Business: Loans
The question
To ask the Chancellor of the Exchequer, if she will require the Bank of England or Prudential Regulation Authority to monitor personal lending and lending to businesses in left behind communities.
Answered by Lucy Rigby
The Government welcomes the work of the Bank of England to assess and monitor credit provision in the UK for households and businesses, through its bankstats releases and regular business surveys. The Government has no further plans in this area.
The Government is, however, committed to ensuring that access to finance is available across the UK and to tackle barriers where these exist. In recognition of this, in November 2024, the British Business Bank launched the Community ENABLE Funding (CEF) Programme, which aims to deploy £150 million over the next two years to ‘not for profit’ lenders, including Community Development Finance Institutions (CDFIs). In 2024, CDFIs and social banks lent £96.7 million to 364 social enterprises, with 67% of this lending directed to the UK’s most disadvantaged areas.
Furthermore, in recognition of the important role responsible credit can play for consumers, the Government’s forthcoming Financial Inclusion Strategy includes a focus on access to credit, among other priority issues, and will seek to ensure people have access to useful products and services for their needs.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →