DATA & FIGURES
£1 billion was wiped off Natwest's market cap after it closed Nigel Farage's bank account in 2023, with its share price slumping 8%. 343,000 bank accounts were closed in the UK in 2022, compared to 45,000 in 2017. $2,500 is the fine that PayPal can impose on customers for spreading misinformation, according to its terms of service.
THE SCENARIO
The debanking of The Canary is part of a growing trend of banks closing accounts of individuals and organizations with politically inconvenient views, sparking fears of financial censorship and a threat to democracy. The UK government's new National Security Law has also raised concerns about the erosion of civil liberties and the potential for "civil death".
DIRECT QUOTE
"This is a disgraceful move by @LloydsBank. Be under no illusion, it's an attack on all independent media in UK that doesn't tow the government line. If Lloyds doesn't sort this immediately, a widespread boycott campaign should ensue." — Matt Kennard, Journalist
BBN INSIGHT
The debanking of The Canary highlights the risks of financial censorship and the erosion of civil liberties in the UK. The Positive Side is that the incident has sparked a widespread outcry and raised awareness about the issue, with many calling for greater transparency and accountability from banks. The Negative Side is that the debanking has left The Canary in a financially precarious situation, and the UK government's new National Security Law poses a significant threat to journalism and political dissent.