Rishi Sunak says he will crack down on banking practice by toughening laws following the closure of Nigel Farage's bank because he "did not align with their values".
During PMQs, Sunak was asked by Tory MP David Davis if the Prime Minister could require every bank with a banking licence to inform the Treasury of every account they’ve shut down for non-commercial reasons.
It comes after damning screenshots revealed the real reason Farage's Coutts bank account was closed.
A 40-page dossier shows Coutts chiefs made a concerted effort to “exit” him as a customer as they didn’t believe the former Ukip leader aligned with their views.
The Prime Minister told the Commons: "In the short term, having consulted on the payment service regulations, we do intend to crack down on this practice by toughening the rules around account closures.
"But in the meantime the financial ombudsman service is available for people to make complaints."
The Prime Minister later tweeted: "This is wrong. No one should be barred from using basic services for their political views. Free speech is the cornerstone of our democracy."
Conservative MP and fellow GB News presenter Jacob Rees Mogg also asked whether "members of the opposition deserve bank accounts".
Speaking in the Commons, he said: "Does my right honourable friend share my unease that a bank that has its Government as its largest shareholder, should close the account of a senior opposition politician?
"Will he use the Government share holding to ensure there is an enquiry into these circumstances because the subject data access request makes it clear or certainly indicates that it is the person concerned political views that led to his cancellation.
"Does my right honourable friend agree that however much we may find them tiresome, members of the opposition deserve bank accounts?"
The Prime Minister responded: "Mr speaker, it wouldn't be right if financial services were being denied to anyone exercising their right to lawful free speech.
"Our new financial services and markets act puts in new measures to ensure politically exposed persons are being treated in an appropriate and proportionate manner."
It comes after damning screenshots revealed the real reason Farage's Coutts bank account was closed
GB NewsFarage’s account with Coutts had been closed earlier this month after the bank said they no longer wanted him as a customer.
Screenshots have now been shared which go against reports that he fell below the financial threshold needed to hold an account with the bank.
The report states that "while it is accepted that no criminal convictions have resulted, commentary and behaviours that do not align to the bank's purpose and values have been demonstrated".