VIDEO: Leading MP backs Burnley’s Bank of Dave for Britain
The Shadow Business Secretary wants to see a Bank of Dave opened in towns across Britain, he announced during a visit to Burnley.
Chuka Umunna MP visited the town to see first hand the work of Burnley Savings and Loans in boosting hundreds of businesses and traders in East Lancashire.
The rising star of the Labour Party met David Fishwick who has battled against regulators and financial fat cats to open his “tiny bank” which featured in hit Channel 4 show “The Bank of Dave”.
Now the leading MP hopes to take Mr Fishwick’s community banking model and create a network of local and regional banks across the country to support small firms.
Chuka Umunna MP, who toured Burnley businesses helped by the Bank of Dave, called the bank hugely inspiring.
He said: “Dave said he can do so much, but in the end he needs the Government to get involved and turbo charge this at a national level.
“That is why we are looking at setting up a network of local banks like this which have the core of their mission to serve and grow the local economy rather than just for profit and serving the shareholders.
“The beauty of the Bank of Dave is we’ve got people coming here who have been rejected by the high street banks. The kind of relationship Dave has with the businesses - he knows them, he walks past them, he actually goes and visits the businesses and he understands their business models and can see whether they are successful or not.
“If we get more and more Bank of Daves in more places it will create more competition with the high street banks.”
Minibus millionaire Mr Fishwick, of Sabden, talked at length with Mr Umunna at the bank which takes in and lends out £25,000 every week to businesses and has a two-year waiting list for savers.
He said: “Chuka wanted to come to Burnley and see the Bank of Dave first hand. I want to bring as many powerful and influential people as I possibly can here.
“We need powerful politicians who can make a difference and make a change in Parliament.
“Chuka is fully aware of the need for community banking and the Labour party is very interested in it.”
Council Leader Julie Cooper, who welcomed Mr Umunna, said: “We want to help people get into business and this is a key part of it.
“It is a great example of Burnley’s entrepreneurial spirit.”