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The government is committed to delivering a well-functioning and sustainable consumer
credit market which is able to meet the needs of all consumers.<p> </p>In March, the
government hosted the first meeting of the Financial Inclusion Policy Forum, a new
key initiative bringing together government, regulators, industry and the third sector
to coordinate action and provide leadership in tackling these challenges. The Forum’s
mission is to ensure that individuals, regardless of their background or income, have
access to useful and affordable financial products and services, including affordable
credit.<p> </p><p>The government also supports credit unions, which provide an affordable
alternative to high-cost credit. In the Autumn Budget 2017, the government announced
its intention to help the sector expand by increasing the number of potential members
of credit unions from two million to three million. In addition, from this year a
greater proportion of funds recovered from illegal money lenders will be allocated
to incentivise vulnerable people to join, save, and borrow with a credit union instead
of turning to loan sharks.</p>
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