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May 21, 2009
The BBC reported that the Scottish Affairs Select Committee called for more support for CUs to encourage affluent savers. At the same time they asked the UK government to cap interest rates by other types of financial lenders. CUs have a 26.8 percent interest cap, but some lenders charge up to 254 percent, according to the BBC. CUs were subjected to a £2.7 million cut of public funding that was targeted to help them improve and expand services. A £250,000 fund was set up for CUs this year to expand services during the global economic crunch. Percentage of people belonging to CUs: * Scotland five percent * England two percent * Ireland 70 percent * Northern Ireland 30 percent CUs are seen as alternatives to mainstream banks, but are often used just by the unbanked in Scotland, England and Wales.