Staff Reports
Brexit leader Nigel Farage has warned that banks are working with credit agencies to implement “word checks” of customers’ social media accounts in order to determine their eligibility for banking services. Farage, who has recently launched a campaign for freedom of speech, argues that this development is part of a broader trend to “debank” individuals whose views do not align with those of the elite. He criticizes banks for becoming “highly politically active” and claims that they are increasingly employing individuals who hold left-wing values. Farage warns that individuals with conservative opinions may soon find themselves unable to pay bills or make purchases due to this monitoring of their social media activity.
Shame, Fear Meant Even Rich and Powerful Didn’t Admit They’d Been Debanked Until Farage Broke Storyhttps://t.co/HtvEFsy1Mb
— Breitbart London (@BreitbartLondon) July 31, 2023
While the concept of banks assessing customers based on their social media use is not new, Farage’s revelations about the scale of debanking in the UK draw attention to the potential threat this poses to individuals’ financial access. Farage claims to have received thousands of responses from the public detailing instances of being debanked and mistreated by financial institutions. These include cases where customers were penalized for expressing views on topics such as LGBT rights or for withdrawing cash without providing a specific reason. The debanking phenomenon also affects individuals in legal professions that are not well-regarded by left-wing circles, such as gun brokers and huntsmen.
Farage argues that the push for a cashless society and central bank digital currencies will further entrench control over people’s lives. While he has achieved some early successes in holding banks accountable for their debanking practices, he emphasizes the need to protect democratic freedoms and freedom of speech in the face of such developments. The debanking scandal gained public attention last month when Farage revealed that his own bank, part of the NatWest group, had closed both his business and personal accounts. Despite the bank attributing the decision to financial reasons, evidence later emerged to suggest a political motive.
