6th June 2005
£600,000
to Promote Financial Inclusion in Inverclyde
The 1 in 7 Inverclyde households who don't have a bank account or savings
will find it easier to access financial services, thanks to a cash injection
announced today.
Deputy Communities Minister, Johann Lamont, has announced that Inverclyde is to receive £600,000 - the second highest allocation in Scotland - to kick-start efforts to tackle financial exclusion and help provide basic banking facilities for everyone.
MSP for Greenock and Inverclyde, Duncan McNeil, said the move will stop his most vulnerable constituents falling into the clutches of loan sharks.
"The poorer you are, the harder and more expensive it is to get credit. And if you can't get credit, you can be driven into the hands of loans sharks and a spiral of debt from which you're never free.
"We need to break this cycle of disadvantage and this cash will be assist in delivering the recommendations of the Financial Inclusion Action Plan. It will help ensure that banks, local authorities, money advice services, and credit unions work together, reduce financial exclusion, and increase services."
The 15.2% of households in Inverclyde don't have a bank account or savings.
As
part of the Scottish Executive's Financial Inclusion Action Plan, an additional
£10million will be invested over the next two years to tackle financial
exclusion and provide basic banking services.
ENDS
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