HM Treasury responds to the FIC's suggestions for a Spring Budget which supports a National Financial Inclusion strategy

Economic Secretary to the Treasury, Bim Afolami, has responded to our Letter on the Spring Budget, echoing our suggestions for tackling the overall detrimental effect of financial exclusion and outlining the Government’s response. In particular, improving access to vital debt relief and credit; inclusive debt advice, support and solutions; accessible banking services, both digital and traditional; and the regulation of ‘Buy Now Pay Later’ (BNPL) schemes.  

The Financial Inclusion Commission welcomes this support of, and commitment to, widening access to financial services. Our Chair, Chris Pond, states: ‘The Financial Inclusion Commission, of which the Economic Secretary was previously a member, are pleased with the constructive and thoughtful response from Bim Afalomi, on behalf of the Chancellor. The decision on fees for debt relief orders is particularly welcome. The Commission is about to embark on an evidence-gathering exercise in the four nations of the UK, hearing from those with lived experience of exclusion and we will feed the findings back to the Treasury and Opposition parties in support of our call for a National Strategy for Financial Inclusion.’ 

You can find our letter to The Treasury calling for a Spring Budget which supports a National Financial Inclusion strategy in full here.