The council’s cabinet member for finance has joined Wave Community Bank as its newest member.
Labour councillor Jacob Taylor, who is also the deputy leader of Brighton and Hove City Council, said: “My role overseeing the council’s £1 billion a year budget involves some big financial decisions.
“But it would be impossible to overestimate the value of Wave Community Bank which helps hundreds of people in our community with their savings and borrowings and their own big decisions.”
The council and Wave Community Bank have worked in partnership for many years to support residents across Brighton and Hove.
Their work has included collaborating on the Deposit Guarantee Scheme, helping people access private rented accommodation.
And Wave is also involved in the Advice and Financial Inclusion Partnership, funded by the council, which provides money advice and financial support to people locally.
The council is also an employer partner of Wave Community Bank’s Chorus Workplace Savings Scheme, enabling council employees to save and repay loans directly from their wages.
The scheme has helped hundreds of employees build their savings and borrow affordably.
Councillor Taylor added: “I’m pleased to support our local credit union and encourage others to do the same.
“Wave Community Bank helps many of the city’s residents, bringing fair, accessible financial services to them.”
The credit union’s chief executive Ann Hickey said: “I’m really pleased Councillor Jacob Taylor has joined Wave Community Bank as a member.
“Brighton and Hove City Council is one of our greatest supporters and we look forward to building on this partnership long into the future.”
How on earth is this considered newsworthy?
Because it’s a fundamental change in how the council holds and manages its financial reserves?
Benjamin the council isn’t putting any of its financial reserves into the credit union. The reserves are deposited into mainstream financial institutions and other councils on a short (even over night) and long term basis and the interest earned then forms part of the councils finances,
But this is a good hook to promote this community bank. Until this article I wasn’t even aware it existed. And I’m sure I’m not the only one. I’ll now have a look at them so see if I should deposit some of my spare cash with them.
Yeah…after writing the comment, I immediately realised my mistake. Lament there isn’t an edit function sometimes!
My focus at the moment is Moneybox! Making the most of that LISA for as long as possible!
At a time when so many people have precarious finances and money worries, it’s laudable to see someone like Jacob Taylor highlighting what Wave offers
Laudable on the surface, but the council getting too involved with a community bank can be legally tricky as it sits at the crossroads of local government law, financial regulation, public finance, and state-aid/subsidy rules. This relationship bears further scrutiny as public and private should ideally be kept separate so no waters are muddied.
Good grief Tracy. That’s verging almost into conspiracy theories.
None of that applies because if there were any concerns the council simply wouldn’t work with this very small community bank.
It’s not as though the council is investing any of its cash in the bank. It doesn’t run the bank and has no powers over it.
And B&HCC isn’t the only council with a relationship with the bank.