The United Kingdom was one of the first countries to realize the importance of financial inclusion. It published its strategy of financial inclusion in its report Promoting Financial Inclusion which was published alongside the Pre-Budget Report of 2004. The UK government also set up the Financial Inclusion Fund of £120 m to help bring about Financial Inclusion. The Financial Inclusion Taskforce was formally launched on 21 February 2005 to monitor progress on financial inclusion and to make suitable recommendations.