The Bishop of St Albans received the following written answer on 5th February 2024:
The Lord Bishop of St Albans asked His Majesty’s Government:
- what assessment they have made of the impact on small businesses in rural areas of having their bank accounts frozen or closed entirely.
- what assessment they have made of the impact on small businesses of many banks, including HSBC, NatWest and Santander, not allowing them to open accounts.
- what plans they have to ensure that banks do not unfairly refuse applications to small businesses to open accounts, given that there is no requirement currently to tell a customer why they have been turned down.
Baroness Vere of Norbiton (Con, Treasury): The Government recognises the vital role SMEs play in fuelling economic growth, and it is important they can access the banking services they need.
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