Shadow Minister for Public Finance questions Government-backed Community Credit Union scheme

The Shadow Minister for Public Finance used his Budget response to raise questions over the Government-backed Community Credit Union scheme, calling for greater transparency over how loans funded through the Savings Bank were being allocated.

Roy Clinton referred to Companies House records showing mortgage charges registered against a number of local businesses, and questioned why public funds were being used in this way.

Mr Clinton also criticised the Government’s management of public finances, arguing that despite record revenues, spending had significantly exceeded the approved Budget.

He said the forecast outturn represented an overspend of almost £188 million, which he described as evidence of poor financial control.