Financial Exclusion in the UK
This chapter examines in greater detail modern UK experiences with financial exclusion. The UK has one of the most successful financial services industries in the world. A great deal of this is centred around the City of London, which inter alia houses more foreign banks than any other centre; has the largest foreign exchange market in the world; and is the largest market for over-the-counter derivatives. In this highly developed and innovative market environment, however, financial exclusion has become an increasing problem and a major policy issue for government and the private sector. Although there has generally been a steady increase in the use of most kinds of financial services in the UK during recent years, a minority of people have apparently become excluded (and in some cases more excluded) from financial services. The present chapter covers the following areas: the notion of excluded groups; barriers and consequences of financial exclusion; and initiatives that have been developed to tackle financial exclusion.
KeywordsSocial Exclusion Service Industry Bank Account Housing Association Bank Branch
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