Financial Mutuals Arrangements Bill

I thank the hon. Gentleman for that intervention. The Government last looked at credit union legislation in the very last measure passed by the Labour Government before we lost the 1979 election. Some steps have been taken since then—for example, doubling the interest rates that credit unions are allowed to charge—and I think that my hon. Friend the Economic Secretary is looking into the possibility of introducing more legislation, and I hope that will be done. We need to look at the role that financial institutions—whether community development financial institutions or others—can play in lending to the voluntary sector and new businesses in deprived areas. There is a gap in the market that the high street banks are not really meeting. On that note I shall conclude my remarks, as I think it is time for Front-Bench Members to have their say.