Think it was Megan McArdle where I first saw this idea, decades back. The thing about the internet is that we all thought it was just us. But the ease of communication means we can find out that no, it’s more common than that. And so what is indeed still a small minority can find out that they’re part of a group when totted up nationwide. And thus there’s social and political power:
‘Help me to help you’
He believes the full scale of de-banking has only just come to light because most victims “don’t say anything to anyone”. “They are embarrassed, they are humiliated. And they fear that, if they speak out in any way at all, it will damage their credit rating for the future. And there is strong evidence that’s true.”
The de-banking phenomenon, he thinks, has been driven by “complete overkill” in the application of anti-money laundering and “politically exposed person” directives, along with a creeping politicisation of banks.
Mr Farage claimed the latter issue is endemic throughout corporate culture, saying: “It has run through the public and private sectors at the most extraordinary speed, accelerated particularly by the Black Lives Matter movement.”