Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to help Ukrainian refugees who have fled to the UK to exchange their physical currency for sterling.

The government will monitor if steps are needed to support financial services provision for Ukrainian refugees in the UK’s marketplace.

Participants in industry have highlighted measures they have taken to support refugees and their access to essential financial services.

The Government recognises that access to a current account is key to enabling people to manage their money on a day-to-day basis effectively, securely, and confidently.

The nine largest personal current account providers in the UK are legally required to offer basic bank accounts to customers in the UK who do not have a bank account or who are not eligible for a bank’s standard current account. Customers must be lawfully resident in the UK to be eligible, and this includes Ukrainian nationals who have entered the UK under the Ukrainian Scheme and Ukrainian Family Scheme.