Meeting of the Parliament 17 September 2019
I agree 100 per cent with Ruth Maguire’s point. Not only can we set an example, but payroll deduction is a good thing and, where it is possible, it should be promoted in the Parliament.
Maintaining a savings buffer can be a crucial lifeline if people are hit by an unexpected expense. It is important to teach people what long-term savings can do for their lives.
I am a member of the Co-operative Party. It is fully committed to doubling the size of the co-operative economy and believes that that must include doubling the size of the credit union sector in Scotland.
The cabinet secretary outlined the £10 million credit union investment fund, which we whole-heartedly welcome. She answered some of the questions, but it would be helpful to have more detail on how much of the money will be allocated and over what period. Will it be recurring or is it a one-off investment fund?
The Labour Party believes that credit unions are the basis of saving in the community. That concept of banking has probably never been needed so much; it is important in forming the basis of a modern Scotland and we should encourage it in every way. Credit unions will make a huge difference to individuals and communities, and we support the Government’s approach to growing the membership and size of the credit union sector in Scotland.
I move amendment S5M-18884.1, to insert at end
“, and believes that this strategy should include the extension of payroll deduction schemes to more workplaces and better promotion of credit unions among young people.”
14:46Motions, questions or amendments mentioned by their reference code.