The real reason for Nigel Farage’s bank account being closed has been revealed today – and it has nothing to do with the “serious political persecution” he was trying to tout.
Farage took to Twitter last week claiming the bank he had been with since 1980 had shown him the door.
He suggested the decision was made due to his involvement in the 2016 European Union referendum, but new revelations have put that all to bed.
According to Simon Jack, the prestigious bank Coutts has told the BBC that Farage’s account was closed because he fell below the financial threshold required to hold one.
He was offered a normal account at Natwest, which owns Coutts, but seemingly refused to take it.
Coutts requires customers to borrow or invest £1 million with the bank or hold £3million in savings, hence why the decision was entirely commercial and not in any way political.
Farage has reportedly tried to open an account with a number of other banks but claims he was rejected on the grounds that he is a “Politically Exposed Person” (PEP).
A PEP generally presents a higher risk for financial institutions as regulators.
He told the BBC: “Are you telling me that all the other banks say it was a PEP thing and Coutts wasn’t – draw your own conclusions.”
Farage also said that his business account for “Thorn in the Side Limited” was closed despite the fact that last year he had what he described as “large significant positive cash balances” going through his business account.
Coutts do not offer business banking services to customers who are not also private customers.
Related: Laurence Fox tries to withdraw money from his bank account on Twitter and hilarity ensues