Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Financial Inclusion Strategy, published on 5 November, whether the Government plans to develop targets as well as metrics to monitor progress in delivering the Strategy’s objectives on improving access to affordable credit.

Earlier this month, I published the Government’s Financial Inclusion Strategy setting out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK. The Strategy was developed alongside a committee of industry and consumer representatives and seeks to tackle a range of barriers individuals face in accessing financial products, including a key focus on improving access to credit.

As part of developing the strategy, the Government has engaged with Financial Inclusion Committee members and other organisations on how to measure its impact. The Strategy’s implementation will be reviewed in two years’ time to provide an update on interventions and relevant outcomes-based metrics, which will reflect on the progress made across the sector.

The Government will continue to work closely with the sector as we implement the strategy, including continuing to engage with firms on interventions to strengthen the provision of affordable credit.