Key facts
- Lloyds Banking Group is accused of debanking the left-wing news website The Canary.
- The Canary claims the bank has withheld a substantial amount of their money without providing a reason.
- The media outlet stated it is now in a financially precarious situation due to the alleged debanking.
- The Canary noted that other politically engaged individuals have experienced similar actions from banks.
- The incident is compared to the debanking of Nigel Farage by Coutts and Donald Trump's claims against JP Morgan.
Lloyds Banking Group has been accused of debanking the left-wing news website The Canary, a move that has allegedly left the media outlet in a "financially precarious situation" with "barely any funds." The Canary slammed the bank on Tuesday for "withholding a substantial amount of our money" and ceasing their banking relationship after nearly a decade of use, without providing an explanation.
The media firm stated that despite multiple communications, Lloyds has not been forthcoming with its reasoning. The Canary, which brands itself as "radical working-class media," is concerned about when the "money that Lloyds is holding will be returned." The outlet also noted that it is aware "other politically engaged people have suffered similar actions by other banks."
This incident highlights the extent to which financial institutions may distance themselves from individuals and organizations perceived as politically controversial. Notable past cases include Reform UK leader Nigel Farage being dropped by Coutts, a private bank owned by Natwest Group, which led to the resignation of Natwest boss Alison Rose. Farage had claimed his account was unfairly closed due to his political beliefs. In the United States, Donald Trump filed a $5 billion lawsuit against JP Morgan and its CEO Jamie Dimon, alleging political discrimination after his accounts were reportedly closed following the January 6th Capitol riots.