To ask His Majesty's Government what steps they are taking to support military companies who have been refused banking services as a result of the nature of their work.
Answered on
18 July 2023
The provision of banking services is a commercial decision for firms based on a variety of factors, including the local law, regulation of individual countries, an assessment of profitability, or other commercial drivers. Therefore, while the Government recognises and values the important role of military companies, it would be inappropriate for the Government to intervene in these decisions.
I would encourage businesses seeking a bank account to explore the Business Current Account (BCA) finder tool developed by UK Finance, designed to help businesses compare the full range of bank accounts available and find products that best suit their needs.
My officials will continue to engage with industry to understand any emerging issues and assess any potential support for military companies.