Press Release Summary: Government is planning to restructure the credit unions to offer value added financial sevices and loans to the low-earned Britons.
Press Release Body: London (Longdogfinance) July 01, 2008:The guidelines regarding community loans firms are going to be liberal to help the low-earners beat the credit crunch. The Labour Government is going to broaden the common bond to help people struggling to repay debts due to the global credit crisis. As the Government is planning to make the community loan conditions less restrictive, low-earner Britons will become less of a target for loan sharks. The Government is also planning to broaden the scope for organisations in the lines of credit unions to offer secured loans to those who need it.
The government has planned this in 2007. Keeping the e excellent services provided by co-operatives and credit unions within an outdated legislative framework in mind, the Government had decided to offer them more liberty. This liberalisation will be key to achieving a significant expansion of the sector. Citing the unbound growth potential of these organisations, Kitty Ussher, the Economic Secretary and City Minister, stated-\'I want this deprived sector to thrive and grow further, to be widely seen as the cost effective alternative to proprietary companies across the UK, not stereotyped as \'old fashioned\' or confined to its northern states only.
The credit unions are now working like the 18th century \'town banks\', providing a local, trusted, alternative to the national banks on every high street banks. To add more diversification to their services means removing barriers to co-operatives competing fairly in the marketplace. The Government has to enable them to bring a greater range of services to cater the needs of a wider range of people.
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