Coronavirus: Government Assistance

Treasury written question – answered on 20th September 2021.

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Photo of Stephen Farry Stephen Farry Alliance, North Down

To ask the Chancellor of the Exchequer, what steps his Department is taking to mitigate potentially anti-competitive consequences of the Government's lending schemes via the (a) Bounce Back Loan, (b) Coronavirus Business Interruption Loan and (c) Coronavirus Large Business Interruption Loan for the UK banking sector.

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

Over 1.6 million businesses accessed over £79 billion of finance through the Covid-19 business loan schemes. The Treasury recognises the vital role that non-banks and challenger banks play in the provision of credit to SMEs. It is grateful for the way the sector has responded to the current crisis, and remains committed to promoting the participation of a diversity of lenders in the market and widening the funding options available to UK businesses.

We will continue to work with non-bank lenders to support their participation in the new Recovery Loan scheme following the closure of the previous loan guarantee schemes, as well as engaging closely with alternative lenders and continuing to promote competition more generally.

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