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STORY

At today’s session of the United Nations Security Council in New York, the United Kingdom delivered a pointed statement, placing “the onus on Russia and President Putin” to prove they are sincere about ending hostilities in Ukraine. Addressing fellow Council members, Ambassador Karen Pierce underscored that any real progress toward peace hinges on Moscow’s willingness to cease its aggressive actions and respect Ukraine’s sovereignty. In her remarks, Ambassador Pierce highlighted the “devastating human cost” of the conflict, noting that civilian infrastructure continues to be targeted across multiple regions of Ukraine—even as peace negotiations languish. She stressed that while Ukraine has demonstrated readiness to engage in dialogue, it is Russia’s recent intensification of bombing campaigns and frontline advances that have “eroded any semblance of trust” and made a negotiated settlement all the more elusive.

Pierce reiterated the UK’s unwavering support for Ukraine’s right to defend itself, praising Kyiv’s forces for successfully repelling several major assaults over the past month. She recalled the series of Russian missile strikes launched just yesterday—damage that left hospitals and schools in ruins and further compounded the plight of displaced families. Those attacks, she argued, were “irrefutable proof” that Russia’s stated calls for a ceasefire are mere “diplomatic theatre” unless paired with an immediate halt to military operations.

Turning to the path forward, the UK statement urged Council members to “redouble efforts” in support of Ukraine’s reconstruction and humanitarian relief, calling on everyone—from UN agencies to regional partners—to scale up assistance. Yet, Pierce made clear that financial aid and relief cannot substitute for concrete steps toward de-escalation. “We cannot rebuild hospitals while bombs continue to fall,” she said, demanding an immediate cessation of offensive operations as the first precondition for any meaningful peace talks.

In response to questions from fellow delegates, the UK reiterated its view that no lasting settlement can be achieved without holding Russia accountable for wartime conduct, including documented violations of international humanitarian law. Ambassador Pierce noted ongoing investigations into attacks on civilian targets and urged the International Criminal Court to expedite its inquiries. She also called for tighter sanctions on individuals tied to Russia’s war apparatus, insisting that economic pressure must remain in place until Moscow reverses course.

The UK’s intervention comes amid growing frustration within the Security Council over repeated Russian vetoes of Ukrainian-sponsored resolutions aimed at condemning aggression and authorising humanitarian corridors. Pierce lamented that Russia’s use of its veto power “continues to undermine the Council’s credibility” warning that the institution risks “irrelevance” if it cannot enforce its own resolutions. As the meeting concluded, several non-permanent members—particularly from African and Latin American states—voiced concern over the widening humanitarian crisis, with refugees streaming into neighbouring countries and winter approaching. While most delegates stopped short of directly criticising Russia, many echoed the UK’s call for an immediate ceasefire. A senior representative from Norway went further, urging Russia to “stop using UN presence as a shield” for its bombardments.

With the Security Council deadlocked, attention now shifts to separate diplomatic channels, including the recent mediation efforts by Turkey and Switzerland. The UK confirmed it will continue backing those efforts, but Ambassador Pierce reiterated that any genuine negotiations must be predicated on a “verifiable ceasefire”—a threshold she suggested Russia has yet to meet.

STORY

The UK Government has sold its remaining stake in NatWest Group plc, marking the end of almost 17 years of state ownership that began with the 2008 financial crisis bailout. The final tranche of shares was sold at market price today, returning NatWest fully to private hands and closing a chapter that saw taxpayers underwrite more than £45 billion to stabilise the bank (then known as Royal Bank of Scotland). Originally nationalised to prevent a systemic collapse in late 2008, the Government acquired an 84 percent stake in what was then RBS at an average price of 502 pence per share. Over successive stages of divestment—through public offerings, share buybacks by NatWest itself and targeted institutional sales—the Treasury gradually reduced its holding. As of mid-May 2024, only around 10 percent remained, and today’s sale of the last shares concludes the disposal plan announced in July 2021 and extended in April 2023.

Chancellor Rachel Reeves said the transaction “turns a historic page” while stressing the necessity of protecting savers and businesses at the height of the financial crisis. She noted that, since the Labour Government took office, share sales have been conducted with taxpayers’ interests front and centre, ensuring all disposals took place at prevailing market prices. Despite recouping roughly £35 billion through dividends, fees and previous share sales, the overall cost to the public purse stands at about £10.5 billion once financing costs are included. NatWest’s share price has recovered strongly in 2025, trading above 520 pence in recent weeks, but the aggregate losses reflect the steep discounts at which earlier tranches were sold—often below the 2008 bailout price.

The government’s financial vehicle, UK Government Investments (UKGI), confirmed that the remaining stake—well under 1 percent of the bank—was transferred via an orderly trading plan. With HM Treasury no longer holding any NatWest shares, UKGI has closed this chapter on its investment portfolio, which at its peak included stakes in a range of bailed-out financial institutions. Emma Reynolds MP, Economic Secretary to the Treasury, highlighted the broader impact of the bailout: “Millions of savers and businesses were shielded from potentially catastrophic contagion. Today’s exit does not erase the fiscal cost, but it does mark the full return of NatWest to the private sector, reflecting more than a decade and a half of careful stewardship of taxpayers’ money.”

NatWest itself has evolved considerably since rebranding in 2020, refocusing on core retail and commercial banking in the UK. Now entirely privately owned, the bank faces renewed pressure to drive lending growth and support economic recovery amid an increasingly competitive environment. Analysts expect NatWest to pursue strategic acquisitions and expand its fee-based services to sustain profitability. With this final share sale, the Government’s direct involvement in the banking sector has officially ended, following previous exits from Lloyds Banking Group and other institutions rescued during the crisis. Officials confirmed that no further state shareholdings remain in UK retail banks, underlining a return to normalised market operations.