been pushing for reforms to increase the cap on locality-based membership (currently three million potential members), which limits growth and complicates mergers. The common bond limits our potential, and we could raise the cap to something quite a lot bigger – however, we don’t want to remove it altogether as it is one of the things which makes a credit union different.
Throughout these discussions, I was also really keen to ensure that the links between the government’s agenda on co-ops and mutuals, and the Financial Inclusion Strategy being developed by the Treasury are well understood. By bringing these two agendas together, we can ensure that a real impact is delivered.
The key to achieving transformational change though will be in the level of investment the Sstrategy is able to raise. The last Labour financial inclusion strategy saw £100m invested in the expansion of affordable credit via credit unions and other community lenders. This coincided with a doubling in credit union membership and a trebling in credit union lending. If we could achieve that again we could close the gap in the availability of credit once and for all.
For Abcul, being part of these conversations is essential. Our role goes beyond representing our members – it’s about convening the sector, bringing together voices from across the mutual and co-operative movement, and making sure credit unions are at the heart of this ambitious agenda.
Credit unions have never been more resilient or more committed to financial inclusion. But this moment is about more than celebrating our strength – it’s about stepping up to shape the future. I’m proud of the part Abcul is playing in convening and amplifying our sector, and I’m excited about what we can achieve together.
Now is the time to act boldly. If government is ready to back us, then we must be ready to deliver.
