Cabinet:

1.    Agreed the Financial Inclusion Strategy attached at Appendix 1 of the report.

The Leader of the Council, Councillor Roger Ramsey presented the report to Cabinet.

There are many individuals and families in the Borough in Havering and Nationally, experiencing financial difficulties and pressures due to rising living costs, welfare reforms and stagnant salaries.  This impacts significantly on the general wellbeing of residents and also generates demand on the services that Councils and their partners provide.

In order to address this the Council has developed a new Financial Inclusion Strategy which focuses on identifying, prioritising and tackling the major causes of financial exclusion whilst also promoting services that will facilitate financial inclusion.

The strategy, produced at Appendix 1 of the report seeks to help local residents access the information they need to help them manage finances and prioritise their financial commitments.  In addition it helps to highlight the importance of educating children and young people to ensure they know how to access financial services both now and in the future.

The Financial Inclusion Strategy contributes to the achieve4ment of all four thematic areas of the Corporate Plan.  It is one of a number of strategies that the Council has in place to help prevent and mitigate the effects of poverty and deprivation in the Borough.

Cabinet:

1.     Agreed the Financial Inclusion Strategy attached at Appendix 1 of the report.