BANK bosses will be hauled before the Treasury and warned they face being shut down if they close customers' accounts for political reasons.
Rishi Sunak fired a warning shot at "woke" banks last night by making it clear he will "take the action necessary" to protect freedom of speech.
Tory sources said it was the opening salvo in an aggressive political campaign designed to highlight clear divisions with Labour on big issues such as crime, illegal immigration and women's rights.
Last night the Prime Minister told the Sunday Express: "I will continue to focus all my efforts on doing the right thing by the country." Banks could face tough sanctions under Financial Conduct Authority rules. Firms will have to say how they are protecting customers from being "de-banked" when they are hauled before a senior Treasury minister.
Sanctions could include everything from hefty fines to the withdrawal of licences for those who fail to obey strict new rules to strengthen customer rights.
And a new account holders' charter will force banks to give a guarantee that users will be able to express their opinions without fear of losing their accounts.
The action follows public outrage after prestigious bank Coutts closed Nigel Farage's account because his views did not "align with our values".
Treasury minister Andrew Griffith will tomorrow write to 19 banks and financial services firms to insist the treatment of the former Ukip leader caused "significant concern in both Houses of Parliament".
This story is from the July 23, 2023 edition of Sunday Express.
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This story is from the July 23, 2023 edition of Sunday Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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