Give all profits earned from the coronavirus support loans to charity sector.

Rejected 17 signatures

What the petition asks

Banks are currently lending money to businesses, with the support of the Bank of England printing money and the government guaranteeing the loans. This means the banks are getting free money, making profits on it, and it’s impossible for them to lose.

We want to live in a fair and just society. The Government must change the law, so that banks cannot earn profits off of government backed loans. We want all profits from these loans to go to the charity sector, forever. And any future government guaranteed loans, including loans made indirectly through funds generated by quantitive easing, should also go to the charity sector. Banks shouldn’t get a free ride and all charities desperately need our help.

Why it was rejected

It asked for something that is not the responsibility of the UK Government or Parliament.

We can't accept your petition because the UK Government aren't responsible for the issue you raise. Donating profits would be a decision for individual businesses.

The Bank of England have implemented various measures to increase the amount of lending from commercial banks. UK banks have agreed that they will not pay any dividends to their shareholders that were still due from 2019, and will not pay any new dividends until the end of 2020. In addition, they do not expect banks to pay cash bonuses to their senior staff.

You can read more about these measures here: https://www.bankofengland.co.uk/coronavirus

If you would like the Government to lend directly to businesses, rather than through guaranteeing loans through commercial banks, you could start a petition calling for that to happen.

Timeline

25 Apr 2020	Petition opened for signatures
7 Jul 2020	Rejected by the Petitions Committee

Key facts

Signatures 17

Status Rejected

Rejected 7 Jul 2020

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