YOUR CREDIT UNION KENSINGTON & CHELSEA: AN INSPIRED IDEA FROM AHERN & RBK&C

Adrian Beecroft runs Dawn Capital: he is a great friend of David Cameron. At Cameron's instigation he wrote a much ridiculed report on how to improve UK productivity. 
He describes himself as a philanthropist: by that one assumes he means his vast contributions to the Conservative Party. 

WONGA BACKER BEECROFT

That organ of Toryism, the Daily Telegraph wrote a startling report highlighting how Wonga.com, the loan 'marine predator' was providing 4000% per annum loans to children!

Wonga is a vile company. In other countries it's usurious ways would be illegal. But here, in the UK, unlike the shark, it is a protected species. Wonga's cloying and misleading TV advertising should be banned by the ASA.
Last year it made pretax profits of £45 million providing loans to those already up to their ears in debt and sinking deeper.

So what has Wonga got to do with Mr Cameron? 
Beecroft is a backer of Wonga. His dividend flow from Wonga is immense; in fact, so immense he is able to divert some of the dubious profits to the Conservative Party coffers. In other words the Conservative Party is helped stay afloat through the vast interest payments made by Wonga customers!

In those days when the Conservative Party had a sense of morality the leadership would not have touched Beecroft with a bargepole. Can one imagine the shock Alec Douglas-Home would have felt having to consort with the likes of Beecroft now presumably well on the way to his peerage.
So having looked at Beecroft and his unpleasant company, Wonga, let us take a look at a brilliant and morally sound way of helping families who need financial help....it comes from RBK&C!

Conceived by Cllr Tim Ahern and actively promoted by Cllrs Read and Freeman. These are the details:-
The Credit Union, branded as “Your Credit Union Kensington and Chelsea” has been established with the support of a number of local organisations, including the Council, the Kensington & Chelsea Partnership, the PCT and Octavia Foundation. It received FSA authorisation in May of this year.
The key objective is to make credit available, at reasonable interest rates, to vulnerable members of the community who would otherwise have no alternative but to turn to loan sharks, pawnbrokers or payday lenders.
Residents who can afford to do so are being encouraged to become Founding Members to provide the initial deposits to fund lending to vulnerable borrowers. Savings with credit unions are covered by the Financial Services Compensation Scheme. .
Founding Members who pledge now to deposit between £5,000 and £10,000 will be invited to a Founding Member reception hosted by the Mayor and Deputy Mayor.  Emily Maitlis will be present at the reception and has agreed to be a speaker.
The Dame thoroughly applauds this initiative and suggests that if any of her loyal readers would like to become a Founding Member, they should make contact with the Credit Union by contacting Councillor Read at cllr.read@rbkc.gov.uk