In a shocking revelation, it has been uncovered that Richard Tice, a prominent figure in the Brexit movement and leader of the Reform Party, was debanked by Swiss Re due to his political views. The damning internal documents from the financial institution show that Tice's loan application for his business, Quidnet Capital, was rejected on the grounds that he was considered a "reputational risk."
Debanking Row Rocks Britain's Financial Institutions
Tice's case reignites the debanking row that has been causing upheaval in the British financial sector. The document states that Tice's position as former member of the European Parliament for East of England and current leader of Reform UK contributed to the decision to reject his loan application.
Woke Culture Damages UK Economy
Richard Tice expressed his outrage at the decision, emphasizing that the prevalence of woke culture is harming the UK economy. He blamed excessive bureaucracy and political correctness for hindering the growth of businesses and individuals alike, stating, "This is one of the reasons we are struggling to grow as an economy – because people and businesses are being weighed down by all this bureaucracy and it is all down to wokeness."
Tice's Subject Access Request Reveals Truth
Swiss Re was compelled to disclose the reason behind their rejection of the loan only after Tice submitted a subject access request to obtain the secret internal documents. Despite the revelation, Swiss Re declined to comment on the case.
Treasury Takes Action Against Political Views Debanking
In the wake of this scandal, the Treasury has issued a directive to banks, ordering them to cease blacklisting clients due to their political views. This action was a response to a similar incident earlier this year involving Nigel Farage, a close ally of Tice, who was debanked by Coutts, leading to the resignation of Coutts' owner NatWest's boss, Dame Alison Rose.
Treasury Minister Criticizes Discriminatory Practices
Treasury Minister Andrew Griffith strongly condemned the exclusion of individuals from banking services based on their political views. He emphasized that engaging in the democratic process and expressing lawful opinions should not pose any reputational risk, regardless of a financial institution's agreement with those views.
In summary, Richard Tice's debanking by Swiss Re due to his political views has reignited the ongoing debanking row in Britain's financial sector. The Treasury has taken action to prevent such discrimination, urging banks to grant access to banking services regardless of their clients' political affiliations. This case highlights the damaging impact of political correctness and excessive bureaucracy on the UK economy.
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