Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what plans he has to give non-bank finance providers access to the Williams and Glyn fund on the same commercial terms as banks.

The Government has reached an agreement in principle with the European Commission (EC) on a plan to resolve the Royal Bank of Scotland’s (RBS) final State aid commitment. The plan will see RBS fund and deliver a package of measures to boost competition in business banking.

The £425 million Capability & Innovation Fund element of the package will be made available to eligible challenger banks and other financial services providers. Full details, including precise eligibility criteria, will be announced in the Autumn subject to the EC adopting its formal decision.