UK Cash Network

Lord Empey Excerpts

Monday 8th November 2021 Lords Chamber

[Lord Empey (UUP)]

My Lords, as a former member of the Select Committee on Financial Exclusion, so ably chaired by the noble Baroness, Lady Tyler of Enfield, I first endorse what the noble Lord, Lord Young of Cookham, said about levelling up. Even though the statistics show a reduction in the number of those needing cash, people still become at the mercy of ruthless illegal moneylenders and others, and this is destroying lives. Can the Minister assure the House that he will keep pressure on the banks to ensure that there are effective and accessible services that allow these people access to the financial system, so that they can avoid all this desperation and the criminality that flows from it?

[Lord Agnew of Oulton (Con)]

My Lords, basic bank accounts are one requirement of the banking system; the nine largest account providers are required to provide this to customers, and there are some 7 million basic accounts open with these providers. They are easier to open than ordinary bank accounts, and that facility remains available.