Financial Mutuals Arrangements Bill

It is a pleasure to follow the hon. Member for Bristol, East (Kerry McCarthy). She spoke eloquently about the benefits that credit unions bring. As a member of the Portsmouth Savers credit union, which serves not just Portsmouth but neighbouring boroughs, I agree with many of her comments about the success of new forms of financial mutual—although I realise that they are outside the scope of the Bill—in meeting the needs of people in many different communities. The credit union movement is excellent and demonstrates that financial mutuals can innovate, and refresh and renew themselves in a way that underpins the purpose of the Bill. I congratulate my hon. Friend the Member for Bournemouth, West (Sir John Butterfill) not only on securing a place in the private Members’ ballot but on choosing to steer this Bill through the House. I hope he will be successful. Given his tremendous track record, I have no doubt whatever in his ability to see his fourth private Member’s Bill on to the statute book—a record to which we should all aspire over the course of our parliamentary career. The hon. Member for West Bromwich, West (Mr. Bailey), one of the Labour and Co-operative Members taking part in the debate, spoke knowledgeably of the importance of the building society and financial mutual sector. I was delighted that my hon. Friend the Member for Rochford and Southend, East (James Duddridge) volunteered to serve on the Bill’s Committee. I am sure that he will add expertise and insight to its proceedings. When the hon. Member for Hackney, South and Shoreditch (Meg Hillier) described the Economic Secretary as a Co-operative Treasury Minister, it was not clear whether she was using the word ““co-operative”” as a noun or an adjective.