Record high in Credit Union lending

The Bank of England has published the 2022 Annual Statistics for the credit union sector which revealed a record level of British credit union members, as well as the highest lending amounts ever seen. There was also the steepest rise in lending on record between 2021 and 2022.

Total membership for 2022 was 1.41 million, which is an increase of 36% compared to figures from ten years ago. This is the largest number of members the British credit union sector has ever boasted, and it continues the mostly positive trend in growth from the last decade.

Furthermore, as many credit unions will have seen, the demand for loans increased significantly between 2021 and 2022. The total sum lent by British credit unions in 2022 was £1.29 billion, which was a 20.7% increase (+£220.66 million) from the previous year. This is the largest annual amount lent on record and reflects the challenging economic pressures the cost of living crisis brought to individuals.

Robert Kelly, ABCUL CEO said “This annual data shows that credit unions across Britain have stepped up to serve the needs of communities to provide members with safe and fair credit options. As communities across the country continue to navigate their way through the recent squeeze on finances, I am encouraged to see a record figure of credit union members continue to increase.”