UK banks must not close individuals’ accounts for political reasons, Rishi Sunak’s government has warned in an escalating row over freedom of speech sparked by Nigel Farage.

The former Ukip and Brexit Party leader said last week that his personal and business bank accounts had suddenly been closed – claiming it was an act of revenge by the “establishment” for Brexit.

Downing Street confirmed there were “concerns” at the highest levels of government and said the Treasury was now looking at the whether the banks were being overzealous in closing certain accounts.

Mr Sunak’s official spokesperson said: “The chancellor is concerned by some of the reports. Free speech within the law and the legitimate expression of differing views is an important part of British liberty.”

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No 10 said the Treasury was already consulting on whether the banks’ current framework “strikes the right balance between the rights of a bank customer to express themselves freely and the right of a bank to manage commercial risks”.

Culture secretary Lucy Frazer said earlier on Monday that she was “concerned that people’s bank accounts might be closed for the wrong reasons” – warning that financial institutions should tread “very carefully” when it comes to people’s political views.

Read more: Independent