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Catalyzing worker co-ops & the solidarity economy

British-Caribbeans started the first credit union in Britain

In 1964, a group of British-Caribbeans did something historical – they set up the first credit union in Britain, the Hornsey Co-operative Credit Union. This was a reaction against discrimination by the banks, that often charged Caribbeans higher interest rates and required them to pay larger deposits for loans to buy houses and flats.

To tackle this problem, 10 pioneers from the Ferme Park Baptist church imported a model of banking that was widespread in their countries of origin – the credit union.

Read the rest at Mutual Interest

 

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