Just after 5.40pm on Tuesday afternoon, the two people in charge of NatWest Group put out a joint statement. Dame Alison Rose, its chief executive, admitted she had been the source for an incendiary BBC story about Nigel Farage’s accounts at its exclusive private bank, while Sir Howard Davies, the bank’s chair, expressed his support for her remaining in charge of the lender.
Eight hours later, the bank had performed a dramatic reversal, having catastrophically misjudged the mood of its largest shareholder, the UK government. After last-minute interventions from both the prime minister, Rishi Sunak, and the chancellor, Jeremy Hunt, board members convened for a late-night virtual call that was to spell the end of Rose’s 31-year career with the bank.
