§ 21. Mr. Dempseyasked the Chancellor of the Exchequer if he will take steps to increase the limit which at present applies to the sums which may be invested in credit unions.
§ Mr. du CannI know of no general restrictions on credit unions of the kind to which the hon. Member refers.
§ Mr. DempseyIs the Minister aware that a group of responsible individuals in Coatbridge led by people who have associations with the credit unions from the Colonies, and from Canada and America, have attempted to establish such an organisation, but they were assured by the Treasury that the maximum imposition for an individual subscriber is £50; and, as a result, this inhibits the development of the scheme? Is the hon. Gentleman aware that the purpose of the scheme is to lend for housing improvements at an interest rate of from 1 per cent. to 2 per cent.? Is not that something to be desired? Will the hon. Gentleman look at the matter again?
§ Mr. du CannI am happy to answer the final part of that supplementary question in the affirmative. If the hon. Member writes to me giving full details of what he has in mind, I shall do my best to help him, but the point at the moment is that we cannot be clear what he has in mind. I repeat that I shall be very ready to help him if he lets me know what he wants.
§ Mr. DempseyIs the Minister aware that I wrote to him? Is he further aware that I gave him an illustration of the scheme and of the effect of this imposition which the Treasury insists upon, which must be abolished?
§ Mr. du CannNo, Sir. I am not aware that the hon. Member has written to me, or I should not have given the Answer I gave. As he has brought the matter to my attention, I shall, of course, look into it.