Actor Michael Sheen backs fair banking for all campaign

Actor Michael Sheen has backed a campaign calling on the UK Government to introduce legislation to help tackle the crisis of unaffordable credit and related high levels of indebtedness.

The Welsh actor is backing the Fair Banking for All Campaign – a group including credit unions, community development finance institutions (CDFIs), fintechs, charities and policy experts - which is pressing for a Fair Banking Act to help increase access to affordable credit.

The campaign said that from 2022 to 2023, more than nine million people were declined for credit, with many relying on pay-day-lenders and buy-now-pay-later schemes with high interest rates. At its worst, lack of access to affordable credit means hundreds of thousands of people find themselves turning to loan sharks, while viable businesses remain stuck, unable to develop and create jobs.

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Mr Sheen said: "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.”

The actor was speaking at a Westminster event on the credit access issue organised by the All Party Parliamentary Group on Fair Banking (APPG)