Nigel Farage Bank Account Shut

Facts

• British politician Nigel Farage has had his account at the private bank Coutts closed, amid wider concerns that UK banks are restricting services dependent on the political views of their customers.¹
• According to the BBC, Farage fell below the financial threshold needed to continue his account at Coutts and has subsequently been offered a standard account at NatWest, Coutts' owner.²
• Farage has accused Coutts of being "dishonest," claiming that it has "at no point" in the last 10 years "mentioned" a minimum financial threshold. Coutts requires customers to either borrow or invest a minimum of £1M or save at least £3M to be eligible for an account, according to their website.³
• The former leader of the Brexit Party and UKIP (United Kingdom Independence Party) has claimed the decision was influenced by "the big corporate structures who did not want Brexit to happen," arguing that action was taken because of his status as a "politically exposed person" (PEP).⁴
• The politician has also said the offer of a NatWest account was only made after he spoke publicly on the matter. Farage further claimed that another nine banks have refused him use of their services because of his PEP status. NatWest Group declined to comment on the matter.⁵
• The news comes as Chancellor of the Exchequer Jeremy Hunt — following the recent allegations of Farage among others — has tasked members of the Treasury to investigate the issue, with banks and building societies set to be told they must uphold and protect free speech.⁶

Sources: ¹Reuters, ²BBC News, ³Yahoo News, ⁴Independent, ⁵Guardian, and ⁶Express.co.uk.

Narratives

• Right narrative, as provided by The Telegraph. Farage is not the first right-wing political figure to face censorship by the banks. Examples associated with Reform UK and the Reclaim Party further highlight the assaults on the fundamental freedom of speech that are not only visible in banks but also in universities, corporations, media regulators, and more. While many on the left are laughing at Farage's issues, such a flippant response ignores the real danger these sorts of actions can pose to integral pillars of UK democracy.
• Left narrative, as provided by Byline Times. Despite a plethora of claims from Farage that he is a target of the anti-Brexit corporate establishment, his problems lie in the reality that the politician simply isn't rich enough to continue being a member of Coutts. The headline-grabbing claims of this controversial populist have proved too lucrative for tabloid publications to ignore — the press must engage in proper journalistic scrutiny before simply parroting the misleading commentary of formerly-relevant public figures.