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Small Businesses: Loans

Question for Treasury

UIN HL13669, tabled on 12 February 2019

To ask Her Majesty's Government what steps they are taking to work with banks to ensure that there is an emergency funding programme for small businesses in the event of a no-deal Brexit scenario.

Answered on

22 February 2019

The Government has regular engagement with banks and other financial services providers, including on their plans to support business customers in the event of a no-deal Brexit. This includes a Government-Industry roundtable in January.

As the independent Bank of England has set out in its Financial Stability Report and Annual Stress Tests, UK banks are prepared and strong enough to continue to serve UK households and businesses even through a disorderly Brexit. The Bank’s stress test shows that UK banks could continue to lend in a scenario more severe than the financial crisis.

The Government is already providing financing support for smaller businesses, with British Business Bank programmes supporting £5.5bn finance to 78,000 smaller businesses.

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