Banks have been denying services to defence companies over environmental, social, and, governance (ESG) factors, a defence minister said.
It comes amid ongoing suspicion that banks have been closing customers’ accounts over their political exposure or views.
James Cartlidge, minister for defence procurement, said the Ministry of Defence (MoD) has launched an investigation into the impact of ESG rules on the defence industry.
Defence industry associations have also said their members have been denied bank accounts and financial services.
In a statement emailed to The Epoch Times, the defence procurement minister said, “Defence businesses large and small have told me that ESG rules have undermined them, from facing more expensive finance to being denied basic banking facilities.”…