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People in mainland Britain – England, Wales and Scotland – were slow to catch on to the idea of credit unions. Whilst the first were established in continental Europe in the latter half of the 19th century and in North America at the beginning of the twentieth, it was the 1970’s before people in Britain began to appreciate the benefits of such friendly societies.
Credit Unions Solution to Poverty
Part of the problem was the absence of a suitable legislative framework. But migrants arriving from the West Indies, where credit unions were already well established, brought the idea to the UK and set up the first credit unions in England under the Companies Act. The number of credit unions in Britain grew from 27 in 1974 to 40 in 1977, a growth which matched the increasing number of migrants from the Caribbean.
By the mid 1970s, with unemployment increasing, politicians became aware of the possibility of using credit unions to combat poverty. In 1979 an Act of Parliament provided a framework under which credit unions had to register as friendly societies. 57 were registered within the first year but the registrars became aware that the volunteers who ran them lacked adequate skills.
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