Forum Topic

Nigel Farage Plans Poweful Lobby Group To Oppose De-Banking

From AOL News:Nigel Farage hopes to “build a powerful lobby group” to oppose de-banking, as it was reported that banks are closing more than 1,000 accounts every working day.Farage says:"I'm launching a new campaign to fight back against the big banks that have let us down.We need to understand the scale of this national scandal. Together, we can form a powerful group to lobby government."You can visit the campaign website here: http://accountclosed.orghttps://t.co/zm0d8IZyyU

Sue Hammond ● 918d11 Comments

As Ed says, it's probably dependent on how much cash one has. I know US citizens who have UK bank accounts, mainly because they have property in the UK. An ex-colleague of mine had a New York bank account because he travelled there regularly to see his girlfriend who lived there (and he was hoping to relocate there once he got married). Anyway, people do have legitimate reasons to have foreign bank accounts. The aim should surely to make these things easier (obviously with adequate AMO, etc controls), is it no wonder that unregulated crypto currencies such was Bitcoin and Ethereum are becoming more popular?

Michael Ixer ● 918d

Probably nothing insurmountably but probably additional costs in foreign currency transfer fees and more hassle if one were, for example, dependent on income from a rental property in the UK (some people invested in buy-to-let as a pension or pension supplement). Owning property in the UK doesn't help as most banks apparently need one's primary address to be in the UK. I suspect as we're talking about pensioners the "hassle" factor may be important if they don't have anyone local to assist? Just something that's completely unnecessary as it could have been catered for in the withdrawal bill?

Michael Ixer ● 918d

We have an international property market commercial and residential. We also have other international markets. I can see a local currency account would be useful. However carrier bags of cash are also legal tender and as they say cash is King:https://www.theguardian.com/uk-news/2022/jun/25/prince-charles-is-said-to-have-been-given-3m-in-qatari-cash

Ed Robinson ● 918d

You can get your UK pension paid into your local EEA account or wherever you retire to, so I'm not sure what the issue is.Pre Brexit many people were living in Spain and avoiding residency requirements and possibly Spanish wealth tax.I'm still not understanding the reason here. It seems to be more about residency or avoiding it than bank accounts.

Ed Robinson ● 918d

Good luck with that one, Mike!

Jane Carter ● 918d

On a completely different issue, I cannot see why foreign people living abroad are given the right of holding a UK bank account. I suppose the argument is the size of the bank balance.....

Ivonne Holliday ● 918d

Ed, I think the answer is yes and no.In the case of retired people who went to live in the EU, their pensions were paid into their British bank account.With glorious Brexit rearing its ugly head, the decision was made to close accounts for expats.I am not too sure if pensions would be paid into banks abroad.

Ivonne Holliday ● 918d

Sorry. Yes it is UK citizens resident in the EEA. (I posted a link in the Farage thread with details.)

Michael Ixer ● 918d

It's generally so they can have UK pensions in sterling paid into a UK bank account. I guess they could but it's part of lifestyle decisions were made before Brexit so it's part of the problems caused by a poor Brexit agreement that excludes passporting. It's a free country so I'm just going to continue highlighting problems caused by Brexit. If people don't like it best to counter it by posting some benefits? Seems reasonable, ok?

Michael Ixer ● 918d

Sorry are you referring to UK citizens resident in the EU.If they are resident surely they could open up a bank account in the country that they reside?Perhaps I have misunderstood??

Ed Robinson ● 918d

Yes, I've already noted on a rejoin EU social media group that all those UK citizens in the EU being de-banked because the withdrawal agreement ends financial services passporting at the end of this year should register. That could give him another 10,000+ people to help his campaign :-)

Michael Ixer ● 918d