Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the impact of challenger banks on the retail banking sector in the UK.

Government recognises the crucial role challenger banks play in increasing competition in the retail banking sector by providing customers with more choice on the high street. Current Account Switch Service (CASS) statistics show that some challenger banks have featured amongst the firms with the highest net gains, which indicates the positive impact that they are having on customer choice. Government will continue to encourage an environment that allows challenger banks to thrive.