The Economic Secretary delivered a speech on the Government’s support for building societies and competition and diversity in financial services. In her speech, the Economic Secretary, explained how the government wants to see firms with a range of business models compete and succeed because diversity can produce better outcomes for consumers.
The Economic Secretary is grateful for the role building societies have played in achieving diversity, in particular in relation to supporting those looking to buy their first home. She noted that building societies stand out amongst other lenders for their flexible and inclusive attitude to lending. The contribution is proof of the social good a diverse financial services sector can achieve.