ESG seems noble enough on the surface, but as UK banking customers are discovering, it is a trojan horse for political control. The high-profile case of Right-Wing Brexit guru Nigel Farage has now dragged the issue into the headlines.
Martin Harris 20/7/23
So what is ESG?
Chances are that if you work for a large corporation, they are signed up to it. If you aren’;t sure, find out!
Here’s a good comprehensive description:
What Is Environmental, Social, and Governance (ESG) Investing? (investopedia.com)
To repeat: It all sounds well intentioned and “for the greater good”, but if you are reading this item there’s a good chance you are able to read between the lines. A company that signs to ESG then insists all its suppliers sign up to ESG; the “butterfly effect” is set in motion. But they don’t call it Chaos Theory for nothing. Sooner or later that butterfly becomes a fire-breathing dragon. And that’s where we’re at. Draconianism.
More and more banks are now signed up to ESG and looking for that all-important high score, like some bizarre video game. If this means their customer base is dragging them down, guess what happens next?
In the UK what began as a few disgruntled customers finding their bank accounts closed because of their political and social views has now gained media attention thanks to Nigel Farage, who just found himself shut out of his bank account due to such matters as his role in Brexit, his association with Donald Trump, and his stance on LGBTQ+ and abortion among other things.
As Sky News reports:
Nigel Farage shocked at ‘vitriol’ in document he claims shows why bank account was closed
The GB News presenter and former UKIP leader has described a document he claims showed Coutts closed his bank account because it did not agree with his political views as “prejudiced and nasty”.
Wednesday 19 July 2023 18:07, UK
The Guardian, meanwhile, takes the opposite view, suggesting it’s OK not to do business with someone because their political views are “too horrible”. Apparently, Hugh Muir hasn’t contemplated the potential repercussions long-term or the consequences beyond his own dislike of Farage and his views:
But is it legal? Regardless of whether you think someone is “too horrible” or not, can a bank or any institution discriminate against you for your views? And does this not in fact contradict the very stated essence of ESG to promote inclusion and diversity and fight against discrimination?
According to The BBC:
Nigel Farage says he has evidence that Coutts bank decided to close his account because his views “do not align” with their values...The BBC previously reported that his account was being closed because he fell below the financial threshold…”The committee did not think continuing to bank NF [Nigel Farage] was compatible with Coutts given his publicly-stated views that were at odds with our position as an inclusive organisation…”This was not a political decision but one centred around inclusivity and purpose…”He also said there was a perception that he was regarded as “racist and xenophobic”, which he called an “appalling slur”.
Nigel Farage: Coutts document ‘shows bank account shut over my views’ – BBC News
Reuters says;
Prime Minister Rishi Sunak told parliament on Wednesday that “it wouldn’t be right” for banks to deny services to those exercising the right to lawful free speech…Under planned reforms, banks will have to give customers three-months’ notice of account closures, Sky News reported…Financial services minister Andrew Griffith said… while businesses had a right to protect against reputational risks, banks in a democracy had a “duty not to ‘debank’ because you disagree with someone’s views.“
UK watchdog steps into row over ‘debanking’ of Nigel Farage | Reuters
It will be interesting to watch this high profile case unfold. The outcome may have repercussions for us all.
Martin
Get your copy from our Online Store or your local book and magazine retailer
Australian Retail Locations » Uncensored Publications Limited
New Zealand Retail Locations » Uncensored Publications Limited
As censorship heats up and free thought becomes an increasingly rare commodity, we appeal to our readers to support our efforts to reach people with information now being censored elsewhere. In the last few years, Uncensored has itself been censored, removed from the shelves of two of our biggest NZ retailers – Countdown Supermarkets and Whitcoulls Bookstores – accounting for 74% of our total NZ sales.
You can help keep the Free Press alive by subscribing and/or gifting a subscription to your friends and relatives.
