THE Business Secretary, Vince Cable, crossed the river on
Tuesday to meet the Archbishop of Canterbury at Lambeth Palace.
The meeting was prompted by the Archbishop's comments about the
credit-union movement, the target of a £38-million government
investment (News, 2 August). It was also attended by the
Minister for Consumer Affairs, Jo Swinson, and the Liberal Democrat
peer Lord Newby,former chairman of a corporate-responsibility
consultancy.
After the meeting, Dr Cable said: "We had a very constructive
and positive meeting where we discussed how we could join forces to
forward our common aims around tackling the excesses of the payday
lending industry through supporting the expansion of credit unions,
and making banks safe. We look forward to working together on these
important issues."
The Archbishop said: "I welcome the Government's commitment to
tackle the worst excesses of the payday lending industry. During
our meeting, we also discussed Government plans to facilitate the
growth of credit unions, which I have pledged to encourage, not
least through the Church working with the broadest possible
coalition of partners to widen public participation, and improve
access to skills and resources."
Dr Cable told The Independent on Sunday that he was "a
great admirer of the way the Archbishop has combined his moral and
spiritual leadership role with practical initiatives on banking and
payday lending".
When Parliament returns in the autumn, the Archbishop will work
in the House of Lords to refine the Financial Services (Banking
Reform) Bill, which has reached the committee stage.