Christians say Government spending review will lead to fairer finance - news from ekklesia

By staff writers
July 13, 2004

Christians say Government spending review will lead to fairer finance

-13/7/04

This weekís Spending Review by the Chancellor Gordon Brown has been welcomed by Christian agencies campaigning for fairer finance.

Specifically, Debt on our Doorstep, a campaign network including Church Action on Poverty, Oxfam and the YMCA, has pointed to the commitment to several new initiatives to ease the burden of debt and expensive credit for those on a low income in the UK.

The organisations believe that urgent action needs to be taken to alleviate the burden of debt on impoverished families and to promote the full economic citizenship of all members of society.

Following a Government White Paper which made a number of proposals to change the regulatory regime for lending in the UK, the campaign network said that Government proposals did not go far enough to protect people on low incomes from extortionate and predatory lending.

The campaign groups have been pressuring for several changes that the Government has now publicly agreed to including the recognition that it is unfair for people on a low income pay more for their credit and financial services, and the establishment of a new financial inclusion fund to support the development of affordable credit across the UK.

It has also welcomed measures to make government-provided loans for people in desperate need (Social Fund Budgeting Loans) fairer, and greater support for free money advice to help prevent people getting further into expensive debt.

Niall Cooper, chair of the Debt on our Doorstep network, said; "The fact that the Chancellor has signed up to work in partnership with the private and voluntary sectors to make more affordable loans available to those on low incomes is excellent news.

"Gordon Brown has shown great support for tackling international debt, and we welcome his growing commitment to ending the scandal of extortionate debts within the UK. We look forward to the Government to follow up this spending reviewís commitment with real action to tackle predatory lending, and ensure affordable credit is available to those who need it most."

Christians say Government spending review will lead to fairer finance

-13/7/04

This weekís Spending Review by the Chancellor Gordon Brown has been welcomed by Christian agencies campaigning for fairer finance.

Specifically, Debt on our Doorstep, a campaign network including Church Action on Poverty, Oxfam and the YMCA, has pointed to the commitment to several new initiatives to ease the burden of debt and expensive credit for those on a low income in the UK.

The organisations believe that urgent action needs to be taken to alleviate the burden of debt on impoverished families and to promote the full economic citizenship of all members of society.

Following a Government White Paper which made a number of proposals to change the regulatory regime for lending in the UK, the campaign network said that Government proposals did not go far enough to protect people on low incomes from extortionate and predatory lending.

The campaign groups have been pressuring for several changes that the Government has now publicly agreed to including the recognition that it is unfair for people on a low income pay more for their credit and financial services, and the establishment of a new financial inclusion fund to support the development of affordable credit across the UK.

It has also welcomed measures to make government-provided loans for people in desperate need (Social Fund Budgeting Loans) fairer, and greater support for free money advice to help prevent people getting further into expensive debt.

Niall Cooper, chair of the Debt on our Doorstep network, said; "The fact that the Chancellor has signed up to work in partnership with the private and voluntary sectors to make more affordable loans available to those on low incomes is excellent news.

"Gordon Brown has shown great support for tackling international debt, and we welcome his growing commitment to ending the scandal of extortionate debts within the UK. We look forward to the Government to follow up this spending reviewís commitment with real action to tackle predatory lending, and ensure affordable credit is available to those who need it most."

Although the views expressed in this article do not necessarily represent the views of Ekklesia, the article may reflect Ekklesia's values. If you use Ekklesia's news briefings please consider making a donation to sponsor Ekklesia's work here.