Unlike in Canada, where the extra-legal debanking of an unknown number of what Justin Trudeau described as a “small fringe minority … holding unacceptable views” had all the bien-pensants in and out of the legacy media nodding along, British opinion is not so friendly toward the extra-legal debanking of Nigel Farage and his family and friends:
An acquaintance of mine on Facebook, a hardline capitalist (so he says) made a comment that no-one has a “right” to a bank account, as they don’t have “rights” (those inverted commas are doing a lot of work here) to healthcare, education, paid-for holidays, etc. He was, of course, writing about the Nigel Farage/Coutts saga that has seen the CEO of NatWest, Coutts’ parent firm (39% owned by the taxpayer) issue a sort-of apology to the former UKIP leader.
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When a person is “debanked” today, they can have a problem opening an account anywhere else if the bank asks them why they left a bank in the past. As a result, we have almost a sort of “cartel” system operating.
In time, hopefully, competition will swing back, and some of the nonsense going on will disappear. In the meantime, while I agree with you that the idea of having a “right” to a bank account is as bogus as many of the other “rights” that people talk about today, the fact that banking is such an embedded form of life in a modern economy means this issue hits hard in a way that, say, isn’t the case if you are banned from a pizza restaurant or candy store for holding the “wrong” views. Of course, it may be that the Farage case might encourage a firm to go out of its way to court business from those who have been targeted. Let’s hope so. For example, a bank could, without incurring wrath from the “woke” or regulators, say something like “Banking is all we do. No politics. No agendas. Just finance.”
And as I have said before, the outrageous Nigel Farage case, and that of others, surely demonstrates that a central bank digital currency idea must be resisted. This would be the end of any financial autonomy at all.
As you’d expect, Brendan O’Neill isn’t a fan of this latest attempt to make certain political viewpoints effectively illegal:
So there you have it. Nigel Farage really was given the boot from the prestigious private bank Coutts because of his political views. Because he is very pro-Brexit, is fond of Donald Trump and has been critical of Black Lives Matter. Because, in the words of an extraordinary internal dossier compiled by Coutts, his views “do not align’ with the bank’s values”. For the past fortnight the chattering classes have been chortling over Farage’s claim that Coutts was persecuting him for his political beliefs. How dumb – worse, how complacent in the face of corporate tyranny – those people look now.
Last month, Farage went public about the closure of his Coutts account. I’ve been given the heave-ho for political reasons, he said. He also said that nine other banks have since rejected his custom. Now he has published a dossier that was distributed at a meeting of Coutts’ “reputational risk committee” on 17 November 2022. It is a truly chilling read. It runs to 36 pages. There is a strong case for “exiting” Farage from the bank, it says, because his publicly stated views are “at odds with our position as an inclusive organisation”. The Stasi once compiled dossiers on dissident activists and artists whose views ran counter to those of the GDR regime. Now Coutts seems to be doing similar on customers who dare to bristle against the regime of woke.
The dossier basically finds Farage guilty of wrongthink. It highlights his renegade views not only on Brexit and Trump but also on Net Zero and even on King Charles – he has had the audacity to criticise His Majesty. Like dissidents in East Germany, his friendships are held against him, too. His links with Trump and tennis champ Novak Djokovic make him suspect, apparently. The dossier quotes the Independent‘s description of Farage’s visit to Djokovic’s trophy room in Belgrade, during which he criticised Australia’s expulsion of Djokovic for failing to get vaccinated against Covid, as “the spineless, chaotic behaviour of a chancer”.
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The Farage / Coutts story is important because it highlights what a huge threat woke capitalism poses to freedom and fairness. Let’s be clear about what has happened here: a man has been economically unpersoned for having the supposedly wrong views. He’s been blacklisted for being a little too dissenting on the big issues of the day. And it’s happening to others, too – including people who do not have access to the same media platforms as Farage and thus have little leeway to protest against their expulsion from economic life by unelected, unaccountable banks and businesses. We acquiesce to this capitalist policing of thought at our peril. It is surely time for the government to act and clip the wings of banks and companies that believe they have the right to penalise citizens for the contents of their conscience. It might be Farage today, it could be you tomorrow.
Theodore Dalrymple sees it as a sign of the rise of woke totalitarianism:
It isn’t a question of whether Mr. Farage is always right or sometimes horribly wrong; when the bank says that it “uncovered” something that he said, as if he had recorded saying it by secret microphones, it makes itself ridiculous. Not even his worst enemies, or perhaps his best friends, would accuse him of hiding his light under a bushel.
The question is whether it’s the role of a bank to examine its clients’ views and deny them service if those views don’t accord with those of the chief executive, as if the latter were indisputably true and from which it were heresy to dissent. Is a bank an inquisition?
The chief executive of the parent bank, Alison Rose, said soon after her appointment that “tackling climate change would be a central pillar” of her work, and on the occasion of the so-called Pride month last year said that “our focus on diversity, equity and inclusion is integral to our purpose of championing the potential of people, families, and businesses”. This year, the company headquarters were covered in the rainbow colors of the LGBT flag, with lettering the height of humans declaring the “Championing the power of Pride”. Under her leadership, staff may “identify” as women and men on alternate days, should they so wish.
Of course, when she said that “diversity” and “inclusion” was “integral to our purpose”, she was using these terms in a strictly technical sense to mean “everyone who thinks as I do and has a fair bit of money”. The diversity “integral” to the “purpose” of Coutts doesn’t include those persons with less than $1 million to deposit, who even in these days of currency depreciation remain a small minority. People bank with Coutts because it’s exclusive, not inclusive.
The chief executive, however, is safely within what we might call the Coutts Community, because she was paid about $5.2 million last year. The prospect of being barred from the bank will no doubt inhibit anyone who banks with her banks from suggesting in public that she’s paid too much.
