The chair of the Treasury Committee has written to senior executives at six banks, including HSBC and Santander, to request an update on the state of business current accounts market following reports that small and medium-sized enterprises are facing difficulties opening new accounts.

“As the recovery from the pandemic gets underway, many SMEs will continue to need vital support from financial institutions,” said Mel Stride in a 20 April statement. The Treasury Committee is a group of influential MPs tasked with holding the City to account. “It’s critical that these institutions are adapting to the requirements of SMEs as the economy starts to pick up.”