UK's Chancellor Darling offers basic bank accounts to all Britons
24 Mar 2010
In his last Budget before the general election, Chancellor Alistair Darling today announced that a million extra people will be provided with basic bank account.
In order to overcome the financial exclusion suffered by some poorer and disadvantaged sections of the people, Darling made it legally binding for the UK banks to provide a basic bank account to every citizen.
According to a Treasury task force, there are 1.75 million adults with no access to a transactional bank account.
However, the British Bankers Association (BBA) said that there is no restrictions and everybody can have a bank account if they want one, unless - and this is rare - the law says they can not.
"In recent years UK banks have worked with the government to cut financial exclusion, halving the number of households without a bank account," the BBA added.
A basic account lets customers receive pension and benefit payments, get a debit card and lets people set up direct debits.
"Chancellor Alistair Darling is convinced gaining access to a bank account enhances an individual's ability to find permanent employment - although the connection is not straightforwardly obvious," said BBC.
