Cathy Jamieson MP, Labour’s Shadow Financial Secretary to the Treasury, responding to the final report from the Financial Inclusion Commission, said:

“We welcome the publication of this report from the Financial Inclusion Commission, which highlights the impact of financial exclusion not just on people’s finances, but on their overall well-being.

“Labour’s recent paper on banking reform set out the steps we will take to address financial exclusion and ensure those who need it have access to affordable credit.

“A Labour Government will promote safer and more ethical forms of lending, for example by extending the levy on pay day lenders to increase funding for credit unions. We will also require the banking industry to agree a minimum standard for basic bank accounts, guaranteeing access to everyone who meets agreed eligibility criteria.”