NatWest falls to bottom of FTSE as Nigel Farage calls for Coutts boss to resign - latest updates

NatWest has sunk to the bottom of the FTSE 100 after Nigel Farage said "the whole board needs to go".

Farage said the resignation of CEO Dame Alison Rose is "not enough" following a dispute over whether his bank account at prestigious private bank Coutts, owned by NatWest, was closed because of his political views.

He is now calling for Coutts CEO Peter Flavel to step down and said his position is “unsustainable”.

In the latest blow to the banking sector, data from the London Stock Exchange shows NatWest at the very bottom of the FTSE 100. Lloyds Banking Group is just one position ahead.

Now experts are warning that banks will suffer a wide-scale fallout over the row.

They say Britain's banking sector is likely to face political and regulatory fallout which will "ripple out for months to come" after the furore surrounding the closure of Farage’s account.

NatWest's shares dropped as much as 3.5 per cent and wiped more than £600 million off the bank's stock market value after the Brexit Party leader called for the board’s resignation.

Meanwhile Lloyds Banking Group shares dropped by 3 per cent on the FTSE 100 Index despite posting surging half-year profits on Wednesday, while Barclays stock was also nearly 2 per cent lower.

Danni Hewson, head of financial analysis at AJ Bell, said: "Banks play a crucial role in making the country tick.

“They are trusted with our hard-earned cash and relied upon to fund a myriad of purchases from buying a house to business expansion which delivers jobs and prosperity.

"With that in mind it now seems absurd that the board of NatWest had considered that Alison Rose could ride out this storm."

Key points

• NatWest boss Alison Rose quits after admitting Farage leak to BBC

• Shares in Natwest fall by 3 per cent

• Dame Alison Rose will step down from government roles

• Board members who endorsed statement must go, says Farage

• Nigel Farage lashes out at BBC presenter

NatWest boss Alison Rose quits after admitting Farage leak to BBC

07:07 , Rituparna Chatterjee

NatWest boss Dame Alison Rose resigned from her position after admitting to being the source of an inaccurate story about Nigel Farage’s finances.

In a statement released early on Wednesday morning, NatWest Group chairman Sir Howard Davies said: “The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. It is a sad moment.

Read more here.

17:16 , Natalie Crockett

We’re pausing our live coverage of this story for now. You can read the latest here.

Response to Farage saga ‘risks undermining efforts to tackle financial crime’

16:35 , Laura Sharman

The government risks undermining rules to ensure criminals cannot launder their money through UK bank accounts if it makes knee-jerk decisions after Nigel Farage‘s bank account was closed, experts have warned.

Proposed changes unveiled by ministers last week could also make it more difficult for politicians like Farage to get an account in the first place, they added.

Coutts, a bank for the rich, last month shut Farage’s account because it could no longer make enough money from him.

In an internal report, it said it had also taken into account his political stance, which it deemed at odds with its purpose.

In response, claiming Coutts hampered Farage‘s freedom of speech, the government quickly said it will force banks to explain why they close accounts and give customers 90 days’ notice.

But this may have a chilling effect on decisions made by banks, said Tom Keatinge at the Rusi think tank who once worked on the teams making these decisions for JPMorgan.

Has NatWest boss Alison Rose paved the way for Nigel Farage’s political comeback?

16:09 , Laura Sharman

NatWest announced Alison Rose had “agreed by mutual consent” to stand down immediately – a phrase more commonly used about football than bank managers.

So writes The Independent’s political columnist Andrew Grice, adding: “Farage’s stock, by contrast, is on the rise.”

“Dame Alison Rose’s resignation as NatWest chief executive was no surprise, after she admitted last night that she was the source of the BBC story about why Nigel Farage was dropped as a client by Coutts, the private bank owned by NatWest,” he pens.

“What was a surprise was how Rose was de-banked in the wider sense of the word. Last night the NatWest board stood behind someone who had worked their way to the top in 31 years at the bank, pledging its ‘full confidence’ in her.

“But government ministers had other ideas.”

Government’s message to banks after Alison Rose quits NatWest over Nigel Farage row

15:05 , Laura Sharman

The government said it is vital banks continue to comply with financial crime rules as the sector was hauled into a meeting after the resignation of NatWest boss Alison Rose.

Economic secretary Andrew Griffith told the bosses of some of the UK’s biggest banks on Wednesday that it is important to protect freedom of expression.

It came after former politician Nigel Farage’s bank account with Coutts - a bank for the ultra wealthy - was closed.

Mr Griffith said: “It is absolutely important, the government has been crystal clear throughout, that no one should be de-banked because of their political opinions or something within the law that they have said.”

The treasury said it will bring its policies in line with the government’s planned reforms as soon as possible.

New rules will mean banks have to give 90 days’ notice before closing an account and spell out the reasons for shutting it down. Banks can avoid giving reasons if doing so would interfere in a criminal investigation.

How a bank would do this without alerting a customer to an ongoing criminal investigation was not explained.

Nigel Farage: ICO raises concern over NatWest’s sharing of personal information

14:40 , Laura Sharman

The Information Commissioner's Office (ICO) has raised concerns over NatWest's sharing of personal information on Nigel Farage.

The public body, which reports directly to Parliament, has written to banks reminding them of their responsibilities on customer data.

Information Commissioner John Edwards said: "The banking duty of confidentiality is over a hundred years old and it is clear that it would not permit the discussion of a customer's personal information with the media.

"We trust banks with our money and with our personal information.

“Any suggestion that this trust has been betrayed will be concerning for a bank's customers and for regulators like myself."

It’s ‘absurd’ to think NatWest’s Alison Rose could ‘ride out this storm’, says expert

14:15 , Laura Sharman

A financial expert said it “seems absurd” that the NatWest board thought its CEO could survive the fallout over the de-banking of Nigel Farage.

Danni Hewson, head of financial analysis at AJ Bell, said: “Banks play a crucial role in making the country tick.

“They are trusted with our hard-earned cash and relied upon to fund a myriad of purchases from buying a house to business expansion which delivers jobs and prosperity.

“With that in mind it now seems absurd that the board of NatWest had considered that Alison Rose could ride out this storm.”

The expert said despite being highly respected and having an impressive track record at the helm, Dame Alison’s decision was the “only viable path”, warning that the knock-on effects of the saga will be felt sector-wide.

“NatWest is no ordinary bank; it is still almost 40% owned by the UK taxpayer, and the political and regulatory ramifications of this episode are likely to ripple out for months to come,” she added.

Banks to suffer wide-scale fallout from Nigel Farage row, say experts

13:53 , Laura Sharman

Britain’s banking sector is likely to face a wide-scale fallout which will “ripple out for months to come” after the furore surrounding the closure of Nigel Farage‘s Coutts account, experts warn.

NatWest has been thrown into a crisis mode in recent days, culminating with the resignation of boss Dame Alison Rose in the early hours of Wednesday.

The CEO stepped down after admitting to discussing Farage’s relationship with private bank Coutts, owned by NatWest Group, with a BBC journalist.

Shares in NatWest slumped by 3 per cent on Wednesday, wiping more than £600 million off the bank’s stock market value, which is still 38% owed by the taxpayer.

IT came as the crisis showed little sign of dying down, with Farage saying more of the lender’s board should quit.

But shares across the sector were also hit as the former Ukip leader called for “cultural change” across the wider banking industry and promised to continue to campaign on account closures.

Lloyds Banking Group shares dropped by 3 per cent on the FTSE 100 Index despite posting surging half-year profits on Wednesday, while Barclays stock was also nearly 2 per cent lower.

Nigel Farage hints at ‘pretty poisonous stuff’ in call for NatWest board to resign

13:30 , Laura Sharman

Nigel Farage alluded to “pretty poisonous stuff” when he called for the whole NatWest board to go after Dame Alison Rose’s resignation.

“So, she’s gone, and that’s a start, but I have to say that (Coutts chief executive) Peter Flavel ... (NatWest chair) Howard Davies ... it was the board that sanctioned this culture that talks about diversity and inclusion, and actually is very divisive,” he said.

“In my case, as you can clearly see, pretty poisonous stuff.

“I think any board member that endorsed that statement last night, where they said ‘yes, she breached confidentiality, but she can stay in her post’.

“Frankly, I think the whole board needs to go.”

Nigel Farage claims he warned Peter Flavel he planed to ‘go public'

13:10 , Laura Sharman

Brexit Party leader Nigel Farage claims he told Coutts CEO Peter Flavel he planned to “go public” with allegations the NatWest-owned lender was shutting his account due to his political views.

But his warning, which he said would have avoided the row which led to NatWest boss Dame Alison Rose being ousted, was ignored.

Mr Farage said “none of it”, from Dame Alison’s departure to the £650m hit to NatWest’s value, needed to happen.

Peter Flavel: Everything we know about the Coutts CEO under fire over Nigel Farage banking row

12:46 , Laura Sharman

Natwest CEO Dame Alison Rose’s resignation is “not enough” according to Nigel Farage who is now calling for Peter Flavel to do the same.

We take a look at everything we know about the Coutts CEO as pressure grows on him to quit over the row.

• Australian-born Peter Flavel, 63, is the chief executive officer of Coutts

• A Harvard Business School alumni and Oxford graduate, he joined Coutts in 2016 as the first non-British CEO in over 300 hundred years of the bank’s history

• A father of three, his salary is estimated to be around £910,00, according to The Telegraph

• He is also vice-Chair of Trustees of the Duke of Edinburgh Commonwealth Study Conference and a member of the Philanthropy Advisory Committee of the Royal Albert Hall

Maryam Zakir-Hussain takes a further look at the CEO who Farage says must step down

Nigel Farage says Coutts boss Peter Flavel “must take the ultimate responsibility”

11:51 , Laura Sharman

The row over the closure of Nigel Farage’s Coutts account continues with the focus now shifting onto other top brass.

NatWest boss Dame Alison Rose resigned from her position after admitting to being the source of an inaccurate story about Farage’s finances.

Writing on Twitter, Farage has now insisted for others to “take responsibility” and said “they should all go”.

“Dame Alison Rose has now admitted that she is the source. She broke client confidentiality, and is unfit to be CEO of NatWest Group,” the former British MEP said.

“Meanwhile, Coutts CEO Peter Flavel must take the ultimate responsibility for de-banking me based on my political views.

“Sir Howard Davies is responsible for overall governance. He has clearly failed in this task, least of all by endorsing their conduct. In my view — they should all go.”

Coutts boss Peter Flavel faces mounting pressure after Dame Alison’s departure

11:39 , Laura Sharman

Pressure is mounting on Coutts boss Peter Flavel after Nigel Farage revealed three of his letters to the bank were ignored.

The former Brexit Party leader said the crisis which saw Dame Alison Rose ousted as chief executive of NatWest - which owns Coutts - could have been avoided.

But after Mr Flavel repeatedly refused to respond to his letters, Mr Farage said the Coutts boss’s position was “unsustainable”.

Speaking to The Independent, Mr Farage said: “I wrote to him twice before it went public, and once since. “So three times, I have reached out to the CEO and not even been given the courtesy of a response. Frankly, that is just disgusting.

“He is totally incompetent, does he care? Has he been in hiding?”

Mr Farage said “big, highly paid jobs” such as running Coutts “come with responsibility”. And he added that he warned Mr Flavel he would go public about the closure of his account, but continued to be ignored.

He added that “none of it”, from the departure of Dame Alison to the £650m hit to NatWest’s shares on Wednesday morning, would have happened if Mr Flavel responded.

“His position is completely unsustainable at every level,” Mr Farage said.

Banks urged to learn lessons from Nigel Farage row

11:29 , Laura Sharman

Ministers have urged banks to learn from the mistakes of NatWest in the wake of Dame Alison Rose’s resignation in a row over the closure of Nigel Farage’s Coutts account.

The government was quick to welcome Dame Alison’s departure, with calls for the financial sector to take heed of what happened.

A No 10 source said that she had done the “right thing in resigning” and that Rishi Sunak had been “concerned about the unfolding situation”.

City minister Andrew Griffith said it was “right” that Dame Alison has stepped down and hoped “the whole financial sector learns from this incident”.

In a further warning, energy secretary Grant Shapps said it is important for banks to “stop applying political [PEP] tests to people opening new bank accounts.”

Labour MP says government intervention in NatWest resignation ‘astonishing’

11:03 , Laura Sharman

Senior Labour MPs have questioned Downing Street’s “astonishing“ move to heap pressure onto demands for NatWest’s Dame Alison Rose to resign in the row centring on Nigel Farage.

Shadow trade secretary Nick Thomas-Symonds argued Dame Alison’s position was a “matter for NatWest” rather than for the government to intervene.

“It’s astonishing to see last night the chancellor of the exchequer and the prime minister under pressure from outside weighing in so quickly against a business leader like Dame Alison Rose?” he said in an interview with Sky News.

“When it comes to dealing decisively with colleagues in government, the prime minister has invariably been slow to act but when it came to this situation last night with a business leader they moved straight in.

“If only the government would hold itself to the same standards of speed, I’m sure we’d be in a much better position generally.”

‘Sick to death of your condescending tone’, Nigel Farage tells Radio 4 presenter

11:32 , Laura Sharman

Nigel Farage lashed out at BBC Radio 4 presenter Nick Robinson after a jibe about his failed attempts at becoming an MP.

The former UKIP leader lost his temper after Mr Robinson raised the prospect of Mr Farage using the row over his closed bank account to launch a return to frontline politics.

But he was cut off by Mr Farage, who said: “I am really not going to have this. I am sick to death of your condescending tone.”

10:35 , Maryam Zakir-Hussain

Labour leader Sir Keir Starmer said: “I certainly don’t think anybody should be refused banking services because of their political views, whoever they are.

“I don’t know the extent of this, but that certainly shouldn’t be the case,” he told BBC Radio 5 Live.

“As a broad principle, nobody should be refused banking because of their political views.”

Asked if banks had too much power when it comes to individuals, he said: “I’m surprised to hear these stories of banks taking into account political views, if indeed they are.

“I don’t know that we’ve got to the bottom of this. But that shouldn’t happen and certainly shouldn’t be a reason for refusing someone banking services.”

Sir Keir Starmer: ‘NatWest got this one wrong’

10:25 , Maryam Zakir-Hussain

Sir Keir Starmer said NatWest “got this one wrong” and Nigel Farage should not have had his account closed.

“Nobody should be refused banking because of their political views,” the Labour leader said.

Dame Alison Rose will step down from government roles

10:00 , Maryam Zakir-Hussain

Dame Alison Rose will step down today from her two government roles.

The former NatWest boss will quit the prime minister’s business council, which she joined last week.

And she will quit the government’s energy efficiency taskforce, which she joined in February.

It follows her resignation from NatWest for leaking details about the closure of Nigel Farage’s Coutts account.

Labour: Government should hold itself to same standards as Dame Alison

09:48 , Maryam Zakir-Hussain

Labour has said it was “astonishing” to see ministers condemn Dame Alison Rose when it “has not been holding itself to that same standard”.

Shadow international trade secretary Nick Thomas-Symonds said the country would be “in a much better position” if the government acted as quickly to deal with problems in its own ranks.

“The chancellor and the prime minister have never shown such a desire to intervene when they’ve had their own problems,” Mr Thomas-Symonds said.

But he told Sky News Jeremy Hunt and Rishi Sunak “could not wait to come out to make those criticisms last night”.

Mr Thomas-Symonds, the first member of Sir Keir Starmer’s top team to speak out over the Dame Alison’s resignation, said: “It is astonishing to see the chancellor and the prime minister, under pressure from outside, weighing in so quickly against a business leader like Dame Alison Rose when you think about the situations we’ve had in government.

“Whether it is with Nadhim Zahawi, whether it is with Gavin Williamson or whether it is with Dominic Raab, the government certainly has not been holding itself to that same standard when it comes to dealing decisively,” he said.

And Mr Thomas-Symonds added: “When it comes to dealing decisively with colleagues in government, the prime minister has invariably been slow to act.

“But when it came to this situation last night with a business leader, they moved straight in.

“If only the government would hold itself to those same standards of speed, I’m sure we’d be in a much better position generally.”

Asked whether ministers were right to intervene, Mr Thomas-Symonds said it “was a matter for NatWest”.

Dame Alison Rose and Natwest statements

09:46 , Maryam Zakir-Hussain

Howard Davies, chairman of the NatWest Group Board, said in a statement: “The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. 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.”

Dame Alison said: “I remain immensely proud of the progress the bank has made in supporting people, families and business across the UK, and building the foundations for sustainable growth.

“My NatWest colleagues are central to that success, and so I would like to personally thank them for all that they have done.”

Farage calls for a ‘cultural change’ at the bank

09:35 , Maryam Zakir-Hussain

Nigel Farage called for a “cultural change” at the bank and within the wider industry, as he promised to continue to campaign on account closures.

It came as shares in the lending giant fell by three per cent in the wake of Dame Alison’s resignation, with other banks also seeing their shares hit.

He said what is needed is a “cultural change within NatWest - they ought to go back to being a bank, rather than being a moral arbiter for political positions”.

He added: “But I think this culture runs deep through the entire banking industry. I think there is a massive anti-Brexit prejudice and I think the whole thing needs to change.”

Who is Alison Rose? NatWest boss who quit after admitting Nigel Farage leak to BBC

09:25 , Maryam Zakir-Hussain

Dame Alison Rose is a prominent figure in the finance industry who achieved the historic milestone of becoming the first woman to assume a top leadership role at one of the UK’s renowned “Big Four” banks.

But after a three-decade-long career in NatWest, Dame Alison was forced to quit after she gained notoriety in connection to a controversial BBC story that involved Nigel Farage, the former leader of the UK Independence Party (UKIP).

Before stepping down as NatWest’s chief executive by “mutual consent”, Dame Alison admitted she made a “serious error of judgment” when she discussed Mr Farage’s relationship with private bank Coutts – owned by NatWest Group – with a BBC journalist.

Who is Alison Rose? NatWest boss who quit after admitting Farage leak to BBC

Lloyds Bank boss insists industry does not need to change policies

09:15 , Maryam Zakir-Hussain

The boss of Lloyds Banking Group has insisted the UK banking industry does not need to significantly change de-banking policies, amid pressure on banks following the resignation of NatWest Group chief executive Dame Alison Rose.

Charlie Nunn stressed Lloyds primarily considers financial crime risks when closing a customer’s bank account, and does not consider their political beliefs.

He said: “At this stage, I have no concerns that the Government, or what we’re being asked to do, conflicts with our ability to protect the UK economy and customers from economic crime.”

It follows the Treasury announcing stricter rules for banks when it comes to forcibly closing a customer’s account.

He added: “In terms of lessons from the current environment... financial services is core to how the economy operates, it’s a hugely important service for the economy, for people’s everyday lives, and it’s politically very important.

“We know which society we’re supporting, we know our role in society, and we take it very seriously.”

Nigel Farage and Nick Robinson clash during Radio 4 interview

09:05 , Maryam Zakir-Hussain

Nigel Farage lashed out at a BBC presenter after a jibe about his failed attempts at becoming an MP.

“I am sick to death of your condescending tone,” Mr Farage told Radio 4’s Nick Robinson.

NatWest Dame Alison Rose’s resignation ‘had to happen’ says Nigel Farage, but now ‘whole board must go’

08:55 , Maryam Zakir-Hussain

Nigel Farage has called for a “cultural change” at NatWest and within the wider industry, as he promised to continue to campaign on account closures.

Mr Farage said NatWest “ought to go back to being a bank, rather than being a moral arbiter for political positions”.

He hit out at the wider NatWest Board in wake of the resignation of Dame Alison Rose. He said: “Anybody on that Board that backed that statement that was put out at 17.42 yesterday, a totally unsustainable and untrue statement, anybody that backed that behaviour, should be gone.”

Nigel Farage demands whole NatWest board ‘must go’ after Alison Rose’s resignation

Grant Shapps welcomes resignation of Natwest boss

08:46 , Maryam Zakir-Hussain

Energy secretary Grant Shapps welcomed the resignation of Dame Alison Rose as Natwest’s chief executive in the row over the closure of Nigel Farage’s Coutts bank account.

Mr Shapps tweeted: “As someone referenced in the Coutts dossier used to outrageously remove banking facilities from Farage, I welcome the NatWest/Coutts CEO stepping down.

“However, it’s equally important banks stop applying political (PEP) tests to people (& families) opening new bank accounts too.”

Nigel Farage lashes out at BBC presenter

08:32 , Maryam Zakir-Hussain

Nigel Farage lashed out at a BBC presenter after a jibe about his failed attempts at becoming an MP.

“I am sick to death of your condescending tone,” Mr Farage told Radio 4’s Nick Robinson.

The former UKIP leader lost his temper after Mr Robinson raised the prospect of Mr Farage using the row over his closed bank account to launch a return to frontline politics.

“Whatever you do, there are people saying, I know what this is about, he wants to get back into politics again,” Mr Robinson said.

He added: “I Know you’ve run seven times and lost seven times…”

But he was cut off by Mr Farage, who said: “I am really not going to have this.

“I am sick to death of your condescending tone.

“What you should say to people is you’re the only person in British history who has won two national elections leading two different parties.”

Mr Farage went on to deny a comeback was on the cards, insisting he is now a “crusader for men and women who’ve been closed down by the banks”.

Shares in Natwest fall by 3 per cent after boss quits

08:19 , Maryam Zakir-Hussain

Shares in lending giant NatWest have fallen by 3 per cent following the resignation of boss Dame Alison Rose in the wake of the furore over Nigel Farage’s Coutts account closure.

Other banks also saw their shares hit amid calls from Mr Farage for wider “cultural change” across the entire sector, with Lloyds Banking Group down 3 per cent despite a surge in half-year profits and Barclays dropping by more than 1 per cent.

Natwest boss ‘broke the first rule of banking,’ Farage says

08:15 , Maryam Zakir-Hussain

Speaking to BBC Radio 4, Nigel Farage said: “It took a long time for [Dame Alison Rose] to apologise.

“The first rule of banking is client confidentiality. She broke that.”

He added: “Something worse happened here. There was a straight conflict between what the BBC said and what she said.”

Policing minister: ‘Right’ for Dame Alison Rose to resign

08:11 , Maryam Zakir-Hussain

Policing minister Chris Philp said it is “right” Dame Alison Rose stood down having shared confidential information about a customer to a journalist.

Mr Philp added that it was “wrong in the first place” for Nigel Farage’s account to have been closed in the first place because of his political views.

Speaking to Times Radio, Mr Philp said: “I think it’s right that she resigned. It’s fairly clear that she passed on confidential information about a bank client, Nigel Farage, to a journalist.

“It turns out that information was also inaccurate.”

He said: “I think it’s also wrong in the first place, that somebody was denied banking services simply because of their political views. We believe in free speech and freedom of political opinions in this country.”

Addressing Mr Farage’s calls for the entire board to resign, Mr Philp said: “The most important thing is the person who disclosed the confidential information and who is responsible for the day to day running of the bank is gone.”

Nigel Farage calls for entire NatWest board to go after boss quits over banking row

08:10 , Maryam Zakir-Hussain

Nigel Farage has called on the entire NatWest board to quit after chief executive Dame Alison Rose stepped down.

The former UKIP leader said Dame Alison was “unfit” to stay in post after leaking an inaccurate story about the closure of his bank account to the BBC.

But Mr Farage said the boss of his former bank Coutts, which is owned by NatWest, should take “ultimate responsibility” for his account being closed in the first place.

And he said NatWest chair Sir Howard Davies is responsible for the overall governance of the bank, and has “failed in this task”.

Our political correspondent Archie Mitchell reports:

Nigel Farage calls for entire NatWest board to go after boss quits over banking row

No 10 sources says Sunak ‘concerned about unfolding situation'

07:59 , Maryam Zakir-Hussain

A No 10 source said the prime minister “was concerned about the unfolding situation. Alison Rose has done the right thing in resigning”.

The source said: “Everyone would expect people in public life - whether that’s in a business leadership role or otherwise - to act responsibly and with integrity.”

Lots of MPs and their families turned down by banking services, policing minister says

07:51 , Maryam Zakir-Hussain

Policing minister Chris Philp said a lot of MPs or their families have been turned down by banking services because of “politically exposed persons, or pep, rules”.

Mr Philp told Sky News: “(The rules) were designed to stop essentially members of foreign governments who had obtained their money dishonestly from using the UK banking system to essentially launder it.

“So, the rules are set up for the right reasons but MPs quite often get caught by these pep rules because they’re applied kind of overzealously.

“It is not spoken about much but if you look at almost any MP they will have had an experience like this, I think the Nigel Farage case is an extreme one, but I’m afraid it’s not unique.”

When asked if he has had difficulty accessing financial services, Mr Philp said: “My family have actually, I don’t want to go into detail.”

NatWest boss admits she was the BBC’s source in Nigel Farage row

07:15 , Rituparna Chatterjee

The boss of NatWest, Dame Alison Rose, admitted that she was the source for a controversial BBC story about Nigel Farage’s bank account.

Dame Rose apologised to the former Ukip leader and her colleagues, saying she had “made a serious error of judgement” in discussing his affairs. But the apology was not enough for Mr Farage, who demanded that she and other bosses “should all go”.

Kate Devlin has more.

‘Right that Alison Rose has gone,’ says City minister Andrew Griffith

07:13 , Rituparna Chatterjee

City minister Andrew Griffith said “it is right” that Dame Alison Rose has resigned.

He said the crisis “would never have happened” if NatWest had not decided to “withdraw a bank account due to someone’s lawful political views”.

“That was and is always unacceptable,” Mr Griffith said. He added: “I hope the whole financial sector learns from this incident. Its role is to serve customers well and fairly - not to tell them how or what to think.”

Board members who endorsed ‘full confidence’ statement must go, says Farage

07:11 , Rituparna Chatterjee

Nigel Farage has called on any board member who endorsed Tuesday night’s statement expressing “full confidence” in Dame Alison Rose to step down.

Speaking to GB News, the former UKIP leader said: “When Dame Alison was caught having breached confidentiality, she tried – supported by her board – to frankly lie her way out.

“I thought the statement that came out at 6pm last night ... was rather reminiscent of the Premier League football club that’s in crisis that says ‘we have every confidence in our manager’. I didn’t think she could last beyond the end of the week...”

Reacting to her resignation, he said it was Coutts chief executive Peter Flavel, NatWest chair Howard Davies, and the rest of the board “that sanctioned this culture”.

Mr Farage added: “I think any board member that endorsed that statement last night, where they said ‘yes, she breached confidentiality, but she can stay in her post’... frankly, I think the whole board needs to go.”

06:59 , Rituparna Chatterjee

Welcome to The Independent‘s live coverage on NatWest boss Dame Alison Rose’s resignation.