The NatWest banking group has announced that instead of being fired in disgrace in the wake of the Nigel Farage debanking scandal, Chairman Sir Howard Davies will merely step down and be replaced by a former MasterCard executive.
In a move that has been described as the “establishment closing ranks”, NatWest Chairman Sir Howard Davies has been given the chance to resign instead of being sacked despite his public backing of Dame Alison Rose after it was revealed that she briefed the BBC on the private details of Breixt boss Nigel Farage’s private banking in an apparent attempt to cover up that Coutts bank had closed his accounts for political reasons.
Like Davies, Dame Alison was given the grace of resigning rather than being fired and even went on to receive a hefty £2.4 million payout. It has yet to be revealed if Sir Howard will also receive a departing bonus from the banking group, which is 40 per cent owned by the British public after receiving a bailout following the 2008 banking crisis.
He will be replaced in April of next year by former Mastercard chairman Rick Haythornthwaite, who currently serves as the chairman of the Ocado grocery technology giant. NatWest has claimed that the decision to replace Davies was already scheduled for 2024 before the Farage debanking fiasco.
Confirming his resignation, the outgoing chairman said per The Telegraph: “I am very pleased by the choice the Board has made and am confident that Rick’s experience and range of skills will complement and further strengthen the NatWest Board in the years to come.”
For his part, Mr Haythornthwaite described his new position as a “privilege”, saying: “I am inheriting a very different NatWest compared to my predecessor; one that is more customer-focused, financially resilient and well positioned to maintain its recent strong performance.
“I look forward to working with the Board to build on the exceptional progress made, so we can continue to support the UK economy and deliver for our customers and stakeholders.”
The new chairman will be paid £775,000 per year, which matches the current salary of Sir Howard.
The centre of the ongoing debunking scandal, Brexit’s Nigel Farage blasted the decision by the partially state-owned bank to allow Davies to walk away with his head held high.
“The idea that Sir Howard Davies is being allowed to see out his term as chairman of [the Nat West Group] is a classic case of the establishment closing ranks. Both Alison Rose and Howard Davies should have been sacked,” Mr Farage wrote on social media.
Since having his bank accounts closed without warning — later to be revealed that he did not “align with the values” of the once-prestigious Coutts bank — the Brexit leader has launched a campaign to represent others in Britain who have had their bank accounts for political reasons. In response, the government has pledged to reform banking regulations, however, it remains to be seen what form consumer protections will take.
Farage, and his broadcasting home GB News, have also started a campaign to demand the government refrain from implementing the Great Reset-style cashless society.
Following reports of cash-dependent small businesses across the country having their accounts, the Brexiteer went on to deliver a petition signed by over 300,000 people to Downing Street calling for the cash economy to be protected from the likes of Central Bank Digital Currencies and other digital payment systems that observers fear could be used to implement a social credit score along the lines of Communist China.
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