New Data published by the Bank of England has indicated continued growth for the Credit Union movement in the UK.

The figures covering the financial year for 2020 shows that Credit Unions in England, Scotland and Wales now serve over 1.4 million people and collectively hold assets worth over £2 billion.

The new data shows capital has steadily increased over the last 5 years as the assets of the sector have grown. Capital increased by £4.5 million or 2% to £226 million compared to the last quarter and is a record high.

It also shows that Credit Unions in England now serve over 850,000 members, with over £1 billion million in savings and over £630 million out on loan.

Scotland’s Credit Unions serve almost 400,000 members. Scottish members now have £650 million in savings and total assets of over £740 million.

The data also shows that Welsh Credit Unions are serving almost 60,000 people, who have almost £50 million in savings and who are currently borrowing £22 million.

Commenting on the published data Association of British Credit Unions Limited (ABCUL) CEO, Robert Kelly “It is encouraging to see the growth in Great Britain and that our sector continues to gather pace as more people from all walks of life trust Credit Unions as a place to save, as well as a great option for loans and a range of financial services.”