Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of high street banks refusing new business account applications; and what steps they plan to take as a result.

Throughout the COVID-19 pandemic, there has been unprecedented demand for banking services, this accompanied with working restrictions due to social distancing has meant banks have faced significant capacity pressures which has limited their ability to meet demand for their services. Banks are doing all they can to meet this demand in these difficult circumstances.

Decisions about what products are offered to individual businesses remain commercial decisions for banks and building societies. It would be inappropriate for the Government to intervene in these decisions. But the Government has always been clear that lenders should open to new customers where it is operationally possible for them to do so.