By Elliott J Steele
1 Jul 2023
With the recent news that Nigel Farage's bank account is to be closed down, today it has been revealed that both Laurance Fox, Leader of the Reclaim Party and Reform UK member Darren Selkus' accounts are also to be closed. This is an attack on those deemed "politically incorrect" and poses a great threat to the democratic society that we live in.
In a surprising turn of events, Nigel Farage, the prominent British politician, hardworking Brexiteer, former leader of the UK Independence Party (UKIP) and founder of The Brexit Party (now Reform UK), recently found himself at the centre of controversy when his bank account was closed by a major financial institution. This development has sparked intense debates, with some applauding the bank’s decision while others view it as an infringement on Farage’s freedom of speech and financial autonomy. The incident raises important questions about the intersection of politics, personal beliefs, and the responsibilities of financial institutions in a democratic society.
The decision to close Farage’s bank account came as a shock to many, given the longstanding tradition of banks remaining impartial in political matters, however this has occurred in the past with figures such as Tommy Robinson. The institution in question has cited reasons such as violation of terms and conditions, potential risk to its reputation, or concerns regarding money laundering regulations as the basis for their action. However, the exact details surrounding the account closure remain undisclosed.
The incident has ignited a fiery debate regarding the limits of freedom of speech and the role of financial institutions in curbing certain activities. While financial institutions often operate under stringent regulations designed to prevent money laundering, fraud, and other illegal activities, there is currently zero evidence to suggest this is the case for Nigel. Such measures inadvertently infringe upon personal liberties, enabling banks to discriminate based on political ideologies. It seems pretty clear to me the banks are attacking anyone they deem to be ‘politically incorrect’, given it has also been revealed today that Barclays bank is deciding to close down Laurence Fox’s account, leader of The Reclaim Party along with Darren Selkus, member of Reform UK.
Such account closures raise serious concerns about the power wielded by financial institutions and their ability to influence political discourse. If banks can specifically target individuals based on their political affiliations and views, it sets a very serious and dangerous precedent for the suppression of voices. This is cancel culture on another level, removing someone’s social media account is one thing, but denying them access to their money affects the very life they live in the United Kingdom. These financial institutions hold no democratic values. Now try to imagine what it would be like if the Bank of England introduce Central Banking Digital Currencies, already proposed by Rishi Sunak in 2021.
These incidents should serve as reminders of the complex relations between politics, personal beliefs and the power of financial institutions in a so-called “democratic society” and how they fail to uphold democratic values. We need to preserve the fundamental rights and freedoms that underpin our democracy.
My question to you all, have you seen anyone on the left have their bank account cancelled? I think not!