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NatWest board prepares to appoint interim boss Thwaite as Rose successor | Business News

The board of NatWest Group is preparing to name Paul Thwaite as its next permanent chief executive as the government readies a mass-market share offering that will slash the taxpayer’s stake in the bank.

Sky News has learnt that the lender’s directors will discuss on Thursday proposals to announce Mr Thwaite, its interim boss, as the successor to Dame Alison Rose alongside its annual results on Friday morning.

Sources cautioned on Wednesday that a final decision had yet to be taken and that other candidates had also been discussed by NatWest’s board as part of the appointment process.

Mr Thwaite, however, is regarded as having done a good job since taking over from Dame Alison in tumultuous circumstances amid the debanking row sparked by the closure of Nigel Farage’s Coutts account last summer.

He was appointed as interim chief for a 12-month period from July, having run its commercial banking arm since 2019.

NatWest is expected to report its most profitable year since its bailout in 2008 on Friday, with banks having been buoyed by higher interest rates.

Nevertheless, the lender is expected to pay a slightly lower bonus pool of about £350m for 2023.

The Treasury is likely to have been consulted on the decision of NatWest’s board by virtue of the government’s 35% stake in the bank.

Sky News revealed earlier this year that Heidrick & Struggles has been enlisted by the state-backed bank’s board to assist with the appointment process.

City sources said that Heidrick’s appointment had been made with the support of Rick Haythornthwaite, NatWest’s chairman-designate, who joined the board last month and takes over from Sir Howard Davies in April.

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The search for a permanent successor to Dame Alison, who left last summer amid the furore created by her inaccurate briefing to a BBC journalist about former UKIP leader Nigel Farage’s finances, has also included external candidates.

Jeremy Hunt, the chancellor, has outlined plans to offer a significant chunk of the government’s remaining 36% stake in NatWest to ordinary investors through a retail offer, with the general election timing and the bank’s financial calendar meaning that a mid-year sale is likely to be the only viable window to do so.

Dame Alison Rose
Image:
Dame Alison Rose left NatWest last summer. Pic: Reuters

Having a new chief executive in place is viewed as being essential for such a sale to happen – a view reiterated publicly by UK Government Investments, the agency which manages the stake, last week.

The government has been steadily reducing its holding in recent years, having at one stage owned more than 80% of what was then called Royal Bank of Scotland Group.

British taxpayers injected £45.5bn into RBS in 2008 to prevent a collapse which would have had dramatic consequences for the wider global banking system.

NatWest declined to comment.

Coronation day: Promise of ‘spectacular’ celebrations as King Charles III prepares to be crowned | UK News

Excitement is building as Charles III prepares to be crowned King today in a historic ceremony full of pomp and pageantry which will be watched by millions of people at home and across the world.

Hundreds of royal fans are camping out at The Mall in London in a sea of tents draped in union flags, in a bid to secure a spot to catch a glimpse of the King in the country’s first coronation in 70 years.

World leaders, kings and queens from across the globe, celebrities, everyday heroes and family and friends of the royal couple will be among over 2,000 guests attending the Westminster Abbey service starting at 11am.

King to be crowned during ceremony of ‘sacred wonder’ – live updates

The nation’s armed forces have promised a “spectacular” display of military pomp and pageantry when the King and Queen Consort travel by carriage through the streets of the capital.

During the ceremony, the St Edward’s Crown, which dates back to 1661, will be placed on the monarch’s head as cries of “God Save the King” will ring out around the abbey and his wife will become Queen Camilla.

The crowned couple will then ride in the four-tonne Gold State Coach back to Buckingham Palace in a mile-long procession featuring 4,000 ceremonial troops.

The Mall
People wait at the Mall outside Buckingham Palace ahead of Britain's King Charles and Camilla, Queen Consort's coronation, in London, Britain, May 5, 2023. REUTERS/Clodagh Kilcoyne

‘Precision and detail’

The event is the military’s largest ceremonial operation since Queen Elizabeth II’s coronation in 1953, with 9,000 servicemen and women deployed.

A Ministry of Defence spokesperson said: “It will be spectacular and with the precision and detail you would expect, we have taken key lessons and best bits from previous coronations, the Platinum Jubilee, Her Late Majesty’s funeral and added them to our plan.”

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3D guide to the coronation route

A massive security and policing operation, dubbed Golden Orb, is under way that will see 11,500 police officers on duty alongside more than 9,000 military personnel taking part in the ceremony.

Thousands of street parties set to take place

Meanwhile, thousands of street parties and events are set to take place to celebrate the occasion with coronation-themed cakes, activities and decorations.

The King, Queen and other royals are also expected to make an appearance on the famous balcony at Buckingham Palace after returning from the service – but it’s still unclear which members have made the cut.

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Royal fans line the Mall

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Speculation has been rife as to why the palace has not yet announced which members of the royal clan will appear on the famous balcony.

Buckingham Palace has confirmed that Prince Harry and Prince Andrew, who are no longer working royals, will not have any formal role at the coronation but will attend the service.

Anticipation continues over whether the six-minute flypast, featuring more than 60 aircraft which are due to soar over London, will go ahead amid concerns of wet weather which could mean it is cancelled at the last minute.

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Protesters warned ahead of coronation

While many people will gather to celebrate the occasion, the coronation is taking place amid a cost of living crisis and public scepticism, particularly among the young, about the role and relevance of the monarchy.

Anti-monarchy group Republic is among a number of groups which have organised protests on the day.

It argues that the coronation pageant will cost tens of millions in taxpayers’ money and points out that many families and households are struggling with spiralling costs as these celebrations take place.

Click to subscribe to Queen Camilla: For The Love Of Charles wherever you get your podcasts

To stay up-to-date with the coronation – including details like timings of the day, news, features and analysis – bookmark our special coronation page for all the latest: skynews.com/coronation.

You can watch live Sky News coverage throughout the day on Freeview channel 233, Sky channel 501, Virgin 603 and BT 313. Want to catch it in UHD? All the details here.

You can also watch multiple live streams on the Sky News website, app and on our YouTube channel.

Crowds swell in London and Windsor as world prepares to say goodbye to the Queen at her funeral | UK News

Tens of thousands of people are gathering at sites across London and Windsor to say their final goodbye to Queen Elizabeth, Britain’s longest-serving monarch.

Mourners have flocked to the capital and other royal sites across the UK on the national bank holiday, which was created especially to allow as many people as possible to take part in the day.

Upwards of a million people are expected to gather in central London and around the royal palaces for the historic occasion.

All public viewing areas for the funeral procession in the capital were full by just after 9am.

All public viewing areas for procession already full – live updates

Trees provide a handy back rest for those hoping to catch 40 winks near The Mall before the procession and funeral begins

Along The Mall, thousands of people have already lined the route along the barriers ahead of the procession, with some intrepid mourners even camping out in tents and sleeping bags in a bid to get a good spot.

Transport and travel issues on some trains into London on Monday morning mean thousands of mourners could miss the funeral due to rail disruption which has left them waiting for hours on stationary trains.

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Police officers stand guard on the day of the state funeral and burial of Britain's Queen Elizabeth, in London, Britain, September 19, 2022.   REUTERS/Alkis Konstantinidis/Pool
People sit on grass at Hyde Park, on the day of state funeral and burial of Britain's Queen Elizabeth, in London, Britain, September 19, 2022 REUTERS/Jason Cairnduff

The funeral service – which will also be shown on large screens around the UK and in several cinemas – is set to draw billions of TV viewers across the globe. It is likely to become the world’s most watched broadcast of all time.

The funeral marks the climax of what is being regarded as the biggest security operation the UK has ever seen, surpassing the operation for the Platinum Jubilee weekend and the London 2012 Olympics, which saw up to 10,000 police officers on duty per day.

The funeral itself will be attended by more than 2,000 people, including royalty, world leaders, politicians and members of the royal household.

Poignantly the Queen was both married and crowned in Westminster Abbey. It is the first time a monarch’s funeral has been held there since 1760.

The abbey opened its door to the congregation for people to take their seats for the service at 8am.

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Queen’s funeral route in 3D

Proceedings began at 10.52am, when the procession carrying the Queen’s coffin will arrive at the West Gate of the abbey after departing Westminster Hall.

The funeral began at 11am and ends at 11.55am when the Last Post will sound followed by a national two-minute silence.

The procession will then head to Wellington Arch at Hyde Park Corner, before the journey to Windsor.

A private committal service will then take place at St George’s Chapel, conducted by the Dean of Windsor, and attended by the King and members of the Royal Family.

Watch and follow the Queen's funeral on TV, web and apps on Monday from 9am