Asked by: Lillian Jones (Labour - Kilmarnock and Loudoun)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of affordable credit provision by banks and building societies.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
The Government recognises that credit, when provided responsibly, can be crucial for people facing unexpected expenses or managing their cash flow. That is why it is committed to expanding access to affordable credit, so that everyone has the opportunity to access products and services which support their financial wellbeing and goals.
HM Treasury regularly engages with the banking and mutuals sector — which includes building societies — to discuss a range of policy matters, including provision of affordable credit. It has sought to understand the current barriers faced by the mutuals sector and to identify further opportunities for growth, acknowledging the sector’s valuable role in providing affordable credit.
In addition to continuing to engage with the banking and mutuals sector, HM Treasury will assess the provision of affordable credit more broadly as part of the financial inclusion strategy work announced last year.