Co-operative and Community Benefit Societies: Bank Services

(asked on 3rd September 2018) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of access to bank accounts by community benefit societies; and if he will make a statement.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 6th September 2018

The Treasury has not made an assessment of community benefit societies’ access to banking. However, the RBS alternative remedies package will see a £775m investment in business banking facilities, helping businesses benefit from greater choice and offers on banks’ services. Community benefit societies may also find it helpful to know that the UK Finance website hosts an online guide to help small businesses prepare when opening or switching to a new business current account. This can be found here: https://business-account-opening-guide.ukfinance.org.uk

The government recognises the important role of community benefit societies and other forms of social enterprise, which tackle some of the most challenging problems our society faces. In January 2018 DCMS announced £135m allocated to social investment, which social enterprises will benefit from. The Civil Society Strategy, published in August 2018, sets out a long term vision to build stronger communities by bringing business, charities and the public sector together.

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