This petition was submitted during the 2019-2024 parliament
Rejected petition 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/
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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.
This petition was rejected
Why was this petition rejected?
It’s about something that the UK Government or Parliament is not directly responsible for.
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.
We only reject petitions that don’t meet the petition standards.