UK Finance must provide daily updates on coronavirus business loans
1 May 2020
Rt Hon. Mel Stride MP, Chair of the Treasury Committee, has repeated the Committee's call for UK Finance to provide daily updates on coronavirus business loans.
Mr Stride wrote to UK Finance and the British Business Bank on 20 April to request daily updates on the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Future Fund.
UK Finance has declined this request, in part citing concerns around the daily data's robustness. Mr Stride has today written to UK Finance to say that as they are already providing daily data on CBILS to the Government, the Committee should also receive that data.
Chair's comments
Commenting on the correspondence, Mr Stride said:
“UK Finance is already providing daily data on CBILS to the Government. The Committee has insisted that UK Finance provide us with this data.
“If the Chancellor can have it to inform decisions then the Treasury Committee should have it in order to conduct effective scrutiny in this area.
“The maximum transparency around progress in getting these loans out the door will help get further vital lending to businesses that are struggling to survive."
Further information
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