Labour to build 'more responsible financial system'

Wednesday, March 3rd 2010

Britons could see changes to the country's financial system after MP Helen Goodman claimed the Labour government is looking at improvements.

The secretary of state at the Department for Work and Pensions spoke at the Northern Money Conference 2010 in Liverpool.

Ms Goodman explained that various measures will be taken "to build a more socially responsible financial system".

These include strong credit funds, pressure on loan sharks, reforming the social fund and improving money advice services.

It is hoped that this will "build a society where security and inclusion are the experience of everyone", Ms Goodman added.

Earlier this week (March 1st) the Bank of England produced the latest Lending to Individuals report.

According to the publication, there was a £2 billion rise in total net lending to individuals.

Consumer credit was found to have risen by £0.5 billion and credit card lending increased by £0.2 billion.

Ms Goodman explained that Britons on higher incomes are being affected financially, as well as the poorest.