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Labour Proposes New Bill for Affordable Lending Reform

1/12/2026

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Summary

Story summary

Senior Labour backbenchers are pushing legislation to improve affordable lending for small businesses and low-income communities.
Gareth Thomas, former Labour minister, has introduced a bill inspired by the US Community Reinvestment Act.
The bill would require banks to report lending practices and support credit unions.
Campaigners back the measure, but it faces hurdles to progress amid arguments that current regulations already address financial inclusion.

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Story summary

Senior Labour backbenchers are pushing legislation to improve affordable lending for small businesses and low-income communities.
Gareth Thomas, former Labour minister, has introduced a bill inspired by the US Community Reinvestment Act.
The bill would require banks to report lending practices and support credit unions.
Campaigners back the measure, but it faces hurdles to progress amid arguments that current regulations already address financial inclusion.