IT IS hard to think how Coutts’s “reputational risk” committee could have inflicted more damage on the bank’s reputation than by recommending that Nigel Farage’s account be closed. When Farage first raised the charge that his account had been closed on political grounds, the bank let it be known that the problem was with his financial situation — itself hard to square with client confidentiality.
But after Farage released a dossier from the bank alleging that his views are seen as “xenophobic and racist” and “at odds with our position as an inclusive organisation”, it was clear that he had indeed been dropped because of his views. Leaving aside the irony that a bank which requires a client to have £3 million in savings or £1 million in loans sees itself as inclusive, what we have here is straightforward discrimination on the grounds of politics.
Coutts, 40 per cent owned by the taxpayer from its ownership by NatWest, is refusing a service because of a client’s opinions and profile. Of course, banks are entitled to close customer accounts in the case of criminal activity — if a client is, say, suspected of money-laundering or of handling funds for IS — but this is very different from politics. A bank customer is entitled to hold strong public views on Communism or Brexit; that is not a bank’s business.
Now the Government is considering making free speech a condition of a banking permit, to nip any future Coutts-style behaviour in the bud. It is right. It is outrageous that banks should curb free speech. They should concentrate on decent banking practice: plenty of scope for improvement there.
Don’t be greedy
THE NHS is again cancelling routine appointments because of a strike — this time by consultants. These skilled, and mostly utterly dedicated, individuals are already paid between £90,000 and £120,000 a year, and many of them earn more from private practice.
Yet their union has rejected the Government offer of a six per cent pay increase with contempt. It will be hard for them to muster quite the overwhelming public sympathy that was felt for the nurses given that their salary so much exceeds that of most patients. They should accept the offer. Meanwhile, the backlog of operations that the strike has exacerbated will doubtless increase demand for the services of some of them in the private sector.
Cheers
Pubs in central London have seen a rise of 18 per cent in sales the last 15 weeks thanks to increased tourism and the return to offices. Witness pavements filled with thirsty workers. Welcome news for an embattled sector.
