Nigel Farage has reiterated his plan to strip commercial banks of "free money" in the form of interest payments from the Bank of England on reserves built up during quantitative easing.
The Reform UK leader discussed the plan, which was originally included in the party's 2024 manifesto, during a Bloomberg event at the World Economic Forum in Davos.
Asked if he still planned to scrap the interest payments, Farage said: "We are going to do it."
He continued, The Times reports: “Some of the banks won’t like it. Well, I don’t like the banks very much because they debanked me, didn’t they?
“This will be tough for banks to accept, but I am sorry, the drain on public finances is just too great.”
Farage was adamant the move would not be a tax, explaining: “They are just not going to get free money anymore.”
The banking industry previously cautioned there would be "real consequences" for the economy if Farage's plan was implemented.
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