The Leader of the Opposition and of the Liberal Democrat Group on Oldham Council, Shaw Councillor Howard Sykes MBE, has welcomed the tabling of a report to discuss his proposal that Oldham Council examines the merits of establishing a community bank for the Borough and for Greater Manchester.
In February, Cllr Sykes wrote to the Cabinet Member for Enterprise, Cllr Shoab Akhtar, asking the Labour Administration to consider the option.
Cllr Sykes said: “In Hampshire, a community bank is about to commence operations later this year. The bank is a partnership between Liberal Democrat run Eastleigh Borough Council and other social partners. It is based on a successful local banking system from Germany. The bank will support small and medium sized businesses to secure money for investment more quickly and at lower interest rates.”
“Such a bank would be a stimulant for local jobs and local businesses. As the emphasis is on lending locally, to green projects and recycling profits as a community windfall, there will also be improvements to our environment and benefits for local communities.”
The item will be discussed at the next meeting of Oldham Council’s Overview and Scrutiny Board on Tuesday 14th July.
Cllr Sykes added: “A community bank looks like a real winner to me, and would be another practical example of co-operative Oldham in action. This is another in a long line of initiatives the Liberal Democrat Group has proposed to help Get Oldham Working.”
Report is below: