Credit: Coronavirus

Treasury written question – answered on 31st March 2020.

Alert me about debates like this

Photo of Martyn Day Martyn Day Shadow SNP Spokesperson (Public Health and Primary Care)

To ask the Chancellor of the Exchequer, what discussions he has had with the Governor of the Bank of England on banks supplying credit to households to support consumer confidence during the covid-19 outbreak.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

On 17 March, the Government announced a package of measures totalling £350 billion aimed at supporting the financial wellbeing of British businesses, individuals, and families. The Government recognises that the outbreak of COVID-19 may lead to consumers facing financial difficulty and uncertainty. Therefore, we have acted to support customers who may find it challenging to make mortgage or credit payments and may require access to further credit. The major banks and building societies have pledged to provide relief to customers impacted by Covid-19, including deferring mortgage and other loan repayments, waiving fees on savings accounts and increasing overdraft or credit card limits.

The Government is working closely with the Bank of England and the Financial Conduct Authority (FCA) and the Chancellor meets with both on a frequent basis to discuss these issues. On 25 March, a letter from the Chancellor, the Governor of the Bank of England, and the CEO of the FCA to the CEOs of UK banks was published regarding bank lending and the provision of credit during this crisis. The Government stands ready to announce further action wherever necessary.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.