We need reform of the banking system
Thursday, 27th July 2023

Nigel Farage
• THANKS to shrieks of indignation from Nigel Farage over the closure of his account with Coutts, the government is reportedly considering legislation to protect free speech by threatening banks with losing their licences if they blacklist people with controversial views.
Strangely there was no such reaction in 2015 when the Co-operative Bank closed numerous accounts, including those of charities and campaigning organisations involved with Palestine and Cuba.
It’s not just groups with controversial views that suffer. Small charities and community groups routinely struggle to obtain reasonable banking services.
Members of several local allotment and joint freeholder associations recently relayed tales of the hoops their banks make them leap through.
As a present and past trustee of several charities, I’ve experienced the difficulty and relatively high cost of obtaining bank accounts and the variety of complex conditions imposed.
Let’s hope Nigel Farage maintains his new-found public spirit to make sure banking reform does more than benefit the rich and powerful.
DEE SEARLE, NW5