Lord Browne of Belmont – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Browne of Belmont on 2015-02-12.

To ask Her Majesty’s Government what assessment they have made of the ease of opening bank accounts for small businesses.

Lord Deighton

The Government has not made a formal assessment of the ease of opening bank accounts for small businesses. However, more information than ever is available for small and medium sized enterprises (SMEs).

The British Bankers’ Association has a ‘Business Account Finder’ that provides information on a range of financial services available to businesses, including current accounts. This presents a list of the most competitive current accounts available with separate sections for sole traders, limited companies, charities and other types of business.

In addition, the Business Banking Insight survey (BBI) provides detailed information on what UK SMEs think about every aspect of their bank and includes a ranking of banks against key indicators. It is a powerful tool for SMEs, helping them understand their options, making decisions about who to bank with and planning how they will grow.