The Reform UK leader Nigel Farage has settled his debanking dispute with NatWest Group, nearly two years after the closure of his accounts sparked a chain of events culminating in the resignation of the lender’s chief executive.
Sky News can reveal that Mr Farage and NatWest have agreed to resolve their row, with the bank thought to have agreed to pay him an unspecified sum in damages.
In return, Mr Farage is understood to have withdrawn the threat of potential civil and criminal proceedings against NatWest over the issue.
Nick Candy, the Reform treasurer, is said to have played a key role in resolving the dispute between the two sides during mediation talks held at a London law firm on Tuesday.
Precise details of the settlement were unclear on Wednesday evening.
Responding to an enquiry from Sky News, Mr Farage and NatWest said in a joint statement: “NatWest Group and Nigel Farage MP are pleased to confirm that they have resolved and settled their dispute, and the bank has apologised to Mr Farage.
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“The terms of settlement are confidential.”
Mr Farage was originally expected to seek millions of pounds from the company, alleging that the debanking row had damaged his reputation.
The furore which claimed the scalp of Dame Alison Rose, NatWest’s former chief executive, in the summer of 2023 centred on whether the bank’s Coutts subsidiary had decided to close Mr Farage’s accounts for commercial or political reasons.
NatWest initially claimed the motivation was commercial, before Mr Farage obtained internal evidence from the bank suggesting that his political views had been a pivotal factor in the decision.
A subsequent – and inaccurate – BBC News report further exacerbated the controversy after it emerged that the journalist who wrote the story had sat next to Dame Alison at a charity dinner when the row was at its height.
It sparked a firestorm under the then Conservative government, with Rishi Sunak and Jeremy Hunt, the prime minister and chancellor respectively, indicating to NatWest’s board that they had lost faith in Dame Alison’s ability to lead the bank.
An emergency late-night board meeting led to Sir Howard Davies, who at the time was NatWest’s chairman, concluding that Dame Alison would need to step down – despite her having publicly apologised to Mr Farage for the bank’s treatment of him.
Since then, both have been replaced, with the former Ocado and MasterCard chairman Rick Haythornthwaite replacing Sir Howard, and Paul Thwaite now in his second year as the company’s chief executive.
NatWest has since reported a surge in profitability and is now on the verge of returning to full private sector ownership.
Earlier this week, it disclosed that the government now owns less than 4% of its shares, with the sale of its remaining holding expected by the early summer.
Then known as Royal Bank of Scotland Group and run by Fred Goodwin, RBS was bailed out in 2008 with £45.5bn of taxpayers’ money.
Its journey back to full private ownership has been a meandering one, and taxpayers will ultimately have lost billions of pounds on the government’s rescue deal.
On Wednesday afternoon, shares in NatWest closed at 463.9p, giving the bank a market capitalisation of over £37bn.
The stock has risen by more than 75% during the last year.
The debanking row which claimed Dame Alison’s job prompted the City watchdog to order a change to the treatment by financial institutions of so-called politically exposed persons (PEPs).
Since his initial promise to turn the issue into a mainstream battle against the major UK banks, Mr Farage’s status as one of Britain’s most influential politicians has been cemented.
He led Reform to a handful of seats at last year’s general election, while his party finished in second place in scores of other constituencies.
An opinion poll for Sky News by YouGov earlier this year put Reform ahead of both Labour and the Tories for the first time.
Heathrow Airport bosses had been warned of a potential substation failures less than a week before a major power outage closed the airport for a day, a committee of MPs has heard.
The chief executive of Heathrow Airline Operators’ Committee Nigel Wicking told MPs of the Transport Committee he raised issues about resilience on 15 March after cable and wiring took out lights on a runway.
A fire at an electricity substation in west London meant the power supply was disrupted to Europe’s largest airport for a day – causing travel chaos for around 200,000 passengers.
“I’d actually warned Heathrow of concerns that we had with regard to the substations and my concern was resilience”, Mr Wicking said.
“So the first occasion was to team Heathrow director on the 15th of the month of March. And then I also spoke to the chief operating officer and chief customer officer two days before regarding this concern.
“And it was following a number of, a couple of incidents of, unfortunately, theft, of wire and cable around some of the power supply that on one of those occasions, took out the lights on the runway for a period of time. That obviously made me concerned.”
Mr Wicking also said he believed Heathrow’s Terminal 5 could have been ready to receive repatriation flights by “late morning” on the day of the closure, and that “there was opportunity also to get flights out”.
However, Heathrow chief executive Thomas Woldbye said keeping the airport open during last month’s power outage would have been “disastrous”.
There was a risk of having “literally tens of thousands of people stranded in the airport, where we have nowhere to put them”, Mr Woldbye said.
This breaking news story is being updated and more details will be published shortly.
Another 23 female potential victims have reported that they may have been raped by Zhenhao Zou – the Chinese PhD student detectives believe may be one of the country’s most prolific sex offenders.
The Metropolitan Police launched an international appeal after Zou, 28, was convicted of drugging and raping 10 women following a trial at the Inner London Crown Court last month.
Detectives have not confirmed whether the 23 people who have come forward add to their estimates that more than 50 other women worldwide may have been targeted by the University College London student.
Metropolitan Police commander Kevin Southworth said: “We have victims reaching out to us from different parts of the globe.
“At the moment, the primary places where we believe offending may have occurred at this time appears to be both in England, here in London, and over in China.”
Image: Metropolitan Police commander Kevin Southworth
Zou lived in a student flat in Woburn Place, near Russell Square in central London, and later in a flat in the Uncle building in Churchyard Row in Elephant and Castle, south London.
He had also been a student at Queen’s University Belfast, where he studied mechanical engineering from 2017 until 2019. Police say they have not had any reports from Belfast but added they were “open-minded about that”.
“Given how active and prolific Zou appears to have been with his awful offending, there is every prospect that he could have offended anywhere in the world,” Mr Southworth said.
“We wouldn’t want anyone to write off the fact they may have been a victim of his behaviour simply by virtue of the fact that you are from a certain place.
“The bottom line is, if you think you may have been affected by Zhenhao Zou or someone you know may have been, please don’t hold back. Please make contact with us.”
Image: Pic: Met Police
Zou used hidden or handheld cameras to record his attacks, and kept the footage and often the women’s belongings as souvenirs.
He targeted young, Chinese women, inviting them to his flat for drinks or to study, before drugging and assaulting them.
Zou was convicted of 11 counts of rape, with two of the offences relating to one victim, as well as three counts of voyeurism, 10 counts of possession of an extreme pornographic image, one count of false imprisonment and three counts of possession of a controlled drug with intent to commit a sexual offence, namely butanediol.
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Moment police arrest rapist student
Mr Southworth said: “Of those 10 victims, several were not identified so as we could be sure exactly where in the world they were, but their cases, nevertheless, were sufficient to see convictions at court.
“There were also, at the time, 50 videos that were identified of further potential female victims of Zhenhao Zou’s awful crimes.
“We are still working to identify all of those women in those videos.
“We have now, thankfully, had 23 victim survivors come forward through the appeal that we’ve conducted, some of whom may be identical with some of the females that we saw in those videos, some of whom may even turn out to be from the original indicted cases.”
Mr Southworth added: “Ultimately, now it’s the investigation team’s job to professionally pick our way through those individual pieces of evidence, those individual victims’ stories, to see if we can identify who may have been a victim, when and where, so then we can bring Zou to justice for the full extent of his crimes.”
Mr Southworth said more resources will be put into the investigation, and that detectives are looking to understand “what may have happened without wishing to revisit the trauma, but in a way that enables [the potential victims] to give evidence in the best possible way.”
The Metropolitan Police is appealing to anyone who thinks they may have been targeted by Zou to contact the force either by emailing survivors@met.police.uk, or via the major incident public portal on the force’s website.
An 11-year-old girl who went missing after entering the River Thames has been named as Kaliyah Coa.
An “extensive search” has been carried out after the incident in east London at around 1.30pm on Monday.
Police said the child had been playing during a school inset day and entered the water near Barge House Causeway, North Woolwich.
A recovery mission is now said to be under way to find Kaliyah along the Thames, with the Metropolitan Police carrying out an extensive examination of the area.
Image: Barge House Causeway is a concrete slope in North Woolwich leading into the Thames
Chief Superintendent Dan Card thanked members of the public and emergency teams who responded to “carry out a large-scale search during a highly pressurised and distressing time”.
He also confirmed drone technology and boats were being used to “conduct a thorough search over a wide area”.
He added: “Our specialist officers are supporting Kaliyah’s family through this deeply upsetting time and our thoughts go out to all those impacted by what has happened.”
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“Equally we appreciate this has affected the wider community who have been extremely supportive. You will see extra officers in the area during the coming days.”
On Monday, Kerry Benadjaoud, a 62-year-old resident from the area, said she heard of the incident from her next-door neighbour, who “was outside doing her garden and there was two little kids running, and they said ‘my friend’s in the water'”.
When she arrived at the scene with a life ring, a man told her he had called the police, “but he said at the time he could see her hands going down”.
Barge House Causeway is a concrete slope that goes directly into the River Thames and is used to transport boats.
Residents pointed out that it appeared to be covered in moss and was slippery.