29 June 2023
The former Ukip leader Nigel Farage releases a video on Twitter saying a commercial bank – which he does not name – had phoned him a few months prior saying it was closing his accounts.
Farage says the bank had told him it was a “commercial decision”. However, he speculates that the real reason for the closure was probably linked to his status as a “politically exposed person”.
The Brexiter says the “establishment” is trying to force him out of the UK and that seven other banks have subsequently refused to give him a new bank account.
3 July
Farage’s bank account closure causes ruptures in Westminster as the security minister, Tom Tugendhat, speaking in the House of Commons, says it should be “completely unacceptable” to close bank accounts on “political grounds”.
The Treasury confirms it is reviewing how banks are handling customers with controversial political views.
The BBC’s business editor, Simon Jack, attends a charity dinner at the five-star Langham hotel where he sits next to and is seen talking with Dame Alison Rose, the chief executive of NatWest, which owns Coutts.
4 July
Jack reports the BBC has been told by a source that Farage fell below the financial threshold for Coutts, where customers must hold at least £3m in savings, or borrow or invest at least £1m with the bank. Jack says his source rejected Farage’s claim that the closure of his bank account was politically motivated, and says he was offered an account at NatWest.
Farage responds on Twitter and confirms the bank account closures were from Coutts. The GB News presenter adds that he was only offered a NatWest account after he went public on 29 June.
The prime minister, Rishi Sunak, wades into the row and says banks should not be allowed to close customers’ accounts because of their political views.
9 July
The chancellor, Jeremy Hunt, says he was refused a bank account with Monzo last year. He says he thinks that was because he is a “politically exposed person”.
18 July
Farage reveals via the Daily Telegraph and on Twitter that he has obtained a report from the Coutts reputational risk committee using a “subject access request”. He claims it shows the bank decided to close his account because his views “do not align with our values”.
19 July
The full report requested by Farage is published by MailOnline. It appears to confirm his view that he was dropped because of his political views. While the report does mention he was on a glide path to exit because of insufficient funds, it suggests the bank was concerned about his “xenophobic, chauvinistic and racist views” and believed maintaining his accounts posed a risk to the bank’s reputation.
20 July
Rose writes to Farage to apologise for what she says were “deeply inappropriate comments” about him in the risk report. Rose says she has commissioned a review of how Coutts account closure decisions are made and communicated.
21 July
The BBC amends Jack’s original story about about the account closure, saying the report did not reflect the full picture.
24 July
The BBC News boss, Deborah Turness, writes to Farage to apologise for its reporting.
Later in the day Jack apologises to Farage on Twitter. By stating the information for his story had come from a “trusted senior source”, Jack’s apology comes very close to outing Rose as his source.
25 July
5.55pm: Rose admits she was the source for the BBC’s story and apologises for a “serious error of judgment”. Howard Davies, the chairman of the NatWest Group, says its board “retains full confidence” in its chief executive.
7.23pm: Farage says Rose “broke client confidentiality” when she spoke to the BBC about his accounts, and calls for her to go.
7:37pm: The Daily Telegraph publishes an editorial saying the government should use its influence as the bank’s largest shareholder, and force the board’s hand to ensure Rose is replaced.
10pm: The Sun and other media report the prime minister and the chancellor have “serious concerns” about Rose’s decision to stay on.
11pm: NatWest convenes an emergency board meeting to determine Dame Alison Rose’s future.
26 July
2am: Dame Alison Rose resigns from her position in the early hours. In a statement, Davies says: “It is a sad moment. She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”
