17 July 2024

We welcome the Government’s legislative programme which was set out in the King's Speech and its dedication to principles of security, fairness, and opportunity for all.  We are encouraged by the government’s focus on economic stability and growth, which is crucial for addressing poverty.

 

The introduction of the Budget Responsibility Bill is a significant step towards ensuring a stable economic environment. This stability is essential for providing a solid foundation upon which poverty reduction initiatives can be built. We also support the introduction of The Employment Rights Bill, with its provisions to ban exploitative zero-hour contracts and enhance employment rights, promises to improve job security and working conditions. These measures are vital for lifting many people out of poverty by ensuring they have access to fair wages and stable employment. The emphasis on making parental leave, sick pay, and protection from unfair dismissal available from day one of employment will ensure that all workers receive fair treatment and financial security. Additionally, we agree that the Pension Schemes Bill will help ensure that people can secure their retirement, contributing to long-term financial stability. The establishment of the Great British Energy Bill, aimed at driving investment in renewable energy and creating jobs, will significantly contribute to the financial wellbeing of individuals by lowering energy bills and providing stable employment opportunities.  We also welcome the creation of the National Wealth Fund Bill, which seeks to invest in infrastructure and industry across the UK. By mobilising significant investment, this bill has the potential to create wealth in every community, thereby improving financial wellbeing and reducing economic disparities.

 

However, while these initiatives appear promising, we look forward to seeing more substantial commitments to tackling the levels of poverty across the UK. We often hear from our members that their clients don’t have enough money to cover their essential outgoings. This issue must be tackled urgently and must be at the heart of the government's agenda. It is vital that our social security system provides adequate support to ensure individuals and families can meet a decent living standard without falling into debt or poverty.

 

Money Advice Scotland remains committed to working alongside the government to ensure that the voice of the money advice sector is heard in policy decisions. We will continue to advocate for policies that tackle poverty, improve financial wellbeing, and ensure fairer outcomes for consumers. Together, with a collaborative and compassionate approach, we can create a society where everyone has the opportunity to thrive and achieve financial wellbeing.