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Nigel Farage, the former UKIP leader, has fired a fresh salvo at the chancellor’s plans to offload a chunk of the government’s stake in NatWest Group to the public as he declared his debanking row with the lender “far from over”.

Speaking to Sky News during Jeremy Hunt’s Budget speech in the House of Commons, Mr Farage said NatWest’s attempts to “cover… up” its reasons for closing his Coutts accounts last year had undermined investor and customer trust in it.

“For a retail NatWest share sale to work – as outlined by Jeremy Hunt in the Budget – investors must have confidence in the bank,” he said.

“My debanking row with them is far from over.

“They dishonestly used a whitewash inquiry to deny the true reason for the bank giving me notice on my accounts.

“They acted in a politically prejudiced way against me and then deliberately tried to cover it up.

“Until they provide full disclosure and apologise for their behaviour, why should any retail customer trust them?”

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NatWest share offering

In Wednesday’s Budget, the chancellor said he had decided to pursue a multibillion pound retail offering of NatWest shares in the summer, subject to market conditions and value-for-money considerations.

The government continues to hold roughly 35% of NatWest, having steadily reduced its stake during the last eight years from – at one point – almost 85%.

Mr Farage has threatened to launch court proceedings against NatWest over the debanking row in a bid to obtain compensation for “reputational damage”.

Dame Alison Rose, the bank’s former boss, stepped down last year after it emerged that she had inaccurately briefed a BBC journalist about the closure of Mr Farage’s accounts.

Thwaite appointment key

She has since been replaced by Paul Thwaite, whose move from interim to permanent boss of NatWest was confirmed last month.

Having a long-term boss in place is regarded as being essential to the success of a mass-market sale of NatWest’s shares.

The size of the offering and of the discount that will be given to participating investors are among the details which have yet to be determined.

Sky News revealed earlier this year that ministers had drafted in M&C Saatchi, the advertising agency founded by the brothers who helped propel Margaret Thatcher to power, to orchestrate a campaign to persuade millions of Britons to buy NatWest shares.

NatWest, which changed its name from Royal Bank of Scotland Group in an attempt to shed the legacy of its hubristic overexpansion, was rescued from outright collapse by an emergency bailout that Fred Goodwin, its then boss, likened to “a drive-by shooting”.

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In Halifax’s night-time economy, no one is holding back over what is required in the budget

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In Halifax's night-time economy, no one is holding back over what is required in the budget

In the upstairs bar of a slick new brewery, the cheese-lovers of Halifax are paying “homage to fromage”.

It is one of the first events in the historic West Yorkshire town for the monthly cheese club and there is a decent turn-out.

Sky News visited Halifax's clubs, bars and restaurants to get an insight into people's priorities
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Sky News visited Halifax’s clubs, bars and restaurants to get an insight into people’s priorities

The night-time economy in Halifax is a useful measure of how the landscapes of our town and cities have changed
Image:
The night-time economy in Halifax is a useful measure of how the landscapes of our town and cities have changed

Discussion of Wednesday’s budget is not as popular as an accompaniment to the cheese as the selection of wines. But no one holds back on what is required of the chancellor.

Natalie Rogers, who runs her own small business with her partner, said there needs to be focus.

Small business owner Natalie Rogers wants to see more investment in local industries
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Small business owner Natalie Rogers wants to see more investment in local industries

“I think investing in small businesses, investing in these northern towns, where at one time we were making all the money for the country, can we not get back to that? We’re not investing in local industries.”

At the next table, with a group of friends, Ali Fletcher said there needs to be bigger targets.

“I think wealth inequality is a major problem. The divide is getting wider. For me, a wealth tax is absolutely critical. We need to address this question of ‘Is there any money left?’. There’s plenty of money, it’s all about choices that government make.”

More on Budget 2025

At this monthly cheese club, people told us about their priorities ahead of the budget
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At this monthly cheese club, people told us about their priorities ahead of the budget

The evening’s cheese tasting was being marshalled by Lisa Kempster. “The impression I get from talking to people is there’s a lot of uncertainty, but when you ask them what they’re uncertain about, they’re not really sure, there’s just a general feeling of uncertainty and being cautious.”

Ali Fletcher reckons wealth inequality is a major problem
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Ali Fletcher reckons wealth inequality is a major problem

Read more:
Budget will be big – and Starmer has some serious convincing to do
Reeves vows to ‘grip the cost of living’
What tax rises could chancellor announce?

This corner of Halifax, close to the town’s historic Piece Hall, is buzzing with clubs, bars and restaurants, trying hard to defy the crunch in the night-time economy. It is a useful measure of how the landscapes of our town and cities has changed.

“Whenever there’s a budget, for a few days afterwards, there’s a drop off in trade,” said Michael Ainsworth, owner of the Graystone Unity, a bar and music venue in the town.

“I accept the government needs to raise money but, in this day and age, there’s better ways to go about doing that, like closing tax loopholes for the huge businesses to operate up with banking arrangements outside the UK.”

Michael Ainsworth owns a bar and music venue and thinks the chancellor needs to close tax loopholes
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Michael Ainsworth owns a bar and music venue and thinks the chancellor needs to close tax loopholes

In the bar, a folk singer is going through a quirky and caustic set. In the basement, a punk band called Edward Molby is considerably louder.

On a sofa in the main bar, recent graduates Josh Kinsella and Ruby Firth, newly arrived in Halifax because of its more affordable housing, pinpoint what they want on Wednesday.

“Can we stop triple-locking the pensions, please? Stop giving pensioners everything. For God’s sake, I know they have hard times in the 70s and the 80s, but it just feels like we’re now paying for everyone else.”

Josh Kinsella and Ruby Firth feel there's too much focus on pensioners
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Josh Kinsella and Ruby Firth feel there’s too much focus on pensioners

Ben Randm is a familiar face at the bar and well known on the music scene with his band, Silver Tongued Rascals.

“Everyday people are seen as statistics, we’re always the afterthought. When the cuts are done, we’re always impeded and the ramifications that has for people’s livelihoods, for people’s mental health, for people’s passion and drive… it’s such a struggle.”

He, like many in the night-time economy sector, wants extra help for hospitality and venues that, he says, provide a vital community link.

Ben Randm who has his own band reckons everyday people are 'always the afterthought'
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Ben Randm who has his own band reckons everyday people are ‘always the afterthought’

David Van Gestel chose Halifax to open the third branch of MAMIL, a bar in jokey honour of those cycling “middle-aged men in Lycra”. On a busy quiz night, he said venues had to provide something different to get people out of their homes.

“I think the government needs to start putting some initiatives in place. They talk about growth but the reality is that the only thing we’re seeing grow is our costs.”

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TikTok boss insists teens’ safety not at risk from AI moderation

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TikTok boss insists teens' safety not at risk from AI moderation

There’s a lot going on at TikTok right now. 

As well as online safety updates and new features, the company is introducing sweeping changes to how it moderates the platform’s content.

At the same time, there’s an intense focus on online safety, particularly here in the UK.

With all that going on, Sky News got a rare, exclusive sit-down with one of TikTok’s senior safety executives, Ali Law.

The increasing role of artificial intelligence

One of the biggest changes happening at TikTok is around artificial intelligence.

Like most social media companies, TikTok has used AI to help moderate its platform for years – it is useful for sifting out content that obviously violates policies, and TikTok says it now removes around 85% of violative content without getting a human involved.

More on Artificial Intelligence

File pic: Reuters
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File pic: Reuters

Now, it is increasing its use of AI and will be relying less on human moderators. So what’s changed that means TikTok is confident AI can keep young users safe?

“One of the things that has changed is really the sophistication of those models,” said Mr Law, who is TikTok’s director of public policy and government affairs for northern Europe. He explained that AI is now better able to understand context.

“A great example is being able to identify a weapon.”

Whereas previous models may have been able to identify a knife, newer models can tell the difference between a knife being used in a cooking video and a knife in a graphic, violent encounter, according to Mr Law.

“We set a high benchmark when it comes to rolling out new moderation technology.

“In particular, we make sure that we satisfy ourselves that the output of existing moderation processes is either matched or exceeded by anything that we’re doing on a new basis.

“We also make sure the changes are introduced on a gradual basis with human oversight so that if there isn’t a level of delivery in line with what we expect, we can address that.”

Human moderator jobs being cut

That increasing use of AI means TikTok will rely less on its network of tens of thousands of human moderators around the world.

TikTok moderators and union workers protested outside the company's London headquarters over job cuts
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TikTok moderators and union workers protested outside the company’s London headquarters over job cuts

In London alone, the company is proposing to cut more than 400 moderator jobs, although there are reports a number of those jobs will be rehired in other countries.

On 30 October, Paul Nowak, general secretary of the TUC union, said “time and time again” TikTok had “failed to provide a good enough answer” about how the cuts would impact the safety of UK users.

Ali Law speaks to Sky News from TikTok's European headquarters in Dublin
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Ali Law speaks to Sky News from TikTok’s European headquarters in Dublin

When Sky News asked if Mr Law could ensure UK users’ safety after the cuts, he said the company’s focus is “always on outcomes”.

“Our focus is on making sure the platform is as safe as possible.

“We will make deployments of the most advanced technology in order to achieve that, working with the many thousands of trust and safety professionals that we will have at TikTok around the world on an ongoing basis.”

Dame Chi Onwurah speaks at the House of Commons. File pic: Reuters
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Dame Chi Onwurah speaks at the House of Commons. File pic: Reuters

The UK’s science, technology and innovation committee, led by Labour MP Chi Onwurah, has issued a probe into the cuts, with Ms Onwurah calling them “deeply concerning”.

She said AI “just isn’t reliable or safe enough to take on work like this” and there was a “real risk” to UK users.

However, Mr Law said that, as a parent himself, he is “also highly concerned and highly interested in issues of online safety”.

“That’s why I’m so confident in the changes that we are making at TikTok in terms of content moderation as a whole,” he said.

“The power really comes in the combination of the best technology and human experts working together, and that still is the case at TikTok and it will be going forwards as well.”

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UK’s online safety rules: One month on

New wellness tools

The interview came at the end of an online safety event at TikTok’s Dublin office, its European headquarters.

During the conference, the company announced a number of new features designed to increase user safety, including a new in-app Time and Wellbeing hub for TikTok users.

The hub is designed with the Digital Wellness Lab at Boston Children’s Hospital and gamifies mindfulness techniques like affirmations, not using TikTok during the night and lowering your screentime.

Ali Law, TikTok's director of public policy and government affairs for northern Europe
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Ali Law, TikTok’s director of public policy and government affairs for northern Europe

Read more from Sky News:
Meta to block Instagram and Facebook for users under 16 in Australia
Half of novelists fear AI will replace them entirely, survey finds
How violent extremists are thriving online – and why it’s getting harder to catch them

Cori Stott, executive director of the digital wellness lab, said many people use their phones to “set their wellbeing, to reset their emotions, to find these safe spaces, and also to find entertainment”.

The hub was built as part of the TikTok app because young people want wellness tools “where they already are”, without needing to go to a different app, she said.

Still, there are plenty of reports suggesting that phone use and social media has a damaging effect on young people’s mental health… is TikTok trying to solve a problem of its own creation?

“If you are a teen on the app, you will load up and find that you have, if you’re under 16, a private profile, no access to direct messaging, a screen time limit set at an hour, [and at] 10pm sleep hour suggestion,” said Mr Law.

“So the experience is one that does try and promote a balanced approach to using the app and make sure that people have the options to set their own guardrails around this,” he said.

“I think the other thing I’d say is that the content on TikTok is, in the main, inspiring, surprising, creative.”

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£1,000 side-hustle rule explained – from Vinted to Xmas markets | Money newsletter

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£1,000 side-hustle rule explained - from Vinted to Xmas markets | Money newsletter

Sky News has launched a free Money newsletter – bringing the kind of content you enjoy in the Money blog directly to your inbox.

Each Friday, subscribers get exclusive money-saving tips and features from the team behind the award-winning Money blog, which is read by millions of Britons every month.

Sign up today, and this coming Friday you’ll find the following in the newsletter:

  • The tax rules for side hustles explained – from Vinted to Christmas markets;
  • Why Black Friday might not be the best time to buy a TV;
  • Early access to our weekly Money Problem feature – this week’s concerns a reader’s row with Asda about late deliveries;
  • And we outline the best deals available in five key areas for your household budget.

So join our growing Money community – and thanks to the thousands of you who already have.

What to expect each week

The newsletter is your essential personal finance companion, with digestible information to help you make smarter decisions on your savings, mortgages, holiday money and much more.

As a subscriber, you get additional exclusive content that goes beyond the blog.

At a time when the global economy faces so much uncertainty, we have analysis from our trusted economics teams on the big stories that affect the cash in your pocket.

You also get first looks at popular features such as Money Problem, Cheap Eats, What It’s Really Like To Be A and our weekend Long Read.

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