AN MP is urging government to act to protect businesses from being debanked – fearing too many banks only care about the bottom line.
Shipley MP Philip Davies said a scandal earlier this year where Coutts debanked Nigel Farage has raised concerns over how businesses are treated.
Speaking in Treasury Questions in Parliament Mr Davies said: “It is pretty clear that most legacy banks do not give a stuff about their customers and just want to screw as much money out of people as possible.
“After the scandal of Coutts debanking of Nigel Farage, the Government acted swiftly to try to make that much more difficult for other customers, but many businesses face the same problem. What will the Government do to stop businesses being debanked in the same way as individuals?”
Mr Davies wants to see measures in place to protect businesses to end them being debanked. Businesses are often left with no way to receive income meaning they cannot meet any of their financial obligations, including paying bills and staff.
Economic Secretary to the Treasury Bim Afolami said: “I am not sure that I quite accept my hon. Friend’s (Philip’s) characterisation of the banking industry, but I am happy to meet him and discuss the problems he outlined in relation to specific businesses and access to bank accounts.”
It was originally reported that Coutts debanked Mr Farage as he failed to meet the wealth threshold but it was later revealed that it was due to his beliefs and opinions.
Mr Davies will meet with the treasury minister and officials in the New Year.
