NatWest Group has today announced a £20 billion funding commitment over the next ten years to drive economic growth across the North of England, supporting the UK’s ambitions to build stronger, more productive regional economies.
The commitment, announced today by NatWest Group’s CEO Paul Thwaite at the Great North Investment Summit1, which has been convened in collaboration with the northern mayors and sponsored by NatWest, underlines the bank’s role as a long-term partner to local and regional governments, businesses and investors, and forms part of the bank’s Growing Together plan to drive UK economic growth by backing powerful regions.
The £20 billion ambition will support investment in areas that underpin regional growth and resilience, including energy, transport, infrastructure, regeneration and housing. NatWest Group will do this by providing direct funding, sharing risk with partners and helping bring in investment from other sources. The banks ambition is to collaborate with Northern Combined Authorities2 including those in the process of being created to facilitate the mobilisation of private capital alongside public funding.
The announcement strengthens the case for greater powers over devolved funding, with new research from the bank showing that almost two‑thirds (65%) of senior business decision makers believe giving regional leaders more control over funding and investment decisions would boost investor confidence.
Sixty-five per cent of business leaders said that they would be more likely to invest where funding is stable and long term – underlining how greater local control goes hand in hand with clearer accountability for delivery. Confidence is already higher in the North of England, where the most established Mayoral Combined Authorities are based, and the fiscal devolution roadmap should reflect this by phasing in further powers where there is strong governance, business engagement and a proven track record of delivery.
Paul Thwaite, CEO of NatWest Group, comments: “This commitment reflects our confidence in the North as a growth engine for the UK. We can see the strength of ambition across the region, and the scale of projects coming forward in housing, transport, energy and infrastructure. NatWest Group has deep roots in the North and an on-the-ground presence across its many communities, so we understand both the opportunity and what it takes to deliver it. Our role isn’t just to provide finance, it’s to connect capital with local ambition — working in partnership with combined authorities, business and investment partners to accelerate growth.”
Oliver Holbourn, CEO, at National Wealth Fund, adds: “The National Wealth Fund is committed to driving economic growth as we transition to clean energy; while ensuring we develop the businesses, skills and capabilities that will be crucial to unlocking the future of the UK. That means, through providing investment and expert advice and supporting projects and local authorities, many of which are in our former industrial heartlands. NatWest Group’s approach very much aligns with these ambitions and we welcome it.”
Chair of The Great North, North East Mayor Kim McGuinness adds: “Across the North, we have the talent, innovation and ambition to lead the UK’s next era of growth and prosperity. NatWest Group’s investment and commitment to the North shows us investors see the huge, untapped potential across the North of England and the massive prize on offer from backing our regions.”