Harrow Financial Capability Forum Launched

Published by Graham Tomlin for Credit Union Solutions Ltd in Local Government and also in Central Government, Communities, Education, Health, Housing

Cllr Bill Stephenson accompanied by Cllr Keith Ferry launched the Harrow Financial Inclusion Forum. The forum included Harrow Council Officers, Harrow CAB, CFEB, Home Group, Genesis and M for Money Credit Union.

Cllr Stephenson said.

"I am really delighted to be here today to open the inaugural meeting of the Harrow Financial Inclusion Forum.

An increasing number of local residents face really difficult financial circumstances and this is likely to multiply following the announcements made in the Government’s Comprehensive Spending Review where many of the least well off have been hit the hardest. Services will be slashed, benefits cut and facilities removed. Support for the young, old and infirm will all be affected and the result is likely be devastating -  Housing Benefit cuts, extra pension contributions, cutting the Educational Maintenance Allowance for young people, salaries frozen, severe cuts for the unemployed and the disabled, extortionate increases in bus fares.  I could go on.

All to pay for the bankers’ folly.

The Administration which I am proud to lead is pledged to do its utmost to help as best it can any local resident who finds themselves in financial difficulties.  We will not be able to solve every problem but we will try our very hardest to help.

The Council recently adopted as one of its priorities:

Supporting and protecting those most in need

And we mean it.

For example, we help to fund the Citizens Advice Bureau and have our own Housing Advice Centre.  We have set up a group called the Recession Busting Group which is working with local employers, Job Centre Plus, local colleges, the voluntary sector to see how we can help both local businesses and local residents during this difficult time. 

I am also really proud that the Council has set up its own credit union run by M for Money whose Chief Executive, Graham Tomlin, is also here today.

This inaugural meeting of the Harrow Financial Inclusion Forum is but one of several taking place across West London and indicates a strong desire among people that work with the financially excluded to do more by co-operating together, by networking and by pooling resources.

Forums like this can share experience and best practice, garner ideas and develop sources of information to make our efforts much more effective.

By bringing together the Council, landlords, finance experts, the CAB, health and education we are saying that what is needed is a concerted effort to address financial exclusion and promote an inclusive society.

As a local Cllr I have to deal with local residents in financial difficulties, who have, for example, fallen into arrears with their Council tax, their rent or are having difficulty keeping up with mortgage repayments.  The Cllr is usually the last resort often when the bailiffs are called in.   One only wishes that the people concerned had sought and had good financial advice earlier  when they could have avoiding getting into debt.  I cannot emphasize enough the need to get advice early - early intervention nipping problems in the bud - and also the need for personal finance education. It has never been needed more today because personal financial capability is often so poor among the young – or indeed among adults - and regrettably it is not always covered as fully as it ought to be in our schools. We need to find ways of make sure that children of all ages - and indeed adults - understand the dangers of Pay Day loans, credit cards and doorstep lenders. We need to start early and get everyone into the habit of saving and dealing with financial matters in an orderly sensible manner.

Now for the commercial.  I mentioned that the Council has set up its own credit union. I would like to urge all of you, if you have not already done so, to follow my lead today and join the M for Money Credit Union.

Credit unions are not for profit financial co-operatives and their strength makes our communities much stronger and the future brighter for all of us. Credit unions carry out exemplary work with the financially excluded but they need everyone to join to make them strong enough and big enough to provide a comprehensive range of financial services that will compete with and force the high street banks to re-think their pricing, service levels and community commitment.  Get banks to do what they ought to be doing!

Harrow Council has recently adopted a new vision:

Working together     Our Harrow   Our Community

I cannot think of a better way of putting that vision into practice than the work you will be doing today.  ‘To ensure every Harrow resident has access to advice and support in acquiring the ability to manage their money.’

I hope you do not need me to tell you how important your work will be to our extraordinarily diverse community in Harrow

Finally I wish you well in your deliberations and I look forward to hearing more about the progress that you make in the future."