Croydon North MP Malcolm Wicks will be trying to stimulate more co-operatives and credit unions in the borough.

Mr Wicks plans to introduce a Private Members’ Bill to try and get these societies on a level playing field with companies and banks.

He said: “Credit unions offer a great alternative to the banks.

“More critically, they offer a safe alternative to those wretched loan sharks that prey on too many vulnerable Croydon families.

“My Bill, which has all party support, will put the law governing co-ops and credit unions on a firmer footing, so they can flourish in the years to come.”

• For an essential online guide to saving money during the credit crunch visit yourlocalguardian.co.uk/money