Nigel Farage and the Scandal That Engulfed British Banking
The collision of Brexit cheerleader Nigel Farage, a regal private bank, the BBC and the Conservative Party exploded into a quintessentially British scandal this week, costing the job of one of the country’s top bankers and igniting a debate over how lenders protect their reputations without discriminating against outspoken clients. The damage was apparent on Wednesday.
Alison Rose, chief executive of NatWest, one of the country’s biggest banks, resigned under pressure from the government, with calls for fresh scrutiny into how banks decide whom to allow as customers. The tightly woven and overlapping British power centers—banks, media, and politicians in the corridors of power—all played their role.
The origins of the affair began weeks before, when Farage, a British TV presenter known as the godfather of Brexit, waged a public battle with Coutts—an exclusive private bank owned by NatWest—after the bank closed his account. Farage said Coutts, famed for banking the late Queen Elizabeth II, ditched him because of his pro-Brexit and anti-woke views.
During a charity dinner, Rose sat next to the BBC’s business editor and told him that Farage was axed because he wasn’t a profitable customer. The journalist wrote a story the next day and later said he had relied ona “trusted and senior source." Farage ultimately landed a sucker punch.
He acquired a 40-page document from Coutts that included a list of his political views that the bank felt created “significant reputational risks of being associated with him." The document described Farage’s views as “xenophobic and racist" and said he was “considered by many to be a disingenuous grifter," charges Farage has denied. This, combined with the fact that Farage had for some time
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