Decision details

Purpose of Report: The report outlines the work undertaken to produce a draft interim strategy in line with the Council Plan 2019-23. The production of this strategy has been delayed by the Pandemic and focus of all resources since then has been responding to the Cost of Living Crisis. The strategy is interim given the launch in March 2023 of the Poverty Truth Commission, the work of which will drive strategic policy on Financial Inclusion matters going forward.

The process in constructing this strategy has included:

• A number of workshops with the partnership Financial Inclusion Steering Group during 2022.
• ‘Solutions Lab’ discussions at the Cost of Living Summit held on 31 October 2022 which focussed and built on the draft Financial Inclusion strategy themes, and resulted in a small number being added.
• As a result of recommendations from the Summit - a cross reference with the original 2012 Fairness Commission recommendations for areas that remain important to include.
• A cross reference to the recently approved 10 year strategies (Economic, Health & Wellbeing and Climate Change Strategies) – the analysis of which will be included in the report.

This interim strategy will be in place pending the work alongside the Poverty Truth Commission and other key partnerships to ensure that the council and City continue to meet the needs of residents suffering from financial exclusion, and to address the underlying causes of the Cost of Living Crisis and poverty overall.

The Executive Member will be asked to approve the recommended themes and priorities of the Interim Strategy.

The Council aims to give the same 28 days’ clear notice of non-key decisions as it does for key decisions, but in exceptional circumstances this may not be possible. It has not been possible to give 28 clear days’ notice of the intention to make this decision due to a slight delay in clearing internal governance.

Resolved:  That the Interim Financial Inclusion Strategy 2023-25 be approved.

Reason:     To ensure all the priorities outlined in the strategy are a focus for the council and its partners to mitigate the impact of the Cost-of-Living Crisis and drive work to address underlying causes of poverty, ensure resident income is maximised and long-term recovery is achieved.