Financial Inclusion Fund

HM Treasury written question – answered at on 1 February 2018.

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Photo of Jeff Smith Jeff Smith Opposition Whip (Commons)

To ask Mr Chancellor of the Exchequer, what plans have been put in place for the next round of the Financial Inclusion Fund; and will he make a statement.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Financial Inclusion Fund was announced at the 2004 Spending Review and supported initiatives to tackle financial exclusion. The fund ended in 2011. There is no provision for a further round of funding under this mechanism.

The government recently announced that £55 million is set to be awarded to financial inclusion and capability initiatives, as part of funds totalling £330 million unlocked from dormant accounts. The government is also establishing a Financial Inclusion Policy Forum, bringing together ministers from other government departments, regulators, industry and consumer groups, to drive better coordination across government on financial inclusion.

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