Andrew Percy, MP for Brigg and Goole, visited the Goole Branch of Hull & East Yorkshire Credit Union (HEYCU) in Pasture Road recently to meet with the staff and learn more about the work of this expanding social enterprise.

HEYCU was founded in 1999 as a "not for profit" co-operative enterprise to help the people of Hull and East Yorkshire to manage their money wisely by providing a safe haven for their savings, a source of affordable credit and user-friendly bank accounts.

Opening in Goole in 2009, it now serves over 200 local families, with more members joining every week.   Across East Yorkshire it has around 9,000 adult members and 750 junior savers and looks after more than £5 million in members' savings.  Its low-cost loans provide a more affordable alternative to those of doorstep lenders and High Street credit shops, as credit unions are the only lenders with a legal interest rate cap – of 2% per month on the reducing balance of the loan.

Andrew Percy MP played a leading role in the All-Party Parliamentary Group on Financial Education for Young People, which recently produced a report recommending that the Government promotes the provision of high quality financial education in schools.

John Smith, HEYCU Chief Executive, said: “We really enjoyed Andrew’s visit to our Goole branch and the opportunity to discuss with him his campaign to help young people to make better informed financial decisions.  He was particularly interested in our plans to work with local schools to provide school savings banks.  With the help of local volunteers, we currently run school banks in six primary schools in the Driffield area which not only encourage the children to adopt the savings habit from an early age, but also teach them a little about good ways to manage their money.  We believe this model could work just as successfully in Goole and district.”

Andrew Percy MP commented: “I was delighted to visit the Credit Union and to open my own account whilst there! Many people do not realise just how they could benefit from using the Credit Union.

We have seen a rise in high cost credit in the local area which is concerning. That’s why I would urge people to speak to the Credit Union before approaching these lenders.

In Parliament I am a member of the All Party Parliamentary Group on Credit Unions which aims to raise the profile of these valuable organisations. We are lucky to have a branch in Goole and I hope local people will make use of it.”