Former British member of the EU parliament (MEP) Nigel Farage sharply criticized NatWest bank for its policies limiting how much cash can be deposited and withdrawn.
On top of that, the bank reserves the right to refuse cash and/or checks, per the new rules, which go into effect on September 11, 2023.
In a video that he published on X, Farage showed how a large number of personal and business accounts were shut down by banks, with no apparent explanation or deadline.
The government of Prime Minister Rishi Sunak currently wants better regulations and increased transparency, albeit for personal accounts only, which Farage is a fan of, but he stressed that banks are not doing this on their own volition.
Such measures are part of the broader campaign to move towards a cashless society.
Farage also called attention to how these new policies negatively impact small businesses. According to the cases he analyzed, many of the large numbers of small business accounts being terminated were largely due to their cash usage.
Farage views the imposition of cash limits as part of a broader trend to tighten government control of people’s private affairs. He believes that this will just be the first step as “personal carbon limits” will soon begin to be introduced.
Farage is correct in expressing his fear of a cashless society. Cash at least gives citizens a sense of anonymity. Whereas, a society with nothing but digital transactions allows for both corporations and the state to easily track every individuals’ economic transactions.
What’s taking place in the UK will soon be a fixture across the West if people don’t get their act together and start opposing technocratic attempts to micromanage people’s economic affairs.