Banks: Credit
The question
To ask the Chancellor of the Exchequer, what steps she will take to ensure banks provide access to affordable credit to people who are financially excluded.
Answered by Lucy Rigby
The Government recognises that, when provided responsibly, credit can play an important role in helping people manage unexpected expenses and smooth their cash flow. Access to suitable, affordable credit products can support people’s financial resilience and help them achieve their financial goals.
For this reason, the Government is committed to improving access to affordable credit. HM Treasury regularly engages with lenders on a range of policy matters, including how the provision of affordable credit can be strengthened.
The Government’s recently published Financial Inclusion Strategy sets out an ambitious package of measures to improve access to affordable credit. This includes support for the community finance sector and a pilot of a small-sum lending scheme, run by Fair4All Finance, which will test the offer of small value loans from a mainstream lender.
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