Tynemouth MP Alan Campbell has praised the work of credit unions as he launched the new Northern Oak Credit Union in North Tyneside. Alan Campbell – the 100th member of the former North Shields Credit Union said he was proud to be associated with credit unions and said they do an excellent job in the local community.

Alan Campbell said:

”The recent Social Exclusion Unit Report found that 10% of households – nearly 3 million adults – do not have access to bank accounts. Many of them, often outside of employment, are denied the benefit of things like direct debit, they rely on prepayment meters and are at the mercy of loan sharks charging extortionate levels of interest.

“Credit Unions are for some people a way of saving money and accessing cheaper loans and ends the financial exclusion which leads to social exclusion. But Credit Unions are far more than poor people struggling to cope with debts. They are an ideal way for people across the community to save and to retain as much money as possible in the local community.

“The fact that credit unions are owned by local people themselves and are organised to suit local people is an exciting prospect for the regeneration of our local community. I wish Northern Oak every success for the future.”