Business: Government Assistance

Treasury written question – answered on 23rd September 2020.

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Photo of Lord Myners Lord Myners Non-affiliated

To ask Her Majesty's Government what assessment they have made of whether the publication of the names of borrowers under various financial support arrangements established by the Government would facilitate the identification of funding provided to businesses controlled by unidentifiable owners in tax havens or controlled by directors previously convicted of fraud.

Photo of Lord Agnew of Oulton Lord Agnew of Oulton Minister of State (HM Treasury), Minister of State (Cabinet Office)

The Government has focused efforts on getting support to those who need it in a fast, fair and transparent manner, with data on loan applications and volume and value of loans approved under the loan guarantee schemes published regularly on Gov.UK.

It would be disproportionate for the Government to publish details of each individual recipient of those loans and grant payments.

Furthermore, the Government have been clear that the loans must be repaid, and banks are undertaking appropriate precautions against fraud, including customer checks and the monitoring of transactions. Any fraudulent applications can be criminally prosecuted.

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