Morning Wire De-Banking and the Free Speech Battle: The High Cost of the Wrong Opinion | Saturday Extra
Aug 12, 2023
Jacob Rees-Mogg, a Conservative MP and host of State of the Nation on GB News, dives into the alarming trend of de-banking based on political views. He discusses efforts to legislate against discriminatory banking practices and the societal implications for free speech. Rees-Mogg highlights high-profile cases of financial exclusion, comparing the evolving ESG criteria across the U.S. and U.K. He emphasizes the importance of bold political expression in promoting a healthy democracy.
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Farage Debanking
- Nigel Farage's bank account was closed, allegedly due to insufficient funds.
- He later discovered the real reason was his political views and friendship with Donald Trump.
Other Debanking Instances
- Reverend Richard Fothergill's bank account was closed after complaining about the bank's LGBT promotions.
- Other charities and free speech organizations have also been debanked for expressing non-mainstream views.
ESG and Debanking
- Debanking is becoming more common, linked to ESG (Environmental, Social, and Governance) criteria.
- ESG can be used to promote political opinions, potentially impacting investments in essential sectors like defense.