Budget 2010: Bank accounts for all

| March 25, 2010 | 0 Comments

In yesterday’s Budget, Chancellor Alistair Darling said that every UK citizen will have the legal right to have a bank account.

According to the Treasury’s Financial Inclusion taskforce, there are 1.75 million people in the UK that do not have a bank account.

The taskforce said half of the 1.75 million come from the poorest 20% of the population.

The pledge is designed to encourage banking competition by speeding up the licensing process for new entrants.

However, the British Bankers Association (BBA) shared a different view and said:“ Everybody can have a bank account if they want one, unless (and this is rare) the law says they can’t.”

The BBA added: “In recent years UK banks have worked with the government to cut financial exclusion, halving the number of households without a bank account.”

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