Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to help ensure that companies have access to bank accounts.

The Government recognises the vital role businesses play in fuelling economic growth, and it is important they can access the banking services they need. The decisions about what products are offered to individual businesses remain commercial decisions for banks and building societies.

The UK benefits from a very competitive environment for banking services, so there are a wide range of options available to businesses in need of a new bank account.

I would encourage businesses seeking a bank account to explore the Business Current Account finder tool developed by UK Finance, which was designed to help businesses compare the full range of bank accounts available and find products that best suit their needs. Businesses may also find it helpful to explore UK Finance’s online guidance on applying for a bank account to understand what is required by banks and why. My officials continue to engage with industry to understand any emerging issues regarding access to bank accounts.