Financial Inclusion: New Technology

Baroness Stedman-Scott Excerpts

Thursday 6th July 2017 Lords Chamber

[Baroness Stedman-Scott (Con)]

My Lords, I will speak very briefly about a different slant to the subject matter of the debate. My noble friend Lord Holmes referred to financial exclusion. I am not the sharpest knife in the box when it comes to tech, as was proven this week when I got a new telephone—I will not mention the number of hours of help I have needed to get it running. Our young people in this country are really great at getting to grips with new technology, and by giving them the skills and opportunities to do that, they become financially included in our society.

I watched 60 young people in a rural community, who were not very well grounded in life and were causing a lot of problems but who had great technology skills, help SMEs to develop and grow their businesses. The impact of that involvement meant that they were able to reduce the number of policemen in the rural community because these young people were so well integrated and included. Promoting financial inclusion and innovative new technology certainly has a social impact as well.