To ask the Secretary of State for Business and Trade, whether he has considered convening a cross-agency taskforce with the (a) Financial Conduct Authority, (b) Prudential Regulation Authority, (c) British Business Bank, (d) HM Treasury and (e) Lending Standards Board to develop a joined-up strategy to embed the ethnicity code across the financial system.
Answered on
3 July 2025
The government’s approach to support equitable outcomes for businesses led by ethnic minorities and other underserved groups is to work with the financial services sector, building on a shared commitment to fairness and equality and exchanging knowledge of good practice.
Earlier this year the government published a Call for Evidence on small business access to finance, which included the experiences of ethnic minority-led businesses and other underserved groups, and will be publishing our response to this in the Autumn and the further steps we will take.