Reasons to be cheerful 1-2-3

henry tapper

2 years ago

One

The football. And now this!

A very good day. https://t.co/wNB0mtivXi

— Free Leaseholders (@FreeLeasehlders) July 6, 2024

The Labour Party appears to be picking up the ball – reform of punitive Leasehold/Freehold law – that the Tories dropped. A growing number of aspiring Labour MPs are committing to vote for reform. https://t.co/RonxZWbU5O

— Norma Cohen (@NormaCohen3) July 1, 2024

Two

Charles Randell

Commissioner at Financial Inclusion Commission

Very optimistic that the next phase of work on financial inclusion can now begin!

We, the Financial Inclusion Commission (FIC), are today excited to welcome the new Labour Government’s commitment to a National Financial Inclusion Strategy. This crucial initiative aims to tackle financial exclusion and enhance resilience across the UK.

In January, the new Labour Government published its ‘Plan for Financial Services,’ highlighting some alarming statistics:

over 1 million people in the UK lack a bank account,
and 14 million have less than £100 in savings.

Addressing these critical issues will significantly improve the nation’s financial resilience.

Today we released a statement that includes a comment from our Chair, Chris Pond: “The extent of financial exclusion is a source of shame for a country that prides itself on being a global leader in financial services. We cannot go on with a two-track system with a globally successful financial services sector on one hand, but millions of people who cannot access basic products and services on the other”.

We need a comprehensive strategy to ensure everyone has access to essential financial services, fostering #InclusiveGrowth.

At FIC, we are committed to working alongside other campaigners and partners to engage with the new Government. Together, we aim to ensure that all UK citizens can contribute to economic growth and lead financially fulfilled lives.

Learn more about our mission and the steps we are taking by visiting our website and reading today’s statement in full:

The new Government’s commitment to tackle exclusion was spelt out in Labour’s ‘Plan for Financial Services’ in January 2024. This highlighted that over 1 million people do not have a bank account and around 14 million have less than £100 in savings. It rightly pointed out that not having access to basic financial services not only decreases the financial resilience of those affected, but also exacerbates the pernicious ‘poverty premiums’ people have to pay to access banking, credit and insurance products that most of us take for granted.

This is self-defeating and hugely costly to the country. Closing the financial inclusion gap would unlock inclusive economic growth, improve resilience, prevent financial distress and reduce costs to the NHS and social services. But it requires a cross-cutting strategy, led by government, to unlock collaboration across the four nations and between industry, policy makers, charities and the public sector.

Commented FIC Chairman, Chris Pond:

“The extent of financial exclusion is a source of shame for a country that prides itself on being a global leader in financial services. We cannot go on with a two-track system with a globally successful financial services sector on one hand, but millions of people who cannot access basic products and services on the other”.

In the autumn, FIC will publish new research commissioned from the University of Birmingham’s Centre on Household Assets and Savings Management into the nature and extent of financial exclusion in each of our four nations. This will provide an up-to-date picture of the issues that a National Strategy will need to address. FIC very much looks forward to engaging with the new Government and playing its part in tackling exclusion, so that all UK citizens can contribute to growth and live fulfilled lives.