Treasury Committee insists UK Finance provides daily updates on coronavirus business loans

Friday, 1 May 2020 00:01

Rt Hon. Mel Stride MP, Chair of the Treasury Committee, has repeated the Committee’s call for UK Finance to provide daily updates on coronavirus business loans. Mr Stride wrote to UK Finance and the British Business Bank on 20 April to request daily updates on the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Future Fund. UK Finance has declined this request, in part...Request free trial

Rt Hon. Mel Stride MP, Chair of the Treasury Committee, has repeated the Committee’s call for UK Finance to provide daily updates on coronavirus business loans.

Mr Stride wrote to UK Finance and the British Business Bank on 20 April to request daily updates on the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Future Fund.

UK Finance has declined this request, in part citing concerns around the daily data’s robustness. Mr Stride has today written to UK Finance to say that as they are already providing daily data on CBILS to the Government, the Committee should also receive that data.

Commenting on the correspondence, Mr Stride said:

“UK Finance is already providing daily data on CBILS to the Government. The Committee has insisted that UK Finance provide us with this data.

“If the Chancellor can have it to inform decisions then the Treasury Committee should have it in order to conduct effective scrutiny in this area.

“The maximum transparency around progress in getting these loans out the door will help get further vital lending to businesses that are struggling to survive."

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Notes to Editors

Mr Stride wrote to UK Finance and the British Business Bank on 20 April here. UK Finance’s response is attached. Commenting at the time, Mr Stride said:

“Many businesses up and down the country are facing a daily struggle for survival. They need these emergency loans urgently, but data published so far shows that it has been taking too long to reach them.

“There have been some important changes that the government has brought in to step up delivery but further improvements are now vital. We must get these systems firing on all cylinders to help businesses survive and achieve a quick V-shaped recovery.

“Data on the volume and value of these loans is published too infrequently. What gets measured tends to get done, so I have asked UK Finance and the BBB to provide us with data on a daily basis, which we will publish to help drive further vital lending.”

Mr Stride wrote to CBILS lenders on 22 April to request their co-operation on providing daily data updates here. Commenting at the time, Mr Stride said:

“These lenders are vital to ensuring that many businesses get the support they so urgently need, but data published so far shows that this can be a lengthy process.

“I have already requested daily updates from the BBB and UK Finance to help drive further vital lending. Today I have asked the accredited lenders to cooperate fully with the Committee’s request in ensuring that this data is made available, and without delay.

“Greater transparency on progress will allow the public to be assured that the financial services sector is stepping up to the plate in providing support.”