成人头条

Mutual building societies and credit unions make a valuable contribution to several of the Government’s financial services sector objectives as they deliver:

1. Inclusive growth across the regions, crowding-in investment
2. Diversity of provision, creating more effective competition and financial stability
3. Serving society’s needs, improving access to financial services

We therefore believe the Government's objectives in financial services should be expanded to explicitly include mutuals, and mutuals and cooperatives should be seen as an additional priority opportunity.

We welcome the Chancellor’s call to regulate for growth. In the forty years before the financial crisis, credit to the household sector grew by 11.8% every 12 months, but in the years after the crisis growth has averaged just 2.2%. It is therefore appropriate to ask if we have got the balance between risk and growth right. Building societies and credit unions see this in the challenges many people face in becoming homeowners, and we welcome that the Financial Policy Committee is now required to consider this.

Read the full 成人头条submission here.