NatWest chief executive Dame Alison Rose has resigned after admitting to being the source of an inaccurate story about Nigel Farage’s bank account.
Her four-year tenure as chief executive has ended in ignominy over her admission that she had discussed Mr Farage’s bank details with a BBC journalist.
Number 10 said Dame Alison has “done the right thing” by resigning, and 19 bank chiefs will attend a Treasury summit today after reports some businesses have had their accounts closed with no explanation.
Mr Farage told Sky News “the whole board needs to go” at NatWest following the resignation of Dame Alison.
The former Brexit campaigner said Howard Davies, the chairman of the NatWest Group, had continued to endorse Dame Alison even after it emerged she was the person who had leaked to the BBC.
“The first rule of banking is you have to obey client confidentiality. So they have made a complete and utter mess of this,” he said.
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Mr Farage said he has not decided whether he will seek compensation and the row over his account closure has “absorbed my life for many months”.
He added a subject access request from the NatWest Group revealed his account was “commercially viable” and its closure was a “political decision”.
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The former UKIP leader also said he hadn’t been able to open another bank account and claimed he has been turned down by 10 banks.
Mr Farage also claimed he has been “approached by literally thousands of people all over this country that have been unfairly closed down by NatWest”.
NatWest’s shares were down by as much as 3.5% following the news of Dame Alison’s resignation.
Image: Dame Alison had held her position as NatWest Group chief executive for four years
Downing Street agrees with Dame Alison’s decision to step down
Meanwhile, a Number 10 source has told Sky News the prime minister “was concerned about the unfolding situation” and that it is felt Dame Alison has “done the right thing in resigning”.
The source said: “Everyone would expect people in public life – whether that’s in a business leadership role or otherwise – to act responsibly and with integrity.”
David Lindberg, the CEO of NatWest’s retail bank, is among those attending the Treasury summit with 18 other bank chiefs to discuss “de-banking” amid reports businesses are having their accounts withheld or withdrawn with little or no explanation. Freedom of expression will also be discussed at the summit.
City minister Andrew Griffith tweeted it is “right that the NatWest CEO has resigned”.
He added: “This would never have happened if NatWest had not taken it upon itself to withdraw a bank account due to someone’s lawful political views. That was and is always unacceptable.”
NatWest chairman says resignation is a ‘sad moment’
Sir Howard said earlier the board and Dame Alison agreed by “mutual consent” that she would step down from her role.
He said it was a “sad moment” and that Dame Alison has “dedicated all her working life so far to NatWest”.
In a statement, Dame Alison said: “I remain immensely proud of the progress the bank has made in supporting people, families and business across the UK, and building the foundations for sustainable growth.
“My NatWest colleagues are central to that success, and so I would like to personally thank them for all that they have done.”
The resignation was expected in the wake of briefings by Downing Street that she had lost the confidence of the prime minister and chancellor
Their concerns were echoed by Mr Farage, who accused the management of Coutts bank – which is owned by NatWest – of a “serious breach” and called Dame Alison’s position “totally untenable”.
The story first came to light when the BBC inaccurately reported Mr Farage’s account was closed as he did not meet Coutts’s financial thresholds.
Mr Farage told Sky News he has written to Peter Flavell, head of NatWest’s Coutts unit, “three times” since his account was closed and had not even had the “courtesy of an acknowledgement”.
Dame Alison had said she believed it was public knowledge Mr Farage was a customer of private bank Coutts and had been offered a NatWest account, and so confirmed these details to BBC business editor Simon Jack.
She later called her actions a “serious error of judgement” but reiterated the bank saw the account closure as a commercial decision and she was not part of the decision-making process.
On Monday, the BBC apologised for the report, following earlier apologies from both Coutts and Dame Alison.
Paul Thwaite, the current chief executive of the company’s commercial and institutional business, was announced as an interim chief executive, for an initial period of 12 months, pending regulatory approval.
The board said a process to appoint a permanent successor will take place in due course.
I’ve been around a while and seen a lot of the insides of international summits over the years, but this one was truly extraordinary.
Over 20 leaders flew to Sharm el-Sheikh in Egypt from all over the world – Indonesia, Pakistan, Norway, Canada – to witness the signing of Donald Trump’s peace plan.
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6:05
‘We have peace in Middle East’
This historic day was pure theatre for Trump from start to finish. Flying in from Israel, where he had met hostage families and then addressed the Israeli parliament, he arrived a whopping three hours late, keeping a gaggle of world leaders waiting.
We stood around in corridors watching them move from one room to another to hold meetings with each other, presumably to talk about phase two of Trump’s peace deal.
Testimony to the power of Trump
At one point, Sir Keir Starmer’s meeting with his Turkish counterpart included France’s Emmanuel Macro. That then somehow morphed into a summit which also brought in the Germans, Italy’s Prime Minister Giorgia Meloni, and the leaders of Egypt and Qatar. More chairs kept coming into the room until there was the equivalent of a cabinet table of leaders and advisors sitting in a long line facing each other.
What they were talking about was how each country could help in phase two of the peace effort. Now Trump had, alongside fellow signatories of this deal – Egypt, Qatar, and Turkey – ended the war, could they maintain the peace?
As Starmer put it: “We can’t treat today as historic and let it drop tomorrow.”
But these mini summits in the margins happened by fault rather than design. This day really was designed to bear witness – and offer acknowledgement – to Trump. All of these leaders turned up pretty much in the dark as to what the day held, with his peace summit convened 48 hours earlier.
That they dropped plans to make their way to Egypt is testimony to the power Trump wields.
Image: World leaders at the Gaza peace summit
He was utterly omnipotent. First, there was the greeting ceremony, in which each leader filed in individually for a photo and handshake with him before all returning to the stage for the family photo.
Then, at the signing ceremony, Trump sat with his three fellow signatories as the world leaders stood behind him.
“This took 3,000 years to get to this point. Can you believe it?” Trump said as he signed that deal. “And it’s going to hold up, too. It’s going to hold up.”
Finally, in another giant hall, Trump gave a speech in which he ran through all the leaders who had turned up – praising them or fondly poking a bit of fun at them accordingly, as (most) of them stood behind him.
He teased Macron for sitting in the front row rather than joining the others on the stage, joking it wasn’t like him to be low-key. He described Meloni as a “beautiful young woman”.
“I’m not allowed to say it because usually it’s the end of your political career if you say it – she’s a beautiful young woman,” said Trump mid-speech. “You don’t mind being called beautiful, right? Because you are,” he turned to say to her – her reaction obscured from view.
Now for the ‘easy part’?
Soon after, the prime minister of Pakistan, invited to say a few remarks by Trump, renewed his call for the US president to be awarded the Nobel Peace Prize.
Having brokered the deal, Trump took the moment and made it into his summit on his terms, as fellow leaders fell into line, literally standing behind him. And in his characteristic bullishness, he told his audience in this final speech that the hard part – the ceasefire – had been done, and rebuilding Gaza was the easy part.
Image: U.S. President Donald Trump talks to Prime Minister Sir Keir Starmer
That isn’t really what the rest of them believe: 92% of Gazans have been displaced, the Gaza Strip is a wasteland. Organising a peacekeeping force, getting Hamas to disarm and Israel to withdraw from the strip, putting together a technocratic team and peace board to oversee the running of Gaza still needs to be done.
This was a largely celebratory day, but there are concerns whether this deal will hold up. Trump says Hamas needs to disarm and disband, and yet one of their most senior leaders told Sky News a few days ago, it won’t.
Meanwhile, there is a growing humanitarian crisis in Gaza. The UK has in short order sent in £20m of aid to try to help with sanitation.
On the British side, the prime minister said he had offered to help demilitarise the strip, saying the UK can take a role in “monitoring the ceasefire but also decommissioning the capability of Hamas and their weaponry, drawing on our experience in Northern Ireland”.
“It’s really important we keep that focus. We mustn’t have any missteps now,” he said.
Image: Drone footage of Gaa
Trump’s peace board is still in its infancy – Starmer told me he isn’t going to sit on it, with the make-up still being discussed, while Tony Blair’s participation is controversial.
Trump said on the way over to Egypt that he was going to canvass opinion to make sure everyone is happy with the former prime minister’s presence. It comes after Bassem Naim of Hamas told Sky News that Blair was not welcome in Gaza after his role in the invasion of Iraq.
When I asked Starmer if he thought Trump should be awarded the Nobel Peace Prize he said “there’ll be plenty of people, I’m sure, nominating him” – as he paid tribute to him for getting “leaders to this position”.
Now the task for them all is to implement what Trump has set in train. If his plan works, he would be sitting on an achievement that has eluded successive US presidents for decades.
Trump should rightly be lauded for ending the war, now he must bring the peace.
Steve Witkoff, the US special envoy to the Middle East, has claimed the UK played a “vital role” in helping negotiate the Gaza peace deal, smoothing over a potential diplomatic row between London and Washington.
Witkoff took to X on Monday, ahead of meeting President Donald Trump in Israel, to praise the UK.
“I would like to acknowledge the vital role of the United Kingdom in assisting and coordinating efforts that have led us to this historic day in Israel,” Witkoff wrote.
“In particular, I want to recognise the incredible input and tireless efforts of National Security Advisor Jonathan Powell.”
His comments came 24 hours after education secretary Bridget Phillipson was branded “delusional” by Mike Huckabee, the US ambassador to Israel, for claiming that Sir Keir Starmer’s presence at a signing ceremony for today’s ceasefire deal in Egypt “demonstrates the key role that we [Britain] have played”.
Phillipson added: “We have played a key role behind the scenes in shaping this.
“It’s right that we do so because it’s in all of our interest, including our own national interest, that we move to a lasting peace in the region.
“These are complex matters of diplomacy that we are involved in. But we do welcome and recognise the critical role that the American government played in moving us to this point.”
Her comments prompted Mr Huckabee to repost the Sky News clip on social media, claiming: “I assure you she’s delusional.”
He added: “She can thank Donald Trump anytime just to set the record straight.”
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Mr Huckabee was part of the negotiating team for the peace deal, with Mr Trump calling the former Arkansas governor “AMAZING” as he said he “worked so hard, and did so much, to bring about peace in the Middle East”.
In August, Mr Huckabee said the UK and other European nations that said they would declare a Palestinian state were “having the counterproductive effect that they probably think that they want”.
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Israel’s deputy foreign affairs minister, Sharren Haskell backed Huckabee, telling Sky News the UK played “the opposite” of a key role in the peace deal after recognising the Palestinian state.
“The message that the UK government has sent Hamas was the message that: the longer they continue this war, they will be rewarded.
“I mean, you must understand that when a terrorist organisation is thanking you. You are on the wrong side of history.”
It is understood the prime minister has underlined Mr Trump’s key role in securing this deal throughout the process. Publicly, he praised Mr Trump twice in his press conference in India on Thursday.
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2:59
Final preparations for hostages in Israeli hospital
Ms Phillipson stood by the September decision to declare a Palestinian state, saying it was “the right thing to do”.
Husam Zomlot, the Palestinian ambassador to the UK, told Sky News it was a “moment of leadership” for the UK to declare a Palestinian state, and a “responsibility to begin to correct a century of the gravest historic injustices committed against our people”.
He added: “That moment three weeks ago, when the UK did recognise, is a moment when we can say that the wheels of history are turning in a different direction.”
No plans for British troops on the ground
The education secretary also told Sky News the government has “no plans” to put British troops into Israel or Gaza as part of a stabilisation force after the ceasefire.
The US military will help establish a multinational force in Israel, known as a civil-military coordination centre, which is likely to include troops from Egypt, Qatar, Turkey and the UAE.
Image: Tens of thousands of Palestinians have walked back to Khan Younis in southern Gaza. Pic: AP
On Friday, US officials said up to 200 US troops already based in the Middle East will be moved to Israel to help monitor the ceasefire in Gaza.
The day before, President Trump announced Israel and Hamas had “signed off on the first phase” of a peace plan he unveiled last week.
Image: Pic: Reuters
Aid trucks have been gathering in Egypt to cross into Gaza after months of warnings by aid groups of famine in parts of the territory.
In Israel, the remaining hostages are due to be returned from Gaza by Hamas on Monday under the first phase of the peace plan. Twenty are believed to still be alive, 26 have been declared dead, while the fate of two is unknown.
The ceasefire agreement has been made two years after Hamas stormed Israel on 7 October 2023, killing 1,200 people and taking 251 hostages.
Israel’s military offensive has killed more than 67,000 Palestinians in Gaza, according to the Hamas-run health ministry, which the UN deems reliable.