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Financial Exclusion in the UK

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Financial Exclusion

Abstract

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.

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© 2005 Santiago Carbó, Edward P.M. Gardener and Philip Molyneux

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Carbó, S., Gardener, E.P.M., Molyneux, P. (2005). Financial Exclusion in the UK. In: Financial Exclusion. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9780230508743_3

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