The de-banking scandal is drawing together unprecedented new alliances. Now that ‘True and Fair’ Party Leader Gina Miller has revealed her party’s Monzo account was closed unexpectedly earlier this month, the Remainiac-in-Chief is linked arm-in-arm with none other than Nigel Farage in the fight against mysterious bank account closures. Nigel saying he “stands with” Gina Miller isn’t a quote Guido ever expected to see…
This is just plain wrong at every level. I stand with @thatginamiller. https://t.co/cK1GcCRjcE
— Nigel Farage (@Nigel_Farage) July 28, 2023
According to the BBC, Monzo explained their rationale:
“…the account wasn’t originally categorised as a political party. After this was identified and corrected, the customer was given notice that the account would be closed. We recognise that this experience will have been frustrating for the customer and we’re sorry for that.”
After years of feuding, finally a consensus is found.
UPDATE: Gina responds…
Thank you
— Gina Miller (@thatginamiller) July 28, 2023
The enemy of my enemy is my friend…
Nigel Farage’s crusade against “woke warrior” banks isn’t stopping with NatWest. Over the next few days, he’s launching an entire database of cases from other de-banked Brits, with the “worst offenders” named and shamed to fight back against the politicisation of financial services. He writes in the Telegraph:
“I am now seriously motivated by this issue. The desperation of those that have been wronged by the big banks means that I simply have to do something. I may not have picked this fight, but I now find myself right in the middle of it. I will be launching, over the course of the next few days, an exercise designed to gather together all of those that have been de-banked. I’m hoping to build a very large database of cases to find out which banks are the worst offenders and what the commonest reasons are, so that we can prepare and present a lobby to ministers, and to Parliament, in order to achieve fundamental change.”
The NatWest board are still in situ as of this morning, although if Nigel gets his way, that won’t last. Alison Rose’s ‘allies’ have briefed the Financial Times to complain that the £5 million-a-year former CEO has been “extraordinarily poorly treated” this week – as though briefing lies about one of her own customers to the BBC shouldn’t have consequences. Even Sir Keir backs Farage on this one. At least she’s due a multi-million pound payout…
Coutts has faced an almighty PR headache since it was revealed they de-banked Nigel Farage for political reasons, and co-conspirators can now read those reasons for themselves. Coutts made the decision based on Farage’s “publicly-stated views that were at odds with our position as an inclusive organisation.” This is the same “inclusive” organisation that excludes anybody with a bank balance below £1,000,000. The bank then claims somewhat incoherently “this was not a political decision but one centred around inclusivity and Purpose.”
Digging deeper into the dossier, and the full extent of Farage’s (completely legal) crimes become apparent. The bank claims Farage is seen as “xenophobic and racist” – a statement they base on his criticisms of BLM and his description of Grant Shapps as “globalist”. They also cite his support for a referendum on Net Zero as “not in line with the banks views”. Amongst Farage’s other thought crimes were his support for the current UK government’s Rwanda policy, his description of Prince Charles as “stupid” and his “comments on women’s football”…
Co-conspirators can read the full dossier below:
It’s a bad day to be Coutts’ PR team. Since Nigel Farage revealed his account had been closed for political reasons and not, as reported credulously by the BBC and others a little too gleefully, because Farage fell below the wealth threshold, the bank has been on the receiving end of a harsh backlash. At PMQs today, the issue was bought up by both Jacob Rees-Mogg and David Davis, and Norman Lamont has secured a question in the Lords. The government is also not sitting idly by: Suella slammed the “sinister” decision and said she would review relevant Home Office policy, whilst the Prime Minister had a reassuring response to Rees-Mogg’s question:
“It wouldn’t be right if financial services were being denied to anyone exercising their right to lawful free speech. Our new Financial Services and Markets Act puts in place new measures to ensure that politically exposed persons are being treated in an appropriate and proportionate manner. And having consulted on the Payment Services Regulations, we are in the process of cracking down on this practice…”
Take it to the bank.
The Prudential Regulation Authority has written to banks and insurers to tell them not to pay out dividends or buy back shares and forget about their bonuses. British banks have complied and even European banks are following suit. The Bank of England thinks the scale of the challenge ahead means they need to keep their cash reserves. Bank shares have fallen hard on the news…
The European Banking Federation, which represents 3,500 banks across Europe, has called on the EU not to play hardball with the UK in a way that could harm their markets. Hoping to end the political gameplaying that was seen during exit negotiations, the federation has aligned itself with the position of the City of London, showing an unwillingness to move operations out of London. Neither party wants to mess up their relationship. European banks appreciate access to the City just as much – if not more so – as the City enjoys EU market access…
