- 21
- Dec
The HM TREASURY News Release (PN01) issued by The Government News Network on 6 December 2006 reveals the new initiatives to tackle financial inclusion
Today the Government announced details of a number of measures being implemented as part of its wider strategy to promote financial inclusion. Key measures include the details of a £5.4 million campaign to assist financially excluded people to access mainstream banking and credit products.
It also includes new funding of £2.5 million to increase the number of new advisers, specialising in free face-to-face debt and money advice in areas of high financial exclusion, to over 500.
The public sector net debt remains low and stable over the forecast period, remaining below 39 per cent of GDP, below the 40 per cent ceiling set in the sustainable investment rule.
Ten years ago Britain was 7th in the G7, bottom of the league for national income per head. In the last two years Britain has been second only to the USA.
In no other decade has Britain’s personal wealth , up 60 per cent, grown so fast. Britain continues to combine recession free growth with a decade of employment and productivity growth.
This explains why the loan companies are pressuring government to combat the increase in IVAs. The pre budget reports, and current economic statistics, paints a different picture than the debt consolidation companies. Britain is not in a recession. Consumers do not need to panic.
UK consumers do not need to rush into any debt management scheme. Analysts predict that Britain’s economy will remain healthy for several years.
