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 Summit, 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 Authorities2including those in the process of being created to facilitate the mobilisation of private capital alongside public funding.
The areas of focus include:
- Housing and the built environment, working with housing associations and local partners to accelerate delivery and improve the performance of existing stock. This builds on the banks £10billion national lending ambition to housing associations to drive construction of new homes and retrofitting
- Mobility and transport, spanning rail, road and airport infrastructure alongside vehicle charging and local transport solutions
- Energy and power systems, including clean power generation, energy storage and essential grid upgrades
- Climate resilience and decarbonisation, supporting the North of England’s transition to a low‑carbon, climate‑resilient future through investment in energy‑efficiency and retrofit programmes, deployment of renewable technologies such as solar, and resilience infrastructure including flood defences, wastewater systems and land regeneration.
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.
NatWest Group also aims to play a coordinating role for institutional and private capital, pooling projects across regions where appropriate to improve scale and efficiency. By focusing on critical investment categories with clear economic fundamentals, the bank seeks to improve ease of execution for both public and private sector partners.
Paul Thwaite, CEO of NatWest Group, said, “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.”
Chair of The Great North, North East Mayor Kim McGuinness said, “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.”
Following the Summit, NatWest Group will continue to work with combined authorities and delivery partners to progress priority schemes and bring forward additional sources of private capital. This new commitment builds on the bank’s existing investment in communities and businesses across the North of England, including:
Newcastle International Airport
NatWest supported Newcastle International Airport as part of a £364 million sustainable finance package, acting as sole debt advisor and a top tier lender, backing the airport’s transition to net zero by 2035. The funding has enabled continued investment in a range of low-carbon technologies, including on-site renewable energy generation and wider infrastructure improvements to support decarbonisation.
The financing also included a £15 million green loan which has supported the next phase of the airport’s solar farm and its continued transition to electric vehicles. This demonstrates how NatWest Group is supporting critical UK infrastructure to accelerate sustainability ambitions, unlock investment in clean technologies, and drive regional economic growth.
