The chairman of NatWest has told staff he “never felt so embarrassed internationally” as he did at the International Monetary Fund meeting in the wake of the UK’s disastrous mini-budget, as he warned about government plans to boost the competitiveness of City firms.
Sir Howard Davies told hundreds of employees at NatWest – which is still 48% owned by the state – that ex-chancellor Kwasi Kwarteng’s package of unfunded tax cuts for the wealthy in late September, which triggered a market meltdown, caused “quite a significant problem” and “scarring” of the UK’s reputation, according to a recording reviewed by the Guardian.
