Matt Turmaine
Main Page: Matt Turmaine (Labour - Watford)Department Debates - View all Matt Turmaine's debates with the HM Treasury
(1 day, 18 hours ago)
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Martin Rhodes
I agree that we need to look right across the board at the different ways in which people are excluded from financial services, including people living in smaller villages and towns. I also agree about the importance of credit unions to financial inclusion.
It has been reported that 41,500 people in Glasgow North are in financially vulnerable circumstances. That is 44% of the adult population, which is far higher than the national average of 38%. With financial exclusion increasing, the Government must take steps to mainstream inclusive policies and practices in our financial system, which is why I support the Government’s appointment of the Financial Inclusion Committee and the soon-to-be-published financial inclusion strategy.
Matt Turmaine (Watford) (Lab)
I congratulate my hon. Friend on securing this important debate. Does he agree that the publication of the Government’s financial inclusion strategy is welcome, given the urgency of the circumstances that many people face? For example, 37,000 people are affected in my constituency of Watford, and we are higher than the national average in three major metrics of need for this vulnerability.
Martin Rhodes
I agree that the financial inclusion strategy is a very welcome step in developing, co-ordinating and implementing interventions to support financial inclusion in the UK.
Subsequent policy decisions stemming from the strategy will have to work for a broad range of groups in society. Many face financial exclusion for different reasons, including older people, disabled people and young people.