Westminster’s Treasury Committee has launched a new inquiry into the UK Government’s Financial Inclusion Strategy.
MPs will examine whether the Government understands the true scale of the challenge of addressing financial exclusion, as well as what steps must be taken to make a meaningful difference to people’s lives.
It will also consider the effectiveness of current measures, such as banking hubs, and explore whether further interventions may be needed to improve financial inclusion in the future.
This follows the Committee’s report on whether organisations should be forced to accept cash, which was published earlier this year.
In its report, the Committee concluded that a lack of action from the Government to tackle declining cash acceptance could lead to a two-tier society with the most vulnerable bearing the cost.
Chair of the Treasury Committee, Dame Meg Hillier, said: “The Government has set out its stall on improving financial inclusion in this country, so now the Committee will have a closer look at whether it’s likely to make a meaningful difference to people’s lives.
“Improving financial inclusion must not be a box-ticking exercise. Words must lead to action.
“The Treasury must have a strategic vision, supported by concrete, integrated plans with clear methods for measuring their impact, and they must work closely with the private sector on this. My Committee will work to ensure that happens.”
