Darius Guppy

Farage’s fate shows that cash should remain king

[Getty Images]

Nigel Farage’s cancellation by Coutts and Co – a blackballing which seems to have extended nationwide – brought to mind two similar events with which I had to contend a few years ago.

First, in the East, where I was fortunate to have a flexible bank manager who allowed me to step behind her PC and spy next to my name the words ‘politically exposed’ – affixed by an American credit agency which knew the square root of nothing about me, save what some bot had picked up from Google. ‘This will be on most banks’ systems in the world,’ I was informed, ‘and the majority of them will close your account or won’t allow you to open one in the first place.’

Thankfully, common sense prevailed and we were able to circumvent the problem. More alarmingly, however, was that this red flag extended to my adolescent children simply by dint of their association with me.

The implications here are totalitarian

The second incident occurred in the United Kingdom where my experience was identical to Farage’s – a bland notification that I had two months in which to withdraw any funds and place them elsewhere (if elsewhere would have me). Further enquiries revealed that the bank was under no obligation to inform me of its reasons and, moreover, that any investigation by the Banking Ombudsman, were I to lodge a complaint with him and even were he to find in my favour and have my account re-instated, would leave these reasons occulted.

We are all in agreement: the implications here are totalitarian. What is someone who is cancelled in this way to do, especially now that cash is being phased out to the extent that we are forced  to operate a bank account (in itself surely unconstitutional)?

But the real point is that once cash ceases to exist and we jump to the next inevitable phase, namely centralised digital currencies – as being put in place by China – a more effective means of total control would be difficult to imagine.

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