OPINION

Cash in on the good work of the credit union

Posted On 21 Nov 2020 at 6:46 pm

Money is the cause of much worry and stress for people and businesses, particularly now.

And money-saving experts advise us to regularly review your suppliers of gas, electricity, mobile phone and TV packages but how many of us actually make the time to do that?

Take a look at USwitch and within about five minutes you can work out significant savings on your energy bills or find a greener tariff and help tackle the climate crisis.

If you can make some savings, the next job is where to put it so it is there for a rainy day or a much-needed holiday, something we all need to look forward to on the other side of covid-19.

The East Sussex Credit Union allows you to set up a savings account and provides affordable loans and impartial financial advice so people don’t have to turn to payday lenders or loan sharks where interest rates spiral and people get into real trouble.

Last week East Sussex Credit Union launched its social impact report showing how they make a difference to our community.

They help street homeless people access bank accounts so they can claim universal credit and run a successful rent deposit guarantee scheme with the council.

I’d recommend that if you’re lucky enough to have savings in a big bank, consider switching to the credit union where your savings will help other people get affordable loans and stay safe from loan sharks.

There was some good news for businesses last week when we held an urgent meeting to agree how to distribute the latest round of coronavirus business support grants from government.

It includes a discretionary fund of £5.8 million and applications will be via an online portal that will open in mid-November.

I remain concerned that only half of the funding will be allocated immediately with the rest saved in case of a further lockdown.

I am worried that businesses who need the money now will be forced to wait, placing them at risk.

I have asked for this to be reviewed at the first meeting after the initial tranche of funding has been given out so that we can save as many local businesses as possible.

Councillor Nancy Platts is the leader of the Labour opposition on Brighton and Hove City Council.

  1. Greens Out Reply

    Patronising somewhat. From a former ‘leader’ of a council that fritters money away like it’s going out of circulation.

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