The iconic "Tell Sid" ad campaign, originally used in 1986 when British Gas was floated on the stock market, is being revived as the government plans to sell its shares in NatWest to the public.
Encouraging Investment
Chancellor Jeremy Hunt announced that he aims to get the public investing in NatWest again, as he explores options for a bank retail share offer over the next year.
Government Stake
The government currently holds nearly 40% of NatWest shares, acquired during the 2008 financial crisis when it bailed out Royal Bank of Scotland (which later became NatWest).
Discounted Shares
Bankers have warned that offering shares to private investors would likely require a discount of up to 10% due to the decline in NatWest's stock value. The shares have fallen by 25% this year, partly due to the debanking scandal involving Nigel Farage's Coutts account.
Leadership Concerns
The government played a role in the removal of former NatWest boss Alison Rose, expressing concerns about her continued leadership. Rose was fired after admitting to leaking a false story about Farage's account to the BBC.
Rishi Sunak, the Chancellor of the Exchequer, subsequently removed Rose from his council of business leaders and her role advising the government on Net Zero. She was also replaced as the leader of the Rose Review into women in business.
Nigel Farage criticized the NatWest board for initially expressing full support for Dame Alison before forcing her out.
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