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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

UK’s credit unions face uncertain future amid cost of living crisis

A sign for a credit union on the side of a building in Salford
The number of credit unions have fallen from a peak of about 700 in 2001 to 240 today. Photograph: Christopher Thomond/The Observer

When 27-year-old Basil Lewis left the picturesque parish of Clarendon, Jamaica, famed for its spa, to start a new life in London in 1954, he did not plan to shake up the UK’s centuries-old banking sector.

But the financial discrimination faced by Caribbean migrants in the UK – who were refused loans, charged higher interest rates, or forced to pay larger mortgage deposits than the rest of the population – meant there was a lack of affordable credit for newly settled workers such as Lewis.

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