Financial Inclusion

Lord Bird Excerpts

Monday 11th July 2022 Lords Chamber

[Baroness Penn (Con)]

I say to the noble Lord that the £37 billion of financial support offered to people this year to support them with the high costs of living has been targeted at those on the lowest incomes and those least able to pay. So the Government have taken progressive measures to help protect people against rising costs of living.

[Lord Bird (CB)]

Does the Minister agree that if you fail 35% of our children at school, then you are going to have a lot of financial exclusion?

[Baroness Penn (Con)]

My Lords, I agree that school is a very important place to start for people’s life chances, and also their financial understanding. I am pleased to say that under this Government, the achievement gap for children at school between those in the poorest households and those in the wealthiest households has narrowed. That is something that we need to continue to make progress on.