UK Defence Startups Are Being Denied Banking Services Under ESG Rules

UK defence startups are being denied banking services due to Environmental, Social, and Governance (ESG) rules. The UK's largest banks are using ESG criteria to evaluate the financial institutions they partner with, leading to some defence startups being rejected. This is a result of the growing influence of ESG investing, which prioritizes sustainability and social responsibility over profit. The UK's banks are under pressure from investors and regulators to adopt ESG principles, making it difficult for defence startups to access the banking services they need. This has raised concerns among defence industry experts who argue that this could hinder innovation and national security.