Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has had recent discussions with banks on taking steps to support small businesses, social enterprises and charities to open bank accounts.

I and senior officials engage regularly with banks on a range of issues, including access to bank accounts for small businesses, social enterprises and charities.

In relation to social enterprises and charities specifically, the Treasury recognises the challenges they have faced accessing and managing banking services. That’s why the previous Economic Secretary hosted a roundtable event last year, bringing together lenders and representatives from bodies representing charities and community organisations to discuss this important issue. Lenders heard firsthand the problems many charities and community groups have experienced, and also used this opportunity to set out the products they offer, and the diverse range of factors charities and community groups need to consider in relation to banking requirements.

Banking and finance industry group UK Finance is now working with banks and sector representatives to identify any changes banks can make to simplify processes like changing signatories on accounts, and to produce guidance aimed at helping charities and community groups access and understand banking.