The number of individuals facing bank account closures has surged dramatically, with anti-bank campaigner Nigel Farage describing the latest statistics as “horrifying.”
By the period of 2024-2025, around 450,000 customers in the UK are predicted to be debanked. A report indicates this marks a significant jump from just 45,000 account closures in 2016-2017.
Though there’s been a consistent rise in bank account cancellations recently, there was a slight dip from 2022 to 2023—this was about the time when Farage’s own banking issues gained media attention.
Farage commented on the figures, calling them “staggering,” and suggested that the rapid increase is partly due to EU regulations that remain in place post-Brexit. He believes that these rules lead banks to close accounts over atypical transactions.
A representative from the Institute for Prosperity mentioned that the data illustrates how debanking continues to pose a real threat to British citizens. They remarked that while the intention of preventing crime is commendable, it’s hard to believe that an additional 453,000 people could become financial criminals alongside the existing figures from previous years.
Farage initiated his campaign against the banks and their regulations after experiencing the abrupt closure of his banking services in 2023. Initially, Mr Coutts, a private bank under the NatWest Group, stated that the closure was a business decision deemed legal. However, it later came to light that the decision was politically motivated and not legal.
A leaked memo from NatWest referred to Farage in derogatory terms, revealing staff’s unprofessional behavior regarding his accounts.
Farage expressed, “The ruling elite are attempting to close my bank account and push me out of the UK. If they can do this to me, it could happen to anyone.”
The situation escalated, leading to the resignation of the bank’s CEO, who had close links to high society. Though she quickly found another position within the city.
In a recent development, Farage’s Reform Party achieved a small yet notable victory by enabling individuals to open accounts with mainstream banks, which previously refused service except to niche banks. Farage regarded this as a significant achievement for Reform UK, expressing optimism for collaboration with Lloyds.
