Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the impact of charges banks have applied to the accounts of charities.

Decisions concerning the provision and pricing of products, including account charges, are commercial decisions for banks. Therefore, while the Government recognises and values the important role of the charitable sector, it would be inappropriate for it to intervene in these decisions.

However, I do recognise the challenges some charitable organisations have been facing. That's why I hosted a roundtable event on 22 March, bringing together lenders and charity representatives to discuss this important issue. This allowed lenders to hear first-hand the problems many charities have experienced, as well as to set out the products they offer, and what charities need to consider in relation to banking requirements.

Following the meeting, UK Finance committed to working with banks and charity representatives to produce guidance aimed at helping charities access and understand banking requirements. In the meantime, charities may find it useful to explore the Business Current Account finder tool developed by UK Finance. This was designed to help businesses compare the full range of available accounts, including fees charged by providers, to find products that best suit their needs. It can be found online at: https://www.betterbusinessfinance.co.uk/account-opening