Financial Inclusion: Young People

Debate between Richard Fuller and John Hayes

Tuesday 30th June 2026 Westminster Hall

[Richard Fuller (North Bedfordshire) (Con)]

It is a pleasure to serve under your chairmanship, Sir John. You have launched an unfortunate trend of people fessing up to their first jobs; however, it gives me the opportunity to make a point about the context in which we are debating the financial inclusion of young people. My first job—probably illegally, at the age of about 10—was a Saturday job helping out a milkman on the milk round. I then had a Christmas holiday job helping the Royal Mail to deliver Christmas letters, and a summer job packing electric parts, all of which I did in Bedford. The key point, which relates to financial inclusion, is that a lot of what this Government are doing is turning employers away from being able to offer those job opportunities to young people. I really hope that they will rethink that, because as we have heard, the number of young people out of employment is going up quite considerably.

I congratulate the hon. Member for Hertford and Stortford (Josh Dean) on securing this debate. I also thank him for the tone and the insights with which he opened it, which all subsequent Members reinforced, and would like to refer to some of the points made. The first was from the hon. Member for Hertford and Stortford, who recommended more action to support small sum lending and spoke about the beneficial effects that that can have on credit track records; I will reinforce that point a little later in some questions to the Minister.

My hon. Friend the Member for Keighley and Ilkley (Robbie Moore) raised a point that the hon. Member for Ilford South (Jas Athwal) spoke about from a different angle, which is that young people make quite an important decision that affects their financial wellbeing: university versus apprenticeships. At the moment, it seems that both paths lead to potentially detrimental effects on young people’s financial wellbeing. They spoke about the decision to take out a student loan at a young age, and whether people get the right advice about what that might mean for their long-term financial wellbeing. My hon. Friend the Member for Keighley and Ilkley made a really interesting point about the potential disparity in how young people who decide to take an apprenticeship are treated in terms of access to financial resources, versus those in full-time employment, so perhaps the Minister can also say something about that.

The hon. Member for North West Leicestershire (Amanda Hack) used her experience on the APPG for debt and financial inclusion to talk about the excellent work undertaken by Young Enterprise to improve young people’s understanding of money. That is quite timely, because My Money Week, which Young Enterprise started to try to teach young people in schools about finance and expand their knowledge, has just concluded. I echo the hon. Member for North West Leicestershire in saying that it would be good to extend that level of involvement beyond the age of 16 to young people more generally.

The hon. Member for York Outer (Mr Charters) used his experience to echo a point made in an intervention by the hon. Member for Kettering (Rosie Wrighting) about how young people are turning to social media as their source of understanding. Turning to social media for anything is usually not good for one, which is one of the reasons why the Government have come around to banning young people from social media. When it comes to getting advice about finances, young people are already at risk through a lack of knowledge and understanding. Social media is a very dangerous source of information that can undermine what they might learn from their parents or schools. I also echo the point made by the hon. Member for West Dorset (Edward Morello): familiarity with technology is not the same as access to financial services, although there is an opportunity for us to do something with financial technologies.

Financial inclusion for young people is a passion shared between my party, the Liberal Democrats and the Labour party. This is one of the areas where we are all looking to make progress. Under the last Conservative Government, we made financial education for 11 to 16-year-olds compulsory in the curriculum. I think the evidence shows—the Minister may confirm this—that we were not getting all schools doing what they should be doing, or at least that the results were not as we would have wished. However, it was the right step and the Government are moving now to make that compulsory in primary schools. That has to be a positive step.

The last Government also made progress in improving student attainment in mathematics. In the PISA—programme for international student assessment—ratings for mathematics in 2009, England, as education is a devolved matter, was ranked 27th; by 2023, it was ranked 11th. That is good progress and is part of ensuring that young people understand numbers and can therefore get to grips with things.

In the Government review by Professor Becky Francis, she commented on life skills and talked about the importance of young people learning about budgeting, interest, mortgages, pensions and financial planning. One thing that young people have to their advantage—the hon. Member for York Outer also mentioned this point—is the beauty of compounding interest. If they get the right start at a young age and are able to put some money aside, by the time they get to my age—perhaps even to your youthful age, Sir John—people will find it remarkable how compounding interest has worked on the savings that they have put aside. On the other hand, if they fall into debt, compounding interest can drive them the other way and into a much worse situation. It is absolutely crucial that we teach people the power of compounding, both positive and negative.

Let me move on to my questions. As I did not have a chance to advise the Minister of my questions in advance, I would be happy to receive a reply in writing afterwards. First, ironically, I want to ask about cryptocurrencies. What assessment have the Government done of the potential for cryptocurrencies to promote financial inclusion? I am sceptical, but there may be potential benefits as well as risks; cryptocurrencies can provide an easier way in than financial institutions and have lower transaction costs. I am interested in the Government’s view.

Secondly, I echo the point that the hon. Member for Hertford and Stortford made about microfinance. What assessment have the Government made of the use of microfinance platforms targeted at young people, to enable them to take the first steps in building up a credit record or potentially being small-scale entrepreneurs—another great thing that young people could do?

Thirdly, what is the Government’s view of the merits of leapfrogging traditional financial systems in favour of educating young people on emerging fintech platforms? Is that something that might raise young people’s engagement with financial education, and that might ultimately be in their best interests?

I have a small point on “know your customer” rules—I am not too familiar with this point, but the Minister may have a view. Is the Minister satisfied that the way the “know your customer” rules currently work is effective for maximising young people’s access to basic financing and banking facilities?

Finally, I am sure that the Minister and I agree on the need to ensure that schools are teaching financial inclusion at both primary and secondary level. How satisfied is she that schools are complying with the compulsory rules on financial education? What can we do collectively, as constituency Members of Parliament, to ensure that schools are delivering the quality of financial inclusion and financial education that we would all like to see?

[Sir John Hayes (in the Chair)]

I call the Economic Secretary to the Treasury. Rachel, could you allow a short time at the end for Josh to wind up and for me to put the Question?

Nationality and Borders Bill

Debate between Richard Fuller and John Hayes

2nd reading
Monday 19th July 2021 Commons Chamber

[Sir John Hayes (South Holland and The Deepings) (Con)]

Thank you, Madam Deputy Speaker. Welcome to the Chair. Edmund Burke said:

“Justice is itself the great standing policy of civil society; and any eminent departure from it, under any circumstances, lies under the suspicion of being no policy at all.”

Restoring justice and order to the chaotic and confusing asylum system broadcasts that a line in the sand has been drawn that will not fade away with every new boat that arrives on the beach. The Bill is a testament to the principle that laws must be just and be seen to be; otherwise, we can hardly call them law at all.

According to poll after poll, the vast majority of the public see illegal immigration as a serious problem. Is it any wonder when there were 16,000 illegal entrants into Britain last year, with 8,500 on boats? Those are the ones we know about. This year alone, 7,000 have arrived on those boats.

[Richard Fuller]

Does my right hon. Friend not think that somehow turning the debate simply into, “Everyone who claims asylum must have a legitimate claim and everyone who is against it must be racist” does not help in trying to get to the just law that he is talking about?

[Sir John Hayes]

Absolutely, it does not, nor is it just to pillory the public and those who speak for them when they argue that we should enforce the law and that migration should be controlled. As a number of hon. Members have said, legal migration has been out of control for some time, and illegal migration, by its very nature, is both unjust and unfair because it breaks the law. It breaches that principle that people who arrive here and pursue legal routes are doing the right thing and that those who do not are simply doing the wrong thing and should be deported. That is what the public think, and that is what we should say very clearly.

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[Richard Fuller (North East Bedfordshire) (Con)]

What a great pleasure it is to see you in the Chair, Madam Deputy Speaker.

For many of my constituents, rightly or wrongly, the success of the Bill depends on whether it stops or clearly limits three persistent and frustrating problems with our immigration and border controls. First, it depends on whether the Bill stops or clearly limits the use of the channel crossing by boat or truck to make a claim for asylum; secondly, it depends on whether the Bill stops or clearly limits the filing, over many years, of speculative further asylum claims—frequently on specious grounds—that clog up our system, crowd out legitimate claims, and generally make a mockery of our legal processes; and thirdly, it depends on whether the Bill stops or clearly limits the opportunity for cherry-picking that leads people to make an asylum claim in the UK rather than in the one or many other safe countries through which they travel.

It is for my right hon. Friend the Home Secretary and the Minister to bear in mind that it is on those bases that my constituents will judge the success or failure of this measure, not the rhetoric that accompanies it. To me, however—and, I would say, to some other Conservative Members—there are further aspects that are important. Let me pick up the challenge from the SNP spokesperson, the hon. Member for Cumbernauld, Kilsyth and Kirkintilloch East (Stuart C. McDonald), on the views of those on this side of the House, because there are aspects of nuance and detail that I think it important to bring out.

First, if the assessment system is to be quicker, it is important for the Government to ensure that claimants have much better access to legal advice. Secondly, if the system is to work effectively, there needs to be greater availability of counselling, psychiatric and other medical assessments. Thirdly, we should once and for all have a culture of getting to the truth, rather than the culture of disbelief that has for too many years permeated the Home Office asylum system.

[Sir John Hayes]

I am intervening for a specific reason. What is actually happening is that the truth is being obscured by repeated claims which many of the people whom my hon. Friend is describing are encouraged to lodge by the unscrupulous lawyers who were given such a plaudit by the hon. Member for Streatham (Bell Ribeiro-Addy).

[Richard Fuller]

My right hon. Friend speaks very wise words.

Let me just say to Opposition Members that there is no monopoly on compassion, and that it does not mean saying that the system must apply to everyone in a particular process. Compassion applies to an individual claim. The importance of our system is that we get to that individual and do not lose sight of him or her. In a previous life as a Member of Parliament, I spoke in a debate on another immigration Bill and bemoaned the lack of compassion in our immigration system. It was encouraging to hear the Home Secretary use the word “compassion” so often, and to hear stories of compassion from other Conservative Members, whether they were about how a council looks after the people who are claiming asylum or about people’s feelings about the system. So there is no monopoly on compassion here, and I look forward to working with Opposition Members in finding ways in which we can make it work more deeply in the Bill.

Vehicle Technology and Aviation Bill (Sixth sitting)

Debate between Richard Fuller and John Hayes

Tuesday 21st March 2017 Public Bill Committees

[Richard Fuller (Bedford) (Con)]

I am grateful, Ms Ryan, for your permission to say a few words to encourage the Minister not to be persuaded by the well-meaning nonsense being peddled by Opposition Members, with this re-bubbling commitment to the all-seeing omniscience of Soviet or socialist planning that ascribes to Government powers that, I think experience has shown, are well beyond their ambit: to foresee, invest and direct the resources of the nation in the direction of what might, today, be the most inspired strategy but tomorrow might be ashes around the Minister’s feet.

[Mr Hayes]

Perhaps I can begin where my hon. Friend concluded. My admiration and, I might say, deep affection for him has never allowed me to be persuaded more than I need to be by the argument he makes for unbridled freedom. We have known each other for a long time and he is right that the Government should not go too far, but I think I disagree with him on the margin, in the context of that deep affection. The Government sometimes need to go a little further when change of the kind we are envisaging brings with it an immense opportunity but also risks. Where the Government are mitigating the effect of those risks on the people we represent, they need to get involved. I look, therefore, to form a middle road between the Opposition and my hon. Friend because, as is well known, I am an extremely moderate man.

My dream—at the heart of all men’s existence, is a dream, as Chesterton said—translated as my political mission, which began in infancy, is to prevent many things from changing but, when they do, to help to shape them and, when they must, to help to ensure that they have the most efficacious and virtuous possible effect. So it is with this technology.

My hon. Friend is right—I must not flatter him too much—that this market will develop in ways that we can barely now envisage. To have too clearly defined a plan would not be wise; it would be just about possible, but it would certainly not be right. None the less, we would not be bringing this Bill forward if we did not think that Government had a part to play, not only in facilitating beneficial change, but also in ensuring that what we do does not constrain it. For example, the amendments deal with the difference we are trying to make in respect of charging infrastructure for electric vehicles. The Bill is designed to allow the market to be the best it can be, rather than to dictate the future in a way that my hon. Friend and I would not wish to do.

Vehicle Technology and Aviation Bill (Third sitting)

Debate between Richard Fuller and John Hayes

Thursday 16th March 2017 Public Bill Committees

[Mr Hayes]

I think that is helpful in this sense: it is certainly true that there will need to be some accessible, comprehensible and consistent means by which we define “automation”. However, the hon. Gentleman is right that, if my analysis is accepted, these things will change iteratively and that there will be a series of further technological developments that we cannot predict with accuracy.

Of course it is true that the Secretary of State, in drawing up this list, would need, as my right hon. Friend the Member for East Yorkshire said, to continue to listen, consult and be involved in how that definition of “automated” might evolve. It is hard to know quite what an “automated” vehicle might look like in decades to come, and it is right that we should be sufficiently flexible to take account of technological changes.

Nevertheless, for the insurance purposes, which, as the hon. Gentleman said in his opening remarks, is where we start with this matter, it is really important that we are clear about the core definition of what automation looks like, and it is this matter of capability—the capability of the vehicle to drive without the intervention of a driver or other human being.

[Richard Fuller]

I just want to get absolute clarity. The example that my right hon. Friend the Minister provided of the automatic pilot would be an example where oversight would not be required but might be provided by the pilot. Therefore, is that an example of something that would fall within or without scope of being “automated”?

[Mr Hayes]

Inasmuch as any vehicle had the capability of being piloted—driven—without human intervention, yes. I do not want to go too far with this metaphor, but in the circumstance that I set out, the responsibility for the vehicle—the plane or car—remains with the pilot or driver. There is a balance to be found between the function of the vehicle and the responsibility for the vehicle, which I think is a parallel with the example I gave. That was the hare I set running and my hon. Friend is now encouraging it to run faster.

[Richard Fuller]

Will the Minister therefore accept that including in this definition the principle of oversight and not restricting it to control provides a much wider ambit for what this list will be required to provide? Indeed, we would find situations where self-parking vehicles would be included in the list, because it is so hard to prove that someone at the time would not have a duty of oversight.

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[Richard Fuller]

I am very grateful to my hon. Friend. I have no wish whatever to demean one of the most important export earners for our country. Insurance is indeed important, but when it comes to the issue of the word “monitoring”, what my hon. Friend and other colleagues on the Committee need to work out is the implication of that word—yes, through the context and lens of the insurance industry—for the ability of this country to provide an adequate platform for innovation.

I was trying to think of the implications of the word “monitoring” versus “controlling” for when I am sitting in a vehicle. Surely one of the advantages of the vehicles that we are trying to encourage here is that it is a different type of experience. When someone gets into an autonomous vehicle, that enables different types of things than when they get into a regular vehicle. One must surely be that they have the ability to do other things, because the car is taking them from A to B. However, if the word in the definition is “monitoring”, I understand that my time doing other things is now limited, because I have essentially got to be doing what I would be doing anyway, which is monitoring the road, the vehicle, the conditions and pedestrians. I will be spending all of my time monitoring what is going on, even though I am not necessarily controlling what is going on.

[Mr Hayes]

Heaven forbid that I should in any way limit my hon. Friend’s remarks, as there is no one I would rather fly to the moon with, and possibly fly among the stars with, than him, but, to be absolutely clear, what I said was that we are defining automated vehicles as those vehicles that have the capability of driving themselves without human oversight or intervention for some or all of the journey—without human oversight or intervention.

[Richard Fuller]

I am grateful, but I fear that I have still not been fully persuaded by my right hon. Friend in this battle between the never-to-be-demeaned insurance sector—the foundation of all human endeavour—and the entrepreneurial spirit. There is a third person in this little equation, which is the driver him or herself. I worry that the perpetuation of the word “monitoring” rather than “controlling” is essentially designed for a substantial amount of risk to be shifted from those two participants and on to the driver themselves. The message may go, “You were not providing sufficient monitoring of your circumstances in this autonomous vehicle.”

In this era of innovation, clarity is not only required by insurers and innovators, it is required by those people who create the demand for the product. Therefore, if we are setting up a regulatory structure that in any way takes away from the confidence of people to spend their hard-earned money on an innovation or new type of product, we are backtracking from that commitment. I would like a little more persuasion from the Minister—perhaps not today, but as he is going to write to the Committee prior to Report. Otherwise, I would say that there is a good case for the Government to review clause 1(1)(b) and replace the word “monitored” with the word “controlled”.