UK Defence Startups Are Being Denied Banking Services Under ESG Rules

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Having already secured financing of £700,000 and the support of the government, the former British Army officer was confident of being able to open a bank account for his fledgling business. “I did a load of research on bank accounts and there are certain banks who won’t touch defence companies for various reasons,” Morris said. “All the research I did said ‘go to Barclays’, so I applied. ”Barclays has a reputation in the defence sector for being supportive, Morris said, and last month released a report calling for “action to help the UK turn defence innovation into scalable growth.

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