Chancellor calls for basic bank account for all adults
March 30th 2010 Posted at Basic Bank Account
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In his budget speech last week the Chancellor spoke about a willingness from Government to guarantee a basic bank account for every adult in the UK.
The Times commented don this news with the following – “Since 2003, when the Government and the industry established a Financial Inclusion Task Force, the number of adults in the UK without a bank account has fallen from 3.75 million to 1.75 million.
About eight million adults have a basic bank account at present, according to the British Bankers’ Association, aimed at those on a low income or those with poor credit histories who would not otherwise be approved for a standard account.
Basic bank accounts allow individuals to pay in wages, benefits and a pension and provide a cash card to withdraw money.”
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