Policy 22 February 2022

Financial Exclusion in London

Gig economy work is frequently in the spotlight amid debate over the rights of its workers, and as a cause of financial exclusion when. There is a greater proportion of gig economy workers based in London than in other parts of the country – one survey found that 27 per cent of all gig economy workers were based in London. Estimates suggest that between 200,000 and 260,000 adults in London do not have access to a bank account.

The London Assembly Economy Committee has been investigating economic insecurity in London, including financial exclusion and the gig economy. The investigation seeks to:

• Understand the benefits of and problems with London’s gig economy; to understand the implications of the employment status, pay and conditions of gig economy workers; to make recommendations to the Mayor and/or Central Government relating to London’s gig economy, and to provide recommendations to the Mayor on what should be included in his charter for the gig economy; and
• Understand the impact of financial exclusion on Londoners – in particular the challenges around accessing bank accounts and cash – and what action the Mayor and Central Government can take to address these challenges.

London Citizens Advice have provided evidence on financial exclusion issues in London. See submission below.