Commission response to the September 2022 'mini budget'

The current cost of living crisis is well documented, with around 2.5 million renters already behind or struggling to pay their rent and 15.3 million people, or 29% of the population, having already had to use credit to pay for essentials.

The Financial Inclusion Commission were extremely disappointed to see that the ‘mini-budget’ announced on 23 September 2022 was not only severely lacking in measures to tackle barriers to financial inclusion, but is in fact likely to contribute to increased financial exclusion in the UK.

The Commission urge the Government to implement measures to address spiralling financial exclusion without delay, including measures such as the uplift of benefits in line with inflation which will help households who most need it now.

Furthermore, there cannot be inclusive growth in the UK unless the Government introduce a ‘must have regard’ to financial inclusion for the FCA to ensure financial services and products are designed inclusively.