A “Tell Sid”-style ad campaign featuring Sir Trevor McDonald was filmed to promote the government’s now shelved plan to sell state-owned NatWest shares to the public, the Guardian can reveal.
The nationwide campaign – which included TV ads featuring the veteran newsreader and presenter popping up around the UK asking the public “Are you in?” – is understood to have been backed by a large-scale media budget in excess of £10m.
Media sources said the campaign had been scheduled to launch within days when Sunak pre-empted it by announcing an early summer election outside 10 Downing Street on 22 May.
While much of the eight-figure ad spend set aside for it by the government will not have been used, some of the budget will have been spent on coming up with and filming the concept.
The marketing push was created by the ad agency M&C Saatchi, whose founders Maurice Saatchi and his brother Charles developed the “Labour isn’t working” slogan that helped carry Margaret Thatcher to victory in 1979 at their previous agency, and went on to launch the Tony Blair “demon eyes” campaign in the run-up to the 1997 general election.
The agency was charged with evoking the share-owning spirit of the 1980s, when Thatcher ordered the privatisation of a string of state-owned utilities including the sale of British Gas to the public with the advertising slogan “If you see Sid, tell him”. Last year the chancellor, Jeremy Hunt, referenced that campaign when trailing the prospect of a NatWest share offer, declaring: “It’s time to get Sid investing again.”
One industry source said the nationwide push had been originally intended as a “pre-election sweetener”, as the Conservatives now face the prospect of their worst ever election defeat.
A second source said McDonald was chosen because of how highly he is still rated by the public on trust, despite having retired from news broadcasting almost 16 years ago.
It is understood that the 84-year old agreed to front the campaign on the condition that he did not directly call on the public to buy shares but instead could suggest that they might consider the opportunity – hence the strapline “Are you in?” being developed.
However, the now postponed campaign has also been viewed as controversial given its scale and timing ahead what had been expected to be an autumn general election.
There were already questions about whether the government should be selling down its stake at a discount to the public when it has proven it can gain better returns at market rates, given that NatWest was bailed out by taxpayers.
The sale would probably only have appealed to certain demographics, with many households in the grip of the cost of living crisis unlikely to afford or consider participating.
Hunt confirmed in his budget in March plans to sell part of the government’s remaining stake in NatWest, which was bailed out in 2008 with £45.5bn of taxpayers’ money, through a retail offer.
The shareholding has been steadily reduced in recent years by offering packages of shares to City institutions and by NatWest buying some of its stock back from the Treasury.
M&C Saatchi declined to comment.
