Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made, given their 38.6% shareholding in NatWest, of the decision by NatWest to give no loans for new oil and gas projects.

The Government’s 38.6% shareholding in NatWest Group is managed at arm’s length and on a commercial basis by UK Government Investments (UKGI). UKGI’s role is to manage the shareholding, not the bank itself. As a shareholder in NatWest, the government does not intervene in the operational decisions of NatWest. NatWest’s board is responsible for the bank’s strategic and operational decisions.

As set out at Budget, the Government intends to exit its shareholding by 2025-26 subject to market conditions and achieving value for money for taxpayers.

The Government does have wider responsibilities for financial services regulation. As a matter of public policy, the Government has been clear that it is wrong to remove someone's bank account on the basis of their lawfully-held views, and the Economic Secretary to the Treasury reiterated that message on Wednesday 26 July with leaders from the banking and building society sector.

The Government notes NatWest Group’s confirmation, on 25 July 2023, that they will be conducting an independent review into account-closure arrangements, and that, upon completion, the findings of that review will be made public^[1].

[1] https://www.natwestgroup.com/news-and-insights/news-room/press-releases/our-updates/2023/jul/update-from-natwest-group-board-and-chief-executive-officer.html