Policy Press
Six Community finance: the emergence of credit unions in London
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Abstract
Inspired by a strong sense of social mission, credit unions in London, as elsewhere in Great Britain, have a long commitment to serving people on low-incomes. Recognised by the UK Government as key players in providing financial services to those marginalised by mainstream financial providers, credit unions have received significant political support and public financial investment to expand their services in low-income communities. This has been particularly important in times of austerity and hardship and of change to the welfare benefits systems. This chapter focuses on the historic development of credit unions in London, and explores how they have endeavoured to resolve the tension inherent in remaining true to their social and co-operative values and at the same time in ensuring their economic stability and independence. It discusses the background of credit unions in the capital, the challenges they have faced over the years and how they are endeavouring to reform as professional financial co-operatives serving a wide and diverse membership. East London Credit Union (ELCU) was founded by local volunteers inspired and motivated by their Christian faith to make a difference in the local community. The chapter reflects on ELCU’s mission and social commitment to assist people through hard times and the way in which has endeavoured to tackle austerity through business success.
Abstract
Inspired by a strong sense of social mission, credit unions in London, as elsewhere in Great Britain, have a long commitment to serving people on low-incomes. Recognised by the UK Government as key players in providing financial services to those marginalised by mainstream financial providers, credit unions have received significant political support and public financial investment to expand their services in low-income communities. This has been particularly important in times of austerity and hardship and of change to the welfare benefits systems. This chapter focuses on the historic development of credit unions in London, and explores how they have endeavoured to resolve the tension inherent in remaining true to their social and co-operative values and at the same time in ensuring their economic stability and independence. It discusses the background of credit unions in the capital, the challenges they have faced over the years and how they are endeavouring to reform as professional financial co-operatives serving a wide and diverse membership. East London Credit Union (ELCU) was founded by local volunteers inspired and motivated by their Christian faith to make a difference in the local community. The chapter reflects on ELCU’s mission and social commitment to assist people through hard times and the way in which has endeavoured to tackle austerity through business success.
Chapters in this book
- Front Matter i
- Contents v
- Acknowledgements vii
- Notes on contributors ix
- Introduction: social activism, belonging and citizenship in a period of crisis 1
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The social consequences of welfare policy
- Fulfilling basic human needs: the welfare state after Beveridge 25
- Social division and resentment in the aftermath of the economic slump 39
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The practice of social good
- Austerity and social welfare in the UK: a perspective from the advice sector 65
- Breaking the hold of debt: Cambridge Money Advice Centre 81
- Community finance: the emergence of credit unions in London 95
- Finding employment and living a good life in London 115
- The Tafel and food poverty in Germany 131
- Addressing food poverty in the UK 143
- Helping the homeless: a soup kitchen in London 157
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Social change and neoliberalism
- Social initiatives and social solidarity under austerity 171
- The new economy of poverty 197
- Challenges for the struggle against austerity in Britain and Europe 217
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Situating solidarity in perspective
- Individualism and community in historical perspective 239
- Aiming for reconnection: responsible citizenship 255
- Conclusion: citizenship, community and solidarity at the end of the welfare state 277
- Index 289
Chapters in this book
- Front Matter i
- Contents v
- Acknowledgements vii
- Notes on contributors ix
- Introduction: social activism, belonging and citizenship in a period of crisis 1
-
The social consequences of welfare policy
- Fulfilling basic human needs: the welfare state after Beveridge 25
- Social division and resentment in the aftermath of the economic slump 39
-
The practice of social good
- Austerity and social welfare in the UK: a perspective from the advice sector 65
- Breaking the hold of debt: Cambridge Money Advice Centre 81
- Community finance: the emergence of credit unions in London 95
- Finding employment and living a good life in London 115
- The Tafel and food poverty in Germany 131
- Addressing food poverty in the UK 143
- Helping the homeless: a soup kitchen in London 157
-
Social change and neoliberalism
- Social initiatives and social solidarity under austerity 171
- The new economy of poverty 197
- Challenges for the struggle against austerity in Britain and Europe 217
-
Situating solidarity in perspective
- Individualism and community in historical perspective 239
- Aiming for reconnection: responsible citizenship 255
- Conclusion: citizenship, community and solidarity at the end of the welfare state 277
- Index 289
