GB News host Nigel Farage has demanded an apology from NatWest, after it was announced in the Budget that the Government will begin selling part of its stake in the bank to the general public.
Outlining his economic plan in Parliament today, Chancellor Jeremy Hunt said the stake would be sold "at the earliest opportunity" this summer, as part of wider efforts to boost stock market investment.
In his Spring Budget, Hunt announced a cut to National Insurance of 2p and introduced a "British ISA" for investment opportunities.
He added that the Treasury wanted to create opportunities "for a new generation of retail investors" to engage with public markets.
Nigel Farage reacts to NatWest announcement in Spring Budget
GB News
Hunt told MPs: "So we will proceed with a retail sale for part of the government’s remaining NatWest shares this summer at the earliest opportunity, subject to supportive market conditions and value for money."
The plans follow Nigel Farage's public falling out with the bank, after being "debanked" by NatWest.
The huge scandal resulted in Dame Alison Rose stepping down from the role of chief executive, with Paul Thwaite now taking the helm.
Nigel has recently warned of taking legal action against the Coutts group, claiming he was "ready to lodge court papers" which would lead to a court case that could possibly "derail" NatWest and Coutts.
Nigel Farage hit out at the announcement on X, formerly Twitter
GB News
Discussing the announcement made by Jeremy Hunt, Farage said: "The Government is going to sell its remaining stake, nearly 38 per cent, in National Westminster Bank.
LATEST DEVELOPMENTS:
"Now it's fair to say that I have some degree of interest in this subject."
Nigel explained: "We still own about £7billion worth of NatWest shares, and the idea is the Government sells these shares. Retail investors such as people in this room will buy the shares at a discounted price."
He fumed: "I have a problem with that. I put on a tweet shortly afterwards saying 'until the NatWest Group provides full disclosure and apologises for their behaviour and their cover-ups, why should any retail customer trust them?'
"So Mr Hunt, if you want to get about £7billion back for the Treasury to help you balance the books, you better make sure that NatWest, which you at the moment are the major shareholder in, honour their obligations to me, stop the cover up, stop the lies, and start telling the truth."
Chancellor Jeremy Hunt outlined his Spring Budget today
PA
Nigel urged the Government to really consider their sale of the stake in NatWest, and suggested he may take further action if the plans go ahead this summer.
He warned Rishi Sunak and Jeremy Hunt: "If they think they're going to go ahead with this share sale and I'm going to sit on the sidelines and say nothing until the wrongs have been righted, you know what? I quite like a fight."
