UK unclear on emergency loans, while US battle over transparency grows

“We recognise that there is a general public interest in the disclosure of information, as greater transparency makes Government more accountable,” the British Business Bank wrote in a letter to Quartz. “We consider that the public interest in favour of disclosing this information is outweighed by the necessity to protect commercial interests.” While it’s not naming recipients, the UK-owned development bank said it will, sometime in the near future, provide information about the amount of emergency funding each lender has made available to help small businesses weather the coronavirus disruption. “There’s a way of stopping abuse without compromising the integrity and position of the receiving company,” said McAteer, a former non-executive director at the UK’s Financial Conduct Authority. “The best way to do it is to have transparency on the banks.”

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