A top City financier has written to the Cabinet Office, the Bank of England and the Electoral Commission about strict regulations preventing new political parties from opening bank accounts.

In a letter seen by Reaction sent to Whitehall officials, Jeremy Hosking says that Reclaim – the party he co-founded alongside Laurence Fox – is being “severely hampered in its ability to function and organise its finances” because of “major banks [refusing] to accept its business”.