Nigel Farage: Real reason former UKIP and Brexit Party leader had bank accounts in UK closed

It has been reported that Nigel Farage has lost his bank account because he didn’t have enough money to use a private bank for super-rich clients. Last week, the former Brexit Party and Ukip leader claimed the "establishment" was trying to "force me out of the UK by closing my bank accounts”.

The GB News host said he had been given no explanation for the closure of his account at a bank which he did not name. Mr Farage tweeted: "This is serious political persecution at the very highest level of our system. If they can do it to me, they can do it to you too."

He added he had tried to open accounts at several other banks but claimed he was rejected because he is a "Politically Exposed Person" (PEP) under money laundering regulations. A PEP presents a higher risk for banks as they could be more exposed to bribery and corruption due to their position and the influence they may hold.

However, BBC has now reported that Mr Farage’s account with Coutts, a private bank, had been shut down because he didn’t have enough money. Coutts’s website states that "Clients are required to maintain at least £1m in investments or borrowing (mortgage), or £3m in savings."

People familiar with the decision said it was "commercial", telling the BBC: "The criteria for holding a Coutts account are clear from the bank’s website." Mr Farage was reportedly offered a standard account with Natwest instead, which owns Coutts.