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Gina Miller's political party bank account to be closed
(www.bbc.co.uk)
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this post was submitted on 28 Jul 2023
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UK Politics
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"A spokeswoman for the bank said: "Like lots of banks, we do not accept any political parties as Monzo Business customers in the same way that we don't currently accept trusts, clubs and a range of other organisations."
So it seems perfectly reasonable to me - the account wasn't in the terms of service from the get-go. It's a bit of a non-story in that respect.
There does however need to be a legally mandated bank of last resort where accounts can be held for any non-criminal reason, with all the typical facilities that a normal bank account would have, and with charges in line with a similar bank account at any other bank. While it's fair that a commercial bank should be able to have terms and conditions on the type of businesses they accept, political parties, clubs, trusts, etc. all need bank accounts to function and so there should be a public bank that must accept all legal business without exception.
Nigel Farage didn't align with Coutts "values", but obviously the mafia bosses they have on their books do. 🤷
The mafia bosses clearly don't go on the telly annoying other wealthy customers. Farage is reputational damage to Coutts and I bet they profoundly regret ever having anything to do with him. Very much less so the mafia bosses, I'm sure.
Did anyone know he had a Coutts account before they kicked him out though?
Can't do reputational damage if no one knows about it, surely?
I think Coutts is all about cultivating the Right Sort of customers. "The Queen's bankers." Upper Class.
Farage was rather gauche and has become clearly less wealthy than when he lived off the EU, whereupon he's lost any redeeming features whatsoever to Coutts.
It's clearly OK for Coutts customers to be a bit of an embarrassment but wealthy, or to be unmistakably of high pedigree but fallen on a bit of a rough patch recently, but if you're a beer-swilling affectation-loving pugnacious racist with no great wealth, you're just absolutely the Wrong Sort and Coutts want nothing to do with you whatsoever.
It's 100% about reputation. Be rich or be posh, preferably both. Coutts doesn't want you in its world if you're neither.
Farage hated being chucked out because it represented his rejection by the establishment, and he's a bit sensitive when it comes to being rejected.
He is taking revenge on the same territory: reputation, and using his favourite weapon: the fears and insecurities of the Conservative Party of Great Britain and Northern Ireland, which allows him to dictate British policy depute having lost something like seven elections trying to get into Parliament.
The nail that sticks out gets hammered. If you want to do dodgy shit financially, all you have to do is avoiding sticking out. See the panama papers.
Farage on a crusade about banks but didnt do the same when the Panama papers scandal happened. This is just more Farage grift fuel.
This story is nothing to do with Farage or Coutts. That is completely missing the point.
It's just brought the story of people being refused bank accounts or being kicked out of their accounts into the forefront. If it means banks can't get away with closing people's accounts for spurious reasons as a result of this, then great.
I'm responding to your comment about Farage.
And the whole "debanking" thing isn't just about Farage and Coutts.
I think all UK citizens have a right to a basic bank account in the UK.
Banks (and most big businesses) are completely amoral - they will only do what is going to have a return on investment and is not forbidden by law (and if it is, that they can't get away with).