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Welsh Conservatives today welcomed Labour’s long overdue decision on £1.2million of credit union funding.

Labour Ministers have been accused of being ‘desperately slow’ in allocating the money and today’s eventual decision has been branded ‘long overdue’ by two senior Welsh Conservatives.

Credit unions are an important source of finance and are a responsible alternative to doorstep lenders and their crippling interest rates.

Last week, Welsh Conservative AMs called on the Government to make its £1.2million available for credit unions after a written answer to Janet Finch-Saunders suggested Labour Ministers were sat on their hands.

Janet Finch-Saunders AM, who is the Welsh Conservative Shadow Minister for Local Government, said, “Labour Ministers have been shamed into making this welcome, but long overdue announcement.

“While Conservatives in government took swift action to support credit unions, Welsh Labour Ministers have dragged their feet, giving vulnerable people no alternative to unscrupulous lenders and their crippling rates of interest.

“This is yet more evidence of a lazy Labour Government which is quite happy to sit on its hands and ignore the very real problems facing the people of Wales.

“After a decade of failure in public services and years of inaction, Labour Ministers must learn lessons and start taking swift decisions to help hard-pressed families.”

“This cash could go towards projects that make a real difference and if Labour is serious about supporting credit unions, it’s about time they properly allocated this money.”

Mark Isherwood AM, Shadow Minister for Communities and Housing, said, “I see no good reason why Welsh Labour Ministers took so long to make this money available for credit unions when the bid had been with them for months.

“Not-for-profit lenders have an important role to play in our economy and it is grossly irresponsible of the Welsh Labour Government to leave vulnerable people with little alternative to ruthless loan sharks.

“Labour Ministers should take full advantage of changes to the Credit Union Act by the UK Government giving credit unions the freedom to extend their work and reach.

“After nearly 15 years of successive Labour Governments, Ministers must start to realise the importance of government taking prompt decisions and continue funding the important work of credit unions.”

Ends /Diwedd