In my regular conversations with constituents, whether at surgeries, community events or while visiting local businesses, I often hear about the financial pressures people face. I’ve spoken to constituents in problem debt who feel they have nowhere to turn. I’ve spoken to women whose credit rating has been adversely affected by an ex-partner’s economic abuse. I’ve spoken to people sleeping rough who tell me how difficult it is to get a bank account without a fixed address.
That is why I am proud that our Labour Government has launched a new, comprehensive Financial Inclusion Strategy. It is a landmark plan to ensure that everyone in Portsmouth and across Britain can access the financial services they need to take part fully in our economy.
Financial inclusion is about fairness and opportunity. It means ensuring everyone can access basic financial services like bank accounts, affordable credit, insurance, and savings products that most of us take for granted.
When people are financially excluded, everyday tasks become harder and more expensive – sometimes they’re impossible. Without a bank account, you can’t receive wages or benefits electronically. Without access to fair credit, you might turn to high-cost lenders when emergencies arise.
When people are financially included, they’re able to better understand and access the financial choices available to them and make better decisions; they can better plan for the future, weather unexpected shocks and more fully participate in our local economy.
That’s the vision behind this strategy: financial services that work for everyone in our society.
