The Labour Party has published its Financial Services Plan, a blueprint laying out the party’s plans for financial services if it wins the next general elections. The plan mentions poverty premiums as a consequence of lack of access to financial services and pledges to develop a national financial inclusion strategy, something we have long called for.

The plan also includes commitments in other areas we campaign on, such as flexibility in payments; access to cash; exploring the need for alternative sources of credit for households, such as financing from community development finance institutions; and regulating Buy Now Pay Later. 

 Martin Coppack, Director, Fair By Design, said: 

 “I’m incredibly pleased to see that the Labour Party has listened to Fair By Design and our partners’ calls for a national financial inclusion strategy. A strategy would give any party who wins the election the chance to make meaningful change to the lives millions of people who are excluded from financial services in the UK, or who are charged more for being poor.  

“Labour’s plan acknowledges the link between financial exclusion and poverty premiums, which is a great start. Any future strategy will need a clear commitment to end poverty premiums. 

“I call on all parties to make tackling the poverty premium part of their manifestos.” 

ENDS 

For further information, please contact Camila Azevedo, Head of External Affairs, Fair By Design: [email protected] 

Notes