Chief Secretary to the Treasury, Danny Alexander, announced today that a number of major banks have agreed to share their lending data with the government in a bid to boost credit to homeowners and small businesses.
The data will be provided voluntarily by Royal Bank of Scotland, Lloyds Banking Group, HSBC, Barclays, Santander UK, Nationwide, and Yorkshire and Clydesdale Banks and will be published by the British Bankers’ Association and the Council of Mortgage Lenders.
The Treasury says the move will encourage competition between lenders by helping smaller lenders to identify gaps in the market.
Chief Secretary to the Treasury Danny Alexander said:
“It is a major step forward in terms of transparency and should encourage competition by helping smaller lenders to identify gaps in the market and allowing businesses to hold their local bank to account where they aren’t lending.”
Post courtesy of Financial Reporter.