UK Bank closes account of Nigel Farage, former chief of UKIP, Brexit Party

economictimes.indiatimes.com:

Nigel Farage, the man known for his Brexit campaign. Coutts has said that the former Independent Party chief has fallen below the financial threshold for holding an account with the bank. But Farage has said that the decision was politically motivated and it will affect his future career.

The bank has said that the financial criteria for holding an account have been clearly mentioned on its website. An account holder must borrow or invest GBP 1 million from the bank or have GBP 3 million in the account. Nigel Farage has not denied it, but he said that the bank did not have any problems for the last ten years.

He also said that last year there was a good positive cash balance in his account. The former Member of the European Parliament has posted a video on Twitter in which he has called it ‘political persecution from an anti-Brexit banking industry’. Slamming the banking industry, Nigel Farage said that ‘losing the bank account was equivalent to being non-person and it will affect his future career.

Talking to BBC Radio 4, he said that the bank has not given him any reason for shutting down his account. He also rejected the claim that the bank offered him the option of opening an account with NatWest. Farage said that the offer came last week, after he made the issue public.

He further said that the bank has offered to open a personal account, not a business account, while he needs a business account as whatever income he receives, comes from the business. The person who was the main figure behind the Brexit movement said that other banks have refused to take him as a customer saying that he was a ‘politically exposed person’. Banks and financial institutions consider a ‘politically exposed person’ as high risk and avoid