Delyn MP David Hanson has welcomed the Government’s announcement to invest £135 million to promote financial inclusion and is urging credit unions in Delyn to apply for funding.
Ensuring that everyone in the UK can access the financial system and manage their finances is the objective of the Action plan for financial inclusion for 2008-11.
Government funding of £135 million will fund initiatives to promote financial inclusion. This includes:
- £12 million to fund dedicated staff to work to promote financial inclusion locally, with a focus on increasing the availability and awareness of home contents insurance for low-income people, in particular in areas affected by the recent flood events
- £76 million to fund free face-to-face money advice to financially excluded people
- £38 million to increase consumer access to affordable credit through credit unions and other third sector lenders. These lenders provide small, affordable loans (typically £500 or less) to financially excluded customers who might otherwise be dependent on expensive or illegal alternatives such as loansharks.
David Hanson said:
“Financial Inclusion is all about social justice – it’s making sure everyone, especially some of the more vulnerable members of our community, are able to manage their money and plan for the future. It’s also about safeguarding people’s rights, and making sure they do not face unnecessary costs.
“Credit unions play a key role in ensuring people have access to fair and affordable credit, and I urge the credit unions in Delyn to apply for some of the new money that has been made available.
“We need to make sure people are given all the help they need in coping with financial pressures and avoiding borrowing large amounts. The commitment to more face to face financial advisers is especially welcome as I know from speaking to constituents that getting the right advice on these matters can sometimes be difficult. I know that these proposals will make a real difference to people’s lives.”
Notes to Editors
- Credit Unions in Delyn constituency can contact David Hanson MP for more information on applying to the fund, David Hanson MP, House of Commons, London, SW1A OAA or 01352 763159
- Alternatively, they can contact Kitty Ussher MP, Economic Secretary to the Treasury at HM Treasury, 1 Horse Guards Road, London SW1A 2HQ