Debanked: MPs claim 'legitimate' companies are being denied accounts

MPs have condemned the woke debanking of firms deemed ‘undesirable'.

A report by the Commons Treasury select committee on banking services for small companies took aim at the ‘unfair' practice of denying accounts to legitimate businesses, from defence firms to slot machine operators.

It said environmental, social and governance (ESG) concerns raised by investors should not become the basis for shutting out those involved in arms making or oil and gas. 

MPs heard evidence that more than 140,000 small firms had been ‘debanked' over the past year, often with little or no notice.

‘Cross-party members condemn the debanking of legitimate businesses,' the report said.




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