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Western EuropeJanuary 2 2017

On the outside: how to tackle financial exclusion in the UK

The UK has one of the world’s most sophisticated banking markets, but when it comes to serving vulnerable and low-income people, it has yet to find the right formula. Silvia Pavoni looks at what it means to be financially excluded in the country, and whether banks are close to finding the solution.
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Bianca sells The Big Issue, a magazine aimed at helping to assist homeless and people living in poverty, outside the train station in Blackheath, south-east London. She is 22 and with her husband buys 100 copies a week from the publisher at half the £2.50 cover price to resell. What they make helps to cover expenses and buy food for their large family, comprising their two children, Bianca’s parents and her younger siblings.

There is rarely much money left so Bianca does not use the bank account she opened some time ago. “It’s a bank in Woolwich, I can’t remember the name. I had to go with my father [the first time], it was too scary,” she says, shaking her hands, finding the question of whether she had found it an easy process almost humorous.

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Silvia Pavoni is editor in chief of The Banker. Silvia also serves as an advisory board member for the Women of the Future Programme and for the European Risk Management Council, and is part of the London council of non-profit WILL, Women in Leadership in Latin America. In 2019, she was awarded an honorary fellowship by City University of London.
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