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Ethical investments grow by a third since recession

Tuesday, November 16, 2010

Meg Munn MP welcomes the news contained in a new report from Co-operative Financial Services (CFS) that ethical investments in the UK have grown by one third since the recession. As a long standing member of the co-operative movement she was pleased to hear that following the activity of the main banks in helping to bring about the recession many people are now choosing to consider the ethical as well as the financial impact of where to put their money.

The total investment in ethical finance rose 34% to 19.2billion from 14.3billion in the previous 12 months. Over the ten year period from 1999 to 2009, ethical finance has enjoyed a near four-fold (373%) hike from 5.1billion. Ethical banking increased by 31% over 12 months, from 7billion to 9billion, compared to 4% growth in total banking deposits. There has been a 21% increase in Credit Union deposits which stood at the end of 2009 at 579 million.

Meg commented:

“It’s good news that many people are reflecting about one of the causes of the recession and deciding to put their money in ethical banks, local credit unions and ethical investments for the long-term. As a member of the co-operative movement I’ve always banked with the Co-operative Bank and use my local credit union, I urge others to think about just where they put their money.”

Tim Franklin, Chief Operating Officer, at CFS said:

 “While ethical finance has grown steadily over the decade there has clearly by a recent acceleration. This is something that we’ve experienced at The Co-operative Bank, with current account openings up 38% last year; a result of consumers ’flight to trust’.”

Mark Lyonette, from the national credit union group said:

“This report confirms that the considerable growth we’ve seen in credit unions in recent years is part of a wider shift in consumer behaviour after the recession. Now that the financial bubble has burst people want to invest in organisations that they can trust and that use their funds to benefit society which is what credit unions and the rest of the ethical finance sector have been doing for many years.”

 


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