Minister Announces £145m Fund to Boost Financial Inclusion

Government minister Lord Freud has announced a £145m fund to develop and subsidise financial inclusion schemes as part of the introduction of Universal Credit.  He confirmed that the government has approached the financial community to develop products like jam jar accounts to help people budget under the single payment system. Freud called Universal Credit a "social revolution" and emphasised the opportunity to improve financial inclusion among the population, brought about by direct payments to households, not landlords. Freud said that ministers are keen to avoid bracketing people as "vulnerable". Instead he said the government wants to segment people into groups, from those who need little support to move from the current system to Universal Credit, to those who will be unable to change without significant assistance.  Read more on the Guardian website.