Banks to reveal details of local lending
The Treasury has announced today that the major UK banks will reveal how much they lend at a local level – details of which will be broken down across 10,000 postcode areas.
The Treasury hope that it will increase competition and that smaller lenders will be able to identify any gaps within the market.
The initial data will be provided by HSBC, Lloyds Banking Group, RBS, Barclays, Nationwide, Santander, Yorkshire and Clydesdale Banks and will be published every quarter. It is hoped that other lenders will follow suit in the future.