|
|
Budget to provide 'basic bank accounts for all'
The 2010 Budget is set to include plans to make basic bank accounts a legal right for all UK citizens, according to recent reports.
Currently, 1.75 million people in the UK have no access to a basic bank account, with a significant proportion of those individuals coming from poor and disadvantaged backgrounds.
This means that many people are unable to use a bank account to either pay bills or receive payments.
The Government is said to be ready to impose legislation on UK banks, obliging them to provide basic accounts for all consumers.
The news has been welcomed by the Financial Inclusion Centre, which has warned that millions of UK households are already excluded from basic financial services, and that the current financial crisis could lead to further exclusions.
However, some experts believe that UK banks are unlikely to welcome the introduction of further legislation.