The government promises to help people save money

A labour MP has said that the government will be taking measures to build a more responsible financial framework to help people from slipping into debt.

Helen Goodman, the secretary of state at the Department for Work and Pensions, was speaking at the Northern Money Conference 2010 at the Contemporary Urban Centre in Liverpool.

She said that the implementation of strong credit and re-jigged social funds and better money-advice services, plus increased pressure on loan sharks, “will form the backbone of our programme to build a more socially responsible financial system”.

A people’s bank at the Post Office is in the pipeline, as is the introduction – later in the year – of a Saving Gateway to help people organise their money, she added.

Total net lending to consumers increased by £2 billion in January, the latest statistics released by the Bank of England – in their Lending to Individuals report – indicate.

By Joe Shervin