The British government delved into the public dispute pitting Nigel Farage against Coutts Bank. The government restated its readiness to impose stringent freedom of speech on permits issued to banks. The government is willing to impose measures to strip banks’ licenses when they debank customers, alleging their political views.
The announcement featured in the Thursday, July 20 publication by The Times that UK’s government was mulling tighter conditions on permits granted to banks as it eyes protecting freedom of speech.
UK Treasury Unveiling New Rules Soon for Banks
The UK Treasury is yet to reach the final decision though plans to unveil the new rules by next week. The provisions would compel banks to issue a three-month notice to the customers detailing their intention to terminate the accounts.
The banks should illustrate an explicit reason for the crackdown on the accounts. The new changes obligate banks to allow customers to exercise their right to appeal.
The raft of measures the Treasury seeks to impose arose from the dispute where the UK private bank Coutts faces the politically conservative Nigel Frarage. The bank serves the royal family members as its clients.
Coutts cited the closure of Farage’s accounts earlier in July, citing noncompliance with the threshold. To the contrary, the leaked documents would later indicate his shared conservative views that conflicted with Coutts values.
Coutts Profiling Farage as Disingenuous Termed as Erroneous
The documents Farage obtained and leaked to the Daily Mail captured the minutes of a meeting convened by Coutts regarding his accounts. The meeting illustrates that Farage is a disingenuous grifter citing the reputational risks linked to his political views.
UK Prime Minister Rishi Sunak decried the erroneous decision to close Farage’s accounts. He disapproved of the allegations that led to denying access to basic services for Farage political views. He added that free speech constitutes the cornerstone of UK democracy.
In support, Home Secretary Suella Braverman criticized Coutts for propagating the unfortunate politically biased dogma. He termed the basis to debank Farage for his political views.
Exiting Farage Inappropriate and Contradicts NatWest Group Values
Chief executive of NatWest Group – the parent entity of Coutts, Alison Rose, apologized to Farage for the deeply inappropriate reference in the meeting. The executive devoted himself to having Farage’s account reopened.
Rose dismissed the comments in the meeting, indicating that exiting the customer was erroneous since he legally held personal and political views.
Farage’s profile indicates he previously led populist political parties. Besides Reform UK, Farage has been a vocal crypto supporter since his days leading the UK Independence Party (UKIP). Farage served in the European Parliament where he championed for bitcoin as a unique tool gifting power back to the individuals.
The exit granted by Coutts relates to a comment Farage issued on December 3, 2020, praising Bitcoin for becoming the ultimate anti-lockdown investment. He referred to the British pound as derided and the government as ‘funny money.’
Later Farage featured at the Bitcoin Amsterdam Conference in 2022. He lauded Bitcoin as portraying anti-inflationary qualities. Also, he lauded Bitcoin for its immutable profile compared to the conventional banking infrastructure.
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