Credit unions can revive Cameron’s Big Society
Joe Wright, 19 November 2014
When David Cameron ran for election in 2010, the only positive message his campaign carried among austerity warnings was the pledge to bolster the third sector, the Big Society. That idea was ridiculed at the time, but constituted an optimistic narrative in what was a depressing election. The Big Society petered out soon after the Coalition entered office amid struggles to define the idea outside political philosophical circles. It was finished off following reports of mismanagement in its flagship programmes.
With the rise of Ukip, this coming election is set be fought along similar lines to the last, with an added emphasis on immigration and the European Union. ‘Fear’ will be the byword of 2015. But as shown in 2010, and the Scottish referendum, negative campaigns are not well received by the public. Amidst the apocalyptic there needs to be a glimmer of optimism. Cameron should revive his Big Society mission.
Credit unions offer valuable flesh to the bare bones of the Big Society. During the payday lender scandal they were trumpeted as a viable alternative for the credit-impoverished. A half-hearted attempt was made by government to promote them as an ethical banking system after scandal, after scandal, after scandal hit the banking sector. The Credit Union Expansion Project was established to see how the sector could mimic community finance in places like America, Australia and Ireland, where ‘credit union’ is part of the common lexicon.
Finally there is momentum behind the project, momentum not inspired by the government. Credit unions, along with the energy of the indomitable Archbishop of Canterbury Justin Welby, have a campaign of real significance. Not only does To Your Credit offer counselling on private money matters to people in trouble, it also has a large educational element, setting up a scheme ‘where savings clubs administered by credit unions in primary schools would encourage children as young as four to save small, regular amounts of money.’ One school bank has already begun in Kent.
To those put off by the project’s Christian dint, the ethos and popularity of credit unions extends far beyond the faith community. The still-significant network of the Church of England will however give the campaign a louder public voice.
The Big Society was born out of a post-Thatcherite belief the Tories had neglected community and civic duty for hard economics during their time in government. After New Labour, there came a political need to counter this frosty image. Like the campaign in 2010, the Conservatives need a message other than saving the economy and battling immigration, something to make people want to vote Conservative rather than fear not doing so. The credit union and Church of England campaign is the Big Society reincarnate. The prime minister should use his considerable platform to spread the word.
It is particularly pertinent this week as Parliament, for the first time in its history, will debate money creation. At no point was there a democratic decision to allow banks to control the flow of money. Credit unions restore the civic and democratic element of which the banking sector remains so devoid.