Co-op News November 2022

CREDIT UNIONS
Leeds Credit Union partners with east London council on cost-of-living support
Leeds Credit Union (LCU) is working with
east London's Barking and Dagenham
Council to offer savings accounts and
affordable loans.
It is hoped the joint project, Barking
and Dagenham Money (BD Money), will
help residents become more financially
secure, keep more money in their pockets
and access appropriate services to meet
their financial needs and ambitions.
The council commissioned a report in
2020 which found that every year, at least
6,000 households in the borough were
taking out more than 20,000 subprime
loans, worth over £9.4m - and paying
back £7.3m in interest and fees.
"Times are really tough and we're
doing all we can to support residents,"
said deputy leader Saima Ashraf, who
serves as cabinet member for community
engagement. "The launch of BD Money
couldn't have come at a better time and
brings a more affordable options for our
residents when it comes to borrowing.
"We want to ensure every option is
available in terms of the support residents
can access - including safe borrowing
options instead of high-cost lenders.
"We look forward to working with Leeds
Credit Union to provide a trusted service
to our residents when it comes to savings
accounts, loans and much more."
One of the country's largest credit
unions, LCU carried out a survey earlier
• Council leader Darren Rodwell and Leeds CEO Paul Kaye
this year that revealed 49o/o of respondents
saw their financial situation worsening.
However, 96% of its members said they
would 'definitely recommend' the credit
union to help alleviate these stresses.
CEO Paul Kaye said: "Leeds Credit Union
is excited to be working with Barking and
Dagenham Council on this initiative to
offer our great range of savings and loans
to support the residents of the borough.
We already offer our services to over
35,000 members, helping them access
savings accounts to assist with budgeting
plus a variety of loans.
"This could be anything from a small,
short-term need of £500 to larger longterm
requirements of up to £25,000 for
anything from a car repair through to
debt consolidation and family loans. As
a mutual organisation we offer fair and
ethical products for the benefit of all our
members."
In terms of its common bond, the credit
union got agreement for a rule change
from its members at its AGM, adding
Barking and Dagenham, and secured
regulatory approval.
Through the partnership, BD Money
will offer a variety of savings accounts,
including regular saver, Christmas club,
young saver and membership accounts,
as well as access to various responsible
and affordable loan facilities. LCU prides
itself on providing members with the most
appropriate services based on their own
individual circumstances.
For more information on BD Money
affordable loan and savings products,
plus a range of money support tools and
guidance visit bdmoney.org.uk
MEDIA
The Canary news website switches to a workers' co-op structure
Online news outlet the Canary has become
a worker-owned co-operative.
Following a row between staff and
the Canary's previous directors, a new
business - the Canary Workers' Co-op -
was set up in August by employees. Staff
say although the co-op is legally required
to have directors, all 15 of its worker
members now take decisions collectively
through open meetings and transparent
processes, using the decentralised
governance model of sociocracy.
Changes so far include a horizontal
leadership and flat pay structure, fully
paid sick leave, and mental health days
written into workers' contracts.
Members say the new structure is
already more aligned with its purported
values and editorial line, which aims to
"amplify marginalised communities that
seek radical social justice", and had seen
it working with activist organisations such
as Netpol, CAGE, and Disabled People
Against Cuts.
Canary member Maryam Jameela told
Co-op News: "We reviewed the kind of
content we wanted to cover and the team
was in agreement that we'd like to focus
our energies on reporting on grassroots
politics, and activists who wouldn't be
given a platform in mainstream media.
Of course, we already did do this kind of
reporting, but now we're building towards
doing so in a more concerted way."
Beyond its new co-op structure, the
Canary team say they want the way they
operate in practice "to mirror a deeper
radicalism and militancy", and that the
way they operate as a co-op will be an
"unfolding process".
They have committed to providing
education and training for its members, as
well as to working with other co-ops and
wider communities to achieve its aims.
The next step, said Jameela, is "to reach
out to other co-ops and build community
and solidarity with them ... We want to be
in community with fellow activists."
8 I NOVEMBER 2022