UK Banks Close 140,000 Small Business Accounts Amid Debanking Concerns

Criticism mounts as lawmakers and regulators scrutinize banking practices affecting small enterprises.

UK banks closed 140,000 small business accounts last year, raising concerns over debanking practices.
Nigel Farage criticizes the banking sector for not changing its approach, highlighting the devastating impact on small businesses.
The Commons Treasury select committee is investigating the difficulty small businesses face in accessing banking services.
Banks cite financial crime and fraud concerns as the primary reasons for account closures, with regulatory compliance being a significant factor.
The Financial Conduct Authority acknowledges the issue, suggesting a potential need for legislation to ensure fair treatment.