It’s rare to see a story about a divisive figure like Nigel Farage last so long and unite so many opposing sides. Coutts Bank’s decision to deprive him of a bank account is a story with so many facets.

Politicians and senior civil servants are classed as PEPs – politically exposed persons. This requires banks and financial service companies to perform enhanced checks on those in public life. Loads of my colleagues – myself included – have been subjected to endless questions by various banks and card companies making life difficult. Getting a mortgage is problematic whilst family members are also subject to the same problems.

Behind the PEP regime is an EU directive that tries to prevent politicians gaining financially from political decisions. But it is meant for dodgy Russian money launderers, not district councillors. Stories such as the arrest of former Labour Liverpool mayor Joe Anderson in 2020 for fraud demonstrates, perhaps, why it is important. But a system that assumes anyone going into public office is already guilty of using the system to their own benefit will deter those decent people we need to come forward and engage in public life.

But the Farage case is about more than just the PEP regime. It is about environment and social governance – ESG. Increasingly, businesses are trying hard to push their wider societal credentials. As this becomes more embedded, so-called clean businesses are finding it easier to secure capital and customers, whilst dirty businesses less so. So, oil and gas companies find it harder to raise cash, pay more tax (75%) and are scorned, irrespective of the fact that what they produce powers our economy and public services, and their profits are reinvested into green technology. After all, in looking after their shareholders and staff, they need to secure future business beyond the end of the fossil fuel economy.

Coutts, the “inclusive” bank, decided to exclude Farage because of his view. The same happened to Gina Miller, who runs True and Fair and is a lead Remain campaigner, with another bank. It seems inclusivity only includes those who fall into line.

It was right that Alison Rose left Coutts owner Nat West for her role in this. Aside from this egregious mistake, she was a brilliant CEO, but she broke the rules. But banks are banks, not arbiters of how society should behave. Arbitrarily excluding people from the economy because views don’t agree is fundamentally wrong.