Banking group NatWest has announced a £20bn commitment over the next decade to fuel economic growth across the North of England. The pledge was made by CEO Paul Thwaite at the Great North Investment Summit in Leeds, an event organised by Northern mayors and leaders to showcase the region's economic potential.
Call for devolution
Thwaite, who grew up in Liverpool, also advocated for enhanced powers for mayors, including greater control over public spending. He cited research showing that 74% of business leaders in England believe regional leaders understand local economic priorities better than central government.
Investment focus
NatWest stated that its funding would target areas underpinning regional growth and resilience, such as energy, transport, infrastructure, regeneration, and housing. The bank aims to collaborate with Northern mayors to mobilise private capital alongside public funding.
Thwaite 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 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."
Malcom Buchanan, NatWest's board chairman in the North, echoed these sentiments: "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 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."
Investment summit
The Great North Investment Summit, held the day before the UKREiiF real estate and investment conference in Leeds, featured a cross-party group of Northern mayors and leaders publishing a prospectus of investment opportunities across Greater Manchester, Liverpool City Region, North East, Tees Valley, Humber area, and Cheshire.
Chair of The Great North and 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."
