Submitted on Thursday 15th October 2020
Rejected on Thursday 22nd October 2020
Current status: Rejected
Rejection code: irrelevant (see below for details)
Debate why banks are not opening business current accounts for new companies
At the moment, banks are not opening business current accounts for new businesses. https://www.bbc.com/news/business-54463211; https://smallbusiness.co.uk/most-banks-not-allowing-small-businesses-to-open-bank-accounts-2551370/; https://machfast.com/how-do-i-open-a-business-current-account/
Nearly 700,000 new companies get formed every year. During the Covid-19 pandemic, preventing new companies from starting operations is extremely harmful to the UK economy. Without business current accounts, new companies can not get going. Innovation is part of the solution (Starling Bank, MachFast, Monzo, Revolut, Tide) but traditional banks should be open for new business as well.
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The Government e-Petitions Team gave the following reason:
We can't accept your petition because the UK Government and Parliament aren't responsible for the issue you raise. This is a matter for individual banks.
3.138.124.28 Fri, 22 Nov 2024 07:47:07 +0000
