May 27, 2022

Business confidence is falling, says Natwest boss

Three years after she took over the top role from Ross McEwan, and renamed Royal Bank of Scotland, or RBS, with the Natwest brand, Ms Rose said that the impact of inflation, higher interest rates and the invasion of Ukraine has caused a "Concern" for business about "Confidence to grow". Ms Rose, who joined Natwest 30 years ago, said the bank has relationship managers who can offer experience of getting through turmoil in business conditions. On very low savings rates for customers of Natwest and Royal Bank of Scotland and its Ulster Bank brand - only 0.15% on the premium saver account and 0.45% on ISA cash - the chief executive responded: "We've got to balance all those elements. We've always said we will pass on rates, to keep that in balance to make sure we're doing that responsibly and fairly." "I've had my whole career here, and I remember the financial crisis clearly, and the impact we can have on people's lives when things go wrong. That's driven a huge part of my commitment to rebuilding part of the bank's reputation," she said. On the move away from its Scottish branding, she said Natwest remains proud of its Scottish heritage, banking one in three Scottish businesses, one in five households and one in seven Scottish mortgages, while being a major employer north of the border.

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