WOKE BANKS 'A RISK TO NATIONAL SECURITY'

MoD probes the closure of defence firms' accounts | Probe into bank services denied to military firms

- Jonathan Walker and Marco Giannangeli

BANKS have been accused of putting the nation’s security at risk by refusing to do business with Britain’s defence industry. 

The Ministry of Defence has launched a probe after dozens of military companies “large and small” complained they were denied banking services because of the nature of their work.

Experts warn the trend could see vital defence companies collapse, leaving the country reliant on foreign firms and “dramatically reducing national security”.

The growth of environmental, social and governance policies, which encourage firms to invest “ethically”, has been blamed.

But last night, the way they are being implemented was branded “woke nonsense”.

The policies are designed to protect financial service firms from accusations of damaging the environment or exploiting workers.

But Labour MP Kevan Jones, who sits on the defence select committee, said: “I’m sure these bankers will be more than happy to read out their codes of ethics to Russian forces as they land on our beaches.”

The MoD probe was launched days after the Treasury ordered its own inquiry into claims that banks are closing customers’ accounts because they did not like their views on controversial issues.

Bosses of small defence businesses claim they have been refused accounts, had their existing accounts closed down, been refused insurance or denied capital loans.