New plan launched to boost financial inclusion

The government has announced a new plan of action designed to help British people avoid financial exclusion and a “spiral of debt”.

A total of around £135 million is to be invested by the government to this end between 2008 and 2011 as part of what it claims to be a “commitment to fairness and social justice”.

The average UK household has a debt management burden excluding mortgage arrears worth more than £8,000, according to Credit Action and financial exclusion is often believed to pay a significant role in the onset of serious money-related difficulties.

Economic secretary to the Treasury Kitty Ussher said: “The action plan and funding I am announcing today sets out the government’s intentions – that everyone is able to manage their money; plan for their future; and have the information, capability and confidence to prevent and deal with financial difficulty.”

In October of this year, the Treasury announced its plan to invest more than £1 billion over the course of the next three years in an effort to “boost business innovation and technology innovation” in the UK.

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