Gareth Thomas, a former business minister, has tabled a 10-minute rule bill that would require banks to measure, disclose and improve how they serve underserved communities and smaller firms. The proposal mirrors the US Community Reinvestment Act, which obliges American banks to demonstrate how they support poorer areas and small enterprises. Thomas said the cost of living crisis had exposed deep weaknesses in access to affordable credit across the UK economy.
When Dominique Thornhill tried to get a loan to launch a child-care center in 2020, every conventional bank she approached glanced at her thick business plan and slim finances, then turned her away. "I thought that's what small-business loans were supposed to support, but I didn't receive that support at all," the former Pittsburgh-public-school teacher told me. "Instead, it was Come back to us when you're already established."
