SUPPORTERS of independent media are being urged to ditch any accounts they have with Lloyds after it emerged a left-wing publication had been debanked by the organisation.
The National reported earlier this week how The Canary had revealed Lloyds is "currently withholding a substantial amount of our money" and "has not explained why it has taken this action".
The Independent Media Association (IMA), which network and lobbies for news outlets that are democratically-owned, is now urging its members and other industry bodies to shut any accounts they have with Lloyds and write to the banking group to explain why.
The IMA – of which The Canary is a member organisation – has called on Lloyds to justify its actions and is working with press regulator Impress to push for The Canary’s accounts to be reinstated.
“The Canary has banked with Lloyds for almost a decade,” the IMA said in a statement.
“On June 30, it was revealed that Lloyds had closed its account without warning or explanation, leaving the outlet unable to access a substantial amount of its own money and struggling to meet payroll. Despite repeated attempts to get answers, Lloyds has told The Canary nothing beyond a refusal to comment on individual accounts.
“We note that, globally, independent media are increasingly finding themselves cut off from basic banking services, without due process or recourse. Lloyds' actions are a warning sign that Britain risks following the same trajectory.”
The Canary is explicitly pro-Palestine and critical of mainstream media.
Bosses have said they do not have enough cash to pay all staff because Lloyds “is holding so much of our money."
The IMA is recommending members bank instead with ethical alternatives such as Unity Trust Bank, Tridos and Co-operative Bank “that understand the needs of independent and campaigning organisations”.
🚨BREAKING: The Canary have been DEBANKED, removing us from vital funds - this is an attack on free speech. Support us by donating here 👇https://t.co/xBxn1vUEHB pic.twitter.com/dGEKKdeKsx
— Canary (@TheCanaryUK) June 30, 2026
Speaking exclusively to The National, IMA chair Abla Kandalaft said the debanking had put The Canary under enormous pressure and the outlet is struggling for political support because of the lack of reasoning given by Lloyds.
“Debanking is a tool that can be used to silence pretty much anyone,” she said.
“In terms of independent media, all outlets are utterly reliant on the banking system. If they want to be financially sustainable they have to have a bank account, so things like debanking really put a lot of pressure on major outlets that are already under pressure to survive in such a climate.
“It also acts as a deterrent. If this happens to an outlet that’s relatively major, like the Canary, what can happen to a smaller outlet which doesn’t have any leeway in terms of funds?
“The biggest issue I’d say is the fact that they haven’t given any explanation so there is no justification being given. This also means we haven’t got much political support in terms of MPs speaking out because they don’t know what they’d be defending, everyone is tiptoeing around the issue because there’s been no official reason given.
“It’s the fact they haven’t given any warning either. The account was closed without any prior warning. It was on The Canary to find out their account had been closed.”
Kandalaft added that she has fears over a spike in repression and censorship in the media, with the UK Government unveiling new security legislation this week which it is thought could criminalise foreign correspondents and NGO workers engaging with designated state-backed groups.
The National Security (State Threats) Bill, which is moving through its final stages this week, hands the UK Home Secretary Shabana Mahmood sweeping powers to designate as a threat any state-backed organisation deemed to be prejudicial to the UK's "safety and interests".
Independent reviewers of terrorism legislation have warned that the bill's vague wording risks criminalising journalists and NGO workers engaging with a designated organisation and could lead to them incurring sentences of up to 14 years.
Kandalaft said: “Regardless of the causes [of The Canary’s debanking], media outlets that are trying to work on investigative pieces will feel censored by default because they will know that tool can be used against them.”
She went on: “There is an undeniable increase in repression and censorship.
“It’s a sign of the growth in not only readership but the impact on the ground an outlet like the Canary has had. We see this to a larger extent in the draconian measures that are being pushed through government.”
On the new UK legislation, she feels this has been brought in because of the power and widespread impact of independent media.
Kandalaft added: “Things like this are a sign of the really serious increase in censorship and repression of free speech and accountable reporting. That’s something we hadn’t seen years ago, and I honestly think it’s because independent media wasn’t as powerful or reaching as many people.”
Lloyds has been approached for comment.
