Simon Jack, the BBC’s business editor, has apologised to Nigel Farage for previously suggesting he lacked the funds needed to hold an account at Coutts after the private bank cut ties with the former Ukip leader.

Mr Jack tweeted: “The information on which we based our reporting on Nigel Farage and his bank accounts came from a trusted and senior source.

“However, the information turned out to be incomplete and inaccurate. Therefore I would like to apologise to Mr Farage.”

The BBC also issued an apology to Mr Farage.

In a statement, the broadcaster said: “Because of this evidence, we have since changed the headline and the copy on the original online article about his bank account being shut for falling below the wealth limit to reflect that the claim came from a source and added an update to recognise the story had changed.

“We acknowledge that the information we reported - that Coutts’ decision on Mr Farage’s account did not involve considerations about his political views - turned out not to be accurate and have apologised to Mr Farage.”

This is a breaking news story. Updates to follow.