Martin Rhodes

I certainly acknowledge the need for financial education from an early age, so that people understand the system. One of the areas of exclusion is the fact that people just do not understand what financial services and products are. We need to ensure that people understand their options and can explore them. Even if we addressed all the issues with financial inclusion that we have raised in this debate, there would remain fundamental issues of poverty and inequality in our economic system. The pervasiveness of loan sharks, the lack of access to affordable credit and the heightened cost of living crisis, which have eaten into many people’s savings, all contribute to an exclusionary financial system. I look forward to the publication of the financial inclusion strategy, but also to the publication of the child poverty strategy, alongside action to reduce poverty, promote equitable growth and increase opportunities for all. If we get all of that right, we can build an inclusive financial system for all. I know that the Minister takes these issues seriously; I look forward to her response.