Stockport Conservatives Tackling the Credit Crunch and Financial Exclusion

Stockport Conservative Group are working hard for local residents whose lives are being affected by the economic downturn and the credit crunch.

With unemployment on the rise and personal debt levels at an all time high, now is a difficult time for many families around the Country and here in Stockport. The effects of debt and financial exclusion can be devastating for individual lives, family life and society.

Conservatives recognise the valuable work that can be done by the voluntary and third sector in helping tackle debt and financial exclusion, particularly in these difficult Credit Crunch times. Credit Unions can provide people with a safe source of credit and a safe and responsible way to save and manage money.

Here in Stockport Borough, Stockport Credit Union is available to local people through a number of collection points.

Conservatives recently put forward proposals to help strengthen the role of Stockport Credit Union and to help more local people to use the Credit Union. Stockport Conservatives recognise that in a diffciult economic times people need all the support they can get to keep their finances in order. Conservatives therefore put a series of proposals to the Council to:

- launch a "Money Matters" webpage of the Councils website (http://www.stockport.gov.uk/) to bring together and sign-post services where people experiecing financial problems can seek advice, guidance and practical suport

- tell people more about the financial support services available in Stockport and to advertise the opening of new Stockport Credit Union paying-in points.

- work towards establishing a Credit Union collection point in every ward in the Borough.

The Conservative proposals were accepted by Stockport Council and work is now underway on supporting this important asset to our community!

The full Conservative motion put to Council can be read below.

The Credit Crunch and Financial Exclusion

This Council Meeting:

· notes the recent Organisation for Economic Co operation and Development (OECD) Economic Outlook Report, which warned of rising unemployment over the next 18 months;

· recognises that consumer and personal debt is rising. (Our personal debt is the highest in the G7. In March 1997, total household debt was under £500bn; now it is over £1.4 trillion. Under the Labour Government administration, lending has been rising at a rate of over 10 per cent per annum, making the debt mountain now greater than Britain’s total Gross Domestic Product (GDP)); and

· recognises the detrimental effects of debt and financial exclusion on individual lives, family life and society.

This Council Meeting recognises:

· the valuable work of Credit Unions, and particularly Stockport Credit Union, as a safe source of credit and in encouraging saving and responsible money management; and

· the work of the Council, voluntary organisations, social enterprises and the third sector in Stockport in supporting local people out of financial difficulties.

This Council Meeting requests the Executive to:

· launch on the stockport.gov.uk website dedicated “Money Matters” pages bringing together and sign-posting all appropriate services, both Council and non-Council, where those experiencing financial difficulties can seek advice, guidance and support;

· use 'The Review' to further publicise the financial support services available in Stockport, including further coverage of the announcement in April this year of a new paying-in point for Stockport Credit Union; and

· work, in partnership with Stockport Credit Union, towards establishing a collection point in every ward in the Borough.

Moved by : Councillor Maureen Walsh

Seconded by: Councillor Les Jones