We are proud to support the conversation sparked by the Channel 4 documentary, Michael Sheen’s Secret Million Pound Giv£away, which aired on Monday 10th March at 9pm.
The documentary, which shines a spotlight on the impact of unaffordable debt and the need for a fairer, more inclusive credit system, aligns closely with our commitment to financial inclusion and ethical lending.
In the programme, actor and activist Michael Sheen takes a bold step by purchasing and writing off £1 million worth of debt, offering relief to individuals affected by financial hardship. The documentary also explores how the current system could be improved, including the role of responsible lenders in providing affordable alternatives to high-cost credit.
Kay Polley, from the Finance Innovation Lab, is calling on the UK government to take action, stating: “Michael Sheen has shown in this documentary that the UK is in a credit crisis, and that the government has the power to take action on it. A Fair Banking Act would help the huge numbers of people who are trapped in cycles of debt with loan sharks and high-cost lenders, whilst at the same time driving capital to thousands of small businesses, fueling the shared economic growth that the government is aiming to achieve. Credit isn’t a solution to poverty, but it can be a vital lifeline for people needing relatively small short-term loans, preventing difficult situations escalating into real crises.”
Sheen recently spoke at an event in the UK parliament focusing on the campaign for a Fair Banking Act. He stated: “Anyone can find themselves in a place where they need credit to make ends meet or to get through a difficult time. The lack of affordable credit for people on lower incomes is harming individuals and families, but also businesses and communities. Whole regions are seeing their growth held back. We can’t keep waiting and hoping that things will get better. We need something to change now. The Fair Banking Act could be the thing which really makes the difference.”
Richard Munro, our Interim Chief Executive, said: “As a leading UK credit union, we champion accessible financial solutions that empower individuals and communities. We work tirelessly to ensure that people have fair and ethical options for borrowing, helping them avoid the financial traps that can lead to long-term hardship. The themes explored in this documentary reinforce the importance of credit unions as a vital alternative to high interest credit providers and loan-sharks.
“At Commsave we welcome the increased attention on the need for financial reform, particularly through initiatives like the Fair Banking Act (FBA). We support the JustMoney Movement in using this moment to encourage MPs to push for action on financial exclusion and back legislative changes that promote fairer lending practices. We encourage our members and supporters to watch the documentary and engage in the conversation online.”
