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Cable in talks with Welby

09 August 2013


"Constructive and positive": Vince Cable

"Constructive and positive": Vince Cable

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.

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