Bank Services: Low Incomes

Treasury written question – answered on 28th October 2008.

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Photo of John Battle John Battle Labour, Leeds West

To ask the Chancellor of the Exchequer what steps his Department is taking to ensure that banks support low income households in accessing financial services during the current financial situation.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform, Economic Secretary, HM Treasury

The Government are working closely with banks to ensure that low income households can access a wide range of financial services. In particular, the banks and the Government have agreed a shared goal to halve the number of adults without access to a bank account. Being able to use a bank account continues to be an important factor in whether people can play a full part in society.

Progress towards this goal has been encouraging, and the Government and banks are working together to ensure that this continues.

In December 2007 the banks also committed to support third sector affordable credit, including action to develop new provision in 25 high priority areas identified by the Financial Inclusion Taskforce's third sector credit Working Group. Taskforce and Government will continue to work with the banks to build on these commitments.

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