118-665: NatWest Group PLC is a British banking and insurance holding company , based in Edinburgh , Scotland. The group operates a wide variety of banking brands offering personal and business banking, private banking, investment banking, insurance and corporate finance . In the United Kingdom, its main subsidiary companies are National Westminster Bank , Royal Bank of Scotland , NatWest Markets and Coutts . The group issues banknotes in Scotland and Northern Ireland. Before
236-462: A failure of an upgrade to payment processing software meant that a substantial proportion of customers could not transfer money to or from their accounts. This meant that RBS had to open a number of branches on a Sunday – the first time that they had had to do this. RBS released a statement on 12 June 2013 that announced a transition in which CEO Stephen Hester would stand down in December 2013 for
354-828: A fair trial . The English monarchs, through inheritance of substantial territories in France and claims to the French crown, were also heavily involved in conflicts in France, most notably the Hundred Years' War , while the Kings of Scots were in an alliance with the French during this period. Early modern Britain saw religious conflict resulting from the Reformation and the introduction of Protestant state churches in each country. The English Reformation ushered in political, constitutional, social and cultural change in
472-465: A subpolar oceanic climate . Higher elevations in Scotland experience a continental subarctic climate and the mountains experience a tundra climate . The prevailing wind is from the southwest and bears frequent spells of mild and wet weather from the Atlantic Ocean, although the eastern parts are mostly sheltered from this wind. Since the majority of the rain falls over the western regions,
590-604: A welfare state was established, and a comprehensive, publicly funded healthcare system, the National Health Service , was created. The rise of nationalism in the colonies coincided with Britain's much-diminished economic position, so that a policy of decolonisation was unavoidable. Independence was granted to India and Pakistan in 1947. Over the next three decades, most colonies of the British Empire gained their independence, and many became members of
708-510: A 26% fall in share price. On 11 February 2000, The Royal Bank of Scotland was declared the winner in the takeover battle, becoming the second largest banking group in the UK after HSBC Holdings . NatWest as a distinct banking brand was retained, although many back-office functions of the bank were merged with the Royal Bank's, leading to over 18,000 job losses throughout the UK. In August 2005,
826-705: A condition of the British Government purchasing an 81% shareholding in the group, the European Commission ruled that the group sell a portion of its business, as the purchase was categorised as state aid . In August 2010, the group reached an agreement to sell 318 branches to Santander UK , made up of the RBS branches in England and Wales and the NatWest branches in Scotland. Santander withdrew from
944-544: A counter-offer, sparking off the largest hostile takeover battle in UK corporate history. A key differentiation from the Bank of Scotland's bid was the Royal Bank of Scotland's plan to retain all of NatWest's subsidiaries. Although NatWest, one of the " Big Four " English clearing banks, was significantly larger than either Scottish bank, it had a recent history of poor financial performance and plans to merge with insurance company Legal & General were not well received, prompting
1062-563: A further sale would take place in late 2021 (bringing the holding down to 50.6%) and a sale in March 2022 reduced it further to 48.1%. Following a buyback by the NatWest Group in May 2023, the government reduced its holding in the company to 38.6%. Regulatory filings showed the government had reduced its holding to 34.96% by February 2024. The holding fell to 29.82% in March 2024. On 31 May 2024
1180-399: A leading role in the movement to abolish slavery worldwide through the blockade of Africa and pressing other nations to end their trade with a series of treaties. In 1800 the parliaments of Great Britain and Ireland each passed an Act of Union, uniting the two kingdoms and creating the United Kingdom of Great Britain and Ireland on 1 January 1801. After the defeat of France at the end of
1298-657: A number of support functions. The NatWest Holdings segment comprises the retail banking division of the bank: the business operates in the United Kingdom and the Republic of Ireland under the NatWest, Royal Bank of Scotland and Ulster Bank names. Key subsidiaries include: This franchise serves high-net-worth customers. The key private banking subsidiaries and brands of NatWest Group that are included in this franchise are Coutts , Drummonds Bank and NatWest and RBS Premier Banking. This franchise serves UK corporate and commercial customers, from SMEs to UK-based multinationals, and
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#17327802285521416-853: A policy of splendid isolation in Europe, and attempted to contain Russian influence in Afghanistan and Persia , in what came to be known as the Great Game . During this time, Canada , Australia and New Zealand were granted self-governing dominion status. At the turn of the century, Britain's industrial dominance became challenged by the German Empire and the United States . The Edwardian era saw social reform and home rule for Ireland become important domestic issues, while
1534-461: A public company in 1982. The late 1990s saw a new wave of consolidation in the financial services sector. In 1999, the Bank of Scotland launched a hostile takeover bid for English rival National Westminster Bank. The Bank of Scotland intended to fund the deal by selling off many of NatWest's subsidiary companies, including Ulster Bank and Coutts. However, the Royal Bank of Scotland subsequently tabled
1652-767: A quarter of the world's landmass and population, and was the largest empire in history . However, its involvement in the First World War and the Second World War damaged Britain's economic power and a global wave of decolonisation led to the independence of most British colonies. The United Kingdom is a constitutional monarchy and parliamentary democracy . The UK has three distinct jurisdictions: England and Wales , Scotland , and Northern Ireland . Since 1999, Scotland, Wales and Northern Ireland have their own governments and parliaments which control various devolved matters. A developed country ,
1770-459: A result of a shortage of workers in the 1950s, the government encouraged immigration from Commonwealth countries . In the following decades, the UK became a more multi-ethnic society. Despite rising living standards in the late 1950s and 1960s, the UK's economic performance was less successful than many of its main competitors such as France, West Germany and Japan. The UK was the first democratic nation to lower its voting age to 18 in 1969. In
1888-723: A senior, global financial services executive with deep experience in international markets and long-standing knowledge of the Australian banking environment. On 7 February 2024, National Australia Bank announced the appointment of Andrew Irvine as Group Chief Executive Officer and Managing Director. It also announced that McEwan would retire from executive roles after a distinguished career in financial and insurance services. Mr Irvine, NAB’s Group Executive Business and Private Banking since 2020, succeeded Ross McEwan on 2 April 2024. McEwan and his wife met through playing basketball, while they were both students at Massey University. She has
2006-756: A series of connected wars (including the English Civil War ) which led to the temporary overthrow of the monarchy, with the execution of King Charles I , and the establishment of the short-lived unitary republic of the Commonwealth of England , Scotland and Ireland. Although the monarchy was restored , the Interregnum along with the Glorious Revolution of 1688 and the subsequent Bill of Rights 1689 in England and Claim of Right Act 1689 in Scotland ensured that, unlike much of
2124-424: A suitable successor was found. Upon his resignation, Chairman Howard Davis commended McEwan on his turn around of the part-nationalised lender, noting "his successful execution of the strategy to refocus the bank back on its core markets here in the UK and Ireland has helped to deliver one of the biggest UK corporate turnarounds in history." During his tenure as CEO, he focused his work on modernising and simplifying
2242-399: A year. The Consumers' Association chief executive, Peter Vicary-Smith, said: "This is a step in the right direction and a victory for consumer pressure." In November 2009, RBS announced plans to cut 3,700 jobs in addition to 16,000 already planned, while the government increased its stake in the company from 70% to 84%. In December 2009, the RBS board revolted against the main shareholder,
2360-481: Is only the one specific nominal term 'Great Britain' which invariably excludes Northern Ireland". The BBC historically preferred to use "Britain" as shorthand only for Great Britain, though the present style guide does not take a position except that "Great Britain" excludes Northern Ireland. The adjective "British" is commonly used to refer to matters relating to the United Kingdom and is used in law to refer to United Kingdom citizenship and nationality . People of
2478-538: Is ranked 2nd out of 180 countries in the Environmental Performance Index . A law has been passed that UK greenhouse gas emissions will be net zero by 2050. England accounts for 53 per cent of the UK, covering 50,350 square miles (130,395 km ). Most of the country consists of lowland terrain, with upland and mountainous terrain northwest of the Tees–Exe line which roughly divides
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#17327802285522596-599: Is sometimes used as a loose synonym for the United Kingdom as a whole. The word England is occasionally used incorrectly to refer to the United Kingdom as a whole, a mistake principally made by people from outside the UK. The term "Britain" is used as a synonym for Great Britain , but also sometimes for the United Kingdom. Usage is mixed: the UK Government prefers to use the term "UK" rather than "Britain" or "British" on its website (except when referring to embassies), while acknowledging that both terms refer to
2714-579: Is the Isle of Wight . Scotland accounts for 32 per cent of the UK, covering 30,410 square miles (78,772 km ). This includes nearly 800 islands , notably the Hebrides , Orkney Islands and Shetland Islands. Scotland is the most mountainous constituent country of the UK, the Highlands to the north and west are the more rugged region containing the majority of Scotland's mountainous land, including
2832-592: Is the highest peak in Wales. Wales has over 1,680 miles (2,704 kilometres) of coastline including the Pembrokeshire Coast . Several islands lie off the Welsh mainland, the largest of which is Anglesey ( Ynys Môn ). Ross McEwan Ross Maxwell McEwan CBE (born 16 July 1957 ) is a New Zealand banker, and former chief executive officer (CEO) and managing director of National Australia Bank . He
2950-511: Is the largest provider of banking, finance and risk management services to UK corporate and commercial customers. It also contains Lombard entity providing asset finance to corporate and commercial customers as well as some of the clients within the Private Banking franchise. NatWest Markets is the investment banking arm of NatWest Group. It provides integrated financial solutions to major corporations and financial institutions around
3068-588: The 1884 Reform Act championed by William Gladstone granting suffrage to a majority of males for the first time. The British population increased at a dramatic rate, accompanied by rapid urbanisation , causing significant social and economic stresses. By the late 19th century, the Conservatives under Benjamin Disraeli and Lord Salisbury initiated a period of imperial expansion in Africa , maintained
3186-456: The 2007–2008 financial crisis , NatWest was very briefly the largest bank in the world, and for a period was the second-largest bank in the UK and Europe and the fifth-largest in the world by market capitalisation . Subsequently, with a slumping share price and major loss of confidence, the bank fell sharply in the rankings, although in 2009 it was briefly the world's largest company by both assets (£1.9 trillion) and liabilities (£1.8 trillion). It
3304-534: The Atlantic slave trade , mainly between 1662 and 1807 when British or British-colonial slave ships transported nearly 3.3 million slaves from Africa. The slaves were taken to work on plantations , principally in the Caribbean but also North America . However, with pressure from the abolitionism movement , Parliament banned the trade in 1807, banned slavery in the British Empire in 1833, and Britain took
3422-650: The Battle of Culloden in 1746, after which the Scottish Highlanders were forcibly assimilated into Scotland by revoking the feudal independence of clan chiefs . The British colonies in North America that broke away in the American War of Independence became the United States . British imperial ambition turned towards Asia, particularly to India . British merchants played a leading part in
3540-663: The Cairngorms , Loch Lomond and The Trossachs and Ben Nevis which at 1,345 metres (4,413 ft) is the highest point in the British Isles. Wales accounts for less than 9 per cent of the UK, covering 8,020 square miles (20,779 km ). Wales is mostly mountainous, though South Wales is less mountainous than North and mid Wales . The highest mountains in Wales are in Snowdonia and include Snowdon ( Welsh : Yr Wyddfa ) which, at 1,085 metres (3,560 ft),
3658-523: The Commonwealth of Nations . The UK was the third country to develop a nuclear weapons arsenal (with its first atomic bomb test, Operation Hurricane , in 1952), but the post-war limits of Britain's international role were illustrated by the Suez Crisis of 1956. The international spread of the English language ensured the continuing international influence of its literature and culture . As
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3776-767: The European Convention on Human Rights . The UK remained a great power with global diplomatic and military influence and a leading role in the United Nations and NATO . The UK broadly supported the United States' approach to the " war on terror " in the early 21st century. British troops fought in the War in Afghanistan , but controversy surrounded Britain's military deployment in Iraq , which saw
3894-583: The European Union (EU) in 1992, the UK was one of the 12 founding member states. From the late 1960s, Northern Ireland suffered communal and paramilitary violence (sometimes affecting other parts of the UK) conventionally known as the Troubles . It is usually considered to have ended with the 1998 Belfast "Good Friday" Agreement . Following a period of widespread economic slowdown and industrial strife in
4012-494: The Falkland Islands , leading to the 10-week Falklands War in which Argentine forces were defeated. The inhabitants of the islands are predominantly descendants of British settlers, and strongly favour British sovereignty, expressed in a 2013 referendum . From 1984, the UK economy was helped by the inflow of substantial North Sea oil revenues. Another British overseas territory, Gibraltar , ceded to Great Britain in
4130-545: The French Revolutionary Wars and Napoleonic Wars (1792–1815), the United Kingdom emerged as the principal naval and imperial power (with London the largest city in the world from about 1830). Unchallenged at sea , British dominance was later described as Pax Britannica ("British Peace"), a period of relative peace among the great powers (1815–1914) during which the British Empire became
4248-540: The Harvard Business School . McEwan's first top management position was as CEO of Axa New Zealand from 1996 to 2002. He had spent the previous ten years at National Mutual New Zealand , 51% acquired by Axa in 1995. McEwan was then appointed CEO of First NZ Securities, the stockbroking arm of First NZ Capital Securities, the New Zealand affiliate of Credit Suisse Group . In 2003 McEwan
4366-564: The Irish Sea . The United Kingdom had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the United Kingdom is London , whose wider metropolitan area is the largest in Western Europe , with a population of 14.9 million. The cities of Edinburgh , Cardiff , and Belfast are the national capitals of Scotland, Wales, and Northern Ireland, respectively. The lands of
4484-650: The Labour Party emerged from an alliance of trade unions and small socialist groups in 1900, and suffragettes campaigned for women's right to vote. Britain was one of the principal Allies that defeated the Central Powers in the First World War (1914–1918). Alongside their French, Russian and (after 1917) American counterparts, British armed forces were engaged across much of the British Empire and in several regions of Europe, particularly on
4602-647: The Representation of the People Act 1918 . After the war, Britain became a permanent member of the Executive Council of the League of Nations and received a mandate over a number of former German and Ottoman colonies. Under the leadership of David Lloyd George , the British Empire reached its greatest extent, covering a fifth of the world's land surface and a quarter of its population. By
4720-973: The Soviet Union formed in 1941, leading the Allies against the Axis powers . There were eventual hard-fought victories in the Battle of the Atlantic , the North Africa campaign and the Italian campaign . British forces played important roles in the Normandy landings of 1944 and the liberation of Europe . The British Army led the Burma campaign against Japan, and the British Pacific Fleet fought Japan at sea. British scientists contributed to
4838-511: The Western Front . The high fatalities of trench warfare caused the loss of much of a generation of men, with lasting social effects in the nation and a great disruption in the social order. Britain had suffered 2.5 million casualties and finished the war with a huge national debt. The consequences of the war persuaded the government to expand the right to vote in national and local elections to all adult men and most adult women with
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4956-471: The coastline paradox . It is connected to continental Europe by the Channel Tunnel , which at 31 miles (50 km) (24 miles (38 km) underwater) is the longest underwater tunnel in the world. The UK contains four terrestrial ecoregions: Celtic broadleaf forests , English Lowlands beech forests , North Atlantic moist mixed forests , and Caledonian conifer forests . The area of woodland in
5074-491: The largest protest in British history in opposition to the government led by Tony Blair . The Great Recession severely affected the UK economy. The Cameron–Clegg coalition government of 2010 introduced austerity measures intended to tackle the substantial public deficits. Studies have suggested that policy led to significant social disruption and suffering. A referendum on Scottish independence in 2014 resulted in
5192-506: The preference shares in RBS that it had acquired in October 2008 to ordinary shares. This would remove the 12% coupon payment (£600m p.a.) on the shares but would increase the state's holding in the bank from 58% to 70%. On the same day RBS released a trading statement in which it expected to post full-year trading losses (before writedowns ) of between £7bn and £8bn. The group also announced writedowns on goodwills (primarily related to
5310-533: The takeover of Dutch bank ABN-AMRO ) of around £20bn. The combined total of £28bn would be the biggest ever annual loss in UK corporate history (the actual figure was £24.1bn). As a result, during the Blue Monday Crash , the group's share price fell over 66% in one day to 10.9p per share, from a 52-week high of 354p per share, itself a drop of 97%. RBS' contractual commitment to retain the 4.26% Bank of China (BoC) stake ended on 31 December 2008, and
5428-619: The 16th century and established the Church of England . Moreover, it defined a national identity for England and slowly, but profoundly, changed people's religious beliefs. Wales was fully incorporated into the Kingdom of England , and Ireland was constituted as a kingdom in personal union with the English crown. In what was to become Northern Ireland, the lands of the independent Catholic Gaelic nobility were confiscated and given to Protestant settlers from England and Scotland. In 1603,
5546-401: The 1713 Treaty of Utrecht, is a key military base . A referendum in 2002 on shared sovereignty with Spain was rejected by 98.97% of voters in the territory. Around the end of the 20th century, there were major changes to the governance of the UK with the establishment of devolved administrations for Scotland, Wales and Northern Ireland. The statutory incorporation followed acceptance of
5664-406: The 1970s, the Conservative government of the 1980s led by Margaret Thatcher initiated a radical policy of monetarism , deregulation, particularly of the financial sector (for example, the Big Bang in 1986) and labour markets, the sale of state-owned companies (privatisation), and the withdrawal of subsidies to others. In 1982, Argentina invaded the British territories of South Georgia and
5782-476: The 5th century) united with the Picts to create the Kingdom of Scotland in the 9th century. In 1066, the Normans invaded England from northern France. After conquering England , they seized large parts of Wales , conquered much of Ireland and were invited to settle in Scotland, bringing to each country feudalism on the Northern French model and Norman-French culture. The Anglo-Norman ruling class greatly influenced, but eventually assimilated with,
5900-407: The British Government announced a further injection of funds into the UK banking system in an attempt to restart personal and business lending. This would involve the creation of a state-backed insurance scheme which would allow banks to insure against existing loans going into default, in an attempt to restore the banks' confidence. At the same time the government announced its intention to convert
6018-410: The British government. They threatened to resign unless they were permitted to pay bonuses of £1.5bn to staff in its investment arm. More than 100 senior bank executives at the Royal Bank of Scotland were paid more than £1 million in late 2010 and total bonus payouts reached nearly £1 billion – even though the bailed-out bank reported losses of £1.1 billion for 2010. The 2010 figure was an improvement on
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#17327802285526136-464: The Brittonic area mainly to what was to become Wales , Cornwall and, until the latter stages of the Anglo-Saxon settlement, the Hen Ogledd (northern England and parts of southern Scotland). Most of the region settled by the Anglo-Saxons became unified as the Kingdom of England in the 10th century. Meanwhile, Gaelic speakers in north-west Britain (with connections to the north-east of Ireland and traditionally supposed to have migrated from there in
6254-425: The Dutch bank although the bank pointed out that of the £49bn paid for ABN AMRO, RBS's share was only £10bn (equivalent to £167 per citizen of the UK). Much later, the bank announced it was to scale back its international presence. "Let me spell it out very clearly: the days when RBS sought to be the biggest bank in the world, those days are well and truly over", Chief Executive Ross McEwan , who had been in charge of
6372-452: The Manhattan Project whose task was to build an atomic weapon. Once built, it was decided, with British consent, to use the weapon against Japan. The UK was one of the Big Three powers (along with the US and the Soviet Union) who met to plan the post-war world ; it drafted the Declaration by United Nations with the United States and became one of the five permanent members of the United Nations Security Council . It worked closely with
6490-425: The Name of Great Britain". The term "United Kingdom" has occasionally been used as a description for the former Kingdom of Great Britain , although its official name from 1707 to 1800 was simply "Great Britain". The Acts of Union 1800 formed the United Kingdom of Great Britain and Ireland . Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as
6608-571: The Royal Bank of Scotland PLC (RBS) to acquire 100% of RBS Factoring GmbH, RBS's factoring and invoice financing business in Germany, for an undisclosed amount. The transaction is subject to a number of conditions, including regulatory approval. In January 2012, due to pressure from the UK government to shut down risky operations and prepare for tougher international regulations, the bank announced it would cut 4,450 jobs and close its loss-making cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses. This move brought
6726-495: The Scottish electorate voting by 55.3 to 44.7% to remain part of the United Kingdom. In 2016, 51.9 per cent of voters in the United Kingdom voted to leave the European Union . The UK left the EU in 2020. On 1 May 2021, the EU–UK Trade and Cooperation Agreement came into force. The COVID-19 pandemic had a severe impact on the UK's economy , caused major disruptions to education and had far-reaching impacts on society and politics in 2020 and 2021. The United Kingdom
6844-477: The UK government began the process of selling shares back to the private sector, reducing its ownership of ordinary shares from 61.3% to 51.5% and its total economic ownership (including B shares) from 78.3% to 72.9%. On 5 June 2018 the government reduced its ownership through UK Government Investments to 62.4% at a loss of £2 billion. In June 2008 RBS sold its subsidiary Angel Trains for £3.6bn as part of an assets sale to raise cash. In March 2009, RBS announced
6962-430: The UK has the world's sixth-largest economy by nominal gross domestic product (GDP). It is a nuclear state , and is ranked fifth globally in military expenditure . The UK has been a permanent member of the UN Security Council since its first session in 1946. It is a member of the Commonwealth of Nations , Council of Europe , G7 , OECD , NATO , Five Eyes , AUKUS and CPTPP . British influence can be observed in
7080-412: The UK have been inhabited continuously since the Neolithic . In AD 43 the Roman conquest of Britain began; the Roman departure was followed by Anglo-Saxon settlement . In 1066, the Normans conquered England . With the end of the Wars of the Roses the English state stabilised and began to grow in power, resulting by the 16th century in the annexation of Wales , the domination of Scotland , and
7198-404: The UK in 1922 as the Irish Free State , and the Royal and Parliamentary Titles Act 1927 created the present United Kingdom. The UK became the first industrialised country and was the world's foremost power for the majority of the 19th and early 20th centuries, particularly during the " Pax Britannica " between 1815 and 1914. At its height in the 1920s, the British Empire encompassed almost
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#17327802285527316-484: The UK in 2023 is estimated to be 3.25 million hectares, which represents 13% of the total land area in the UK. Most of the United Kingdom has a temperate climate, with generally cool temperatures and plentiful rainfall all year round. The temperature varies with the seasons seldom dropping below 0 °C (32 °F ) or rising above 30 °C (86 °F). Some parts, away from the coast, of upland England, Wales, Northern Ireland and most of Scotland, experience
7434-433: The UK into lowland and upland areas. Lowland areas include Cornwall , the New Forest , the South Downs and the Norfolk Broads . Upland areas include the Lake District , the Pennines , the Yorkshire Dales , Exmoor , and Dartmoor . The main rivers and estuaries are the Thames , Severn , and the Humber . England's highest mountain is Scafell Pike , at 978 metres (3,209 ft) in the Lake District; its largest island
7552-498: The UK) of new capital into Royal Bank of Scotland Group, Lloyds TSB and HBOS , to avert financial sector collapse. The government stressed, however, that it was not "standard public ownership" and that the banks would return to private investors "at the right time". Alistair Darling , the Chancellor of the Exchequer , stated that the UK government would benefit from its rescue plan, for it would have some control over RBS in exchange for £5 billion in preference shares and underwriting
7670-402: The United Kingdom and that elsewhere "British government" is used at least as frequently as "United Kingdom government". The UK Permanent Committee on Geographical Names recognises "United Kingdom", "UK" and "U.K." as shortened and abbreviated geopolitical terms for the United Kingdom of Great Britain and Northern Ireland in its toponymic guidelines; it does not list "Britain" but notes that "it
7788-411: The United Kingdom is 1339.7 hours, which is just under 30% of the maximum possible. The hours of sunshine vary from 1200 to about 1580 hours per year, and since 1996 the UK has been and still is receiving above the 1981 to 2010 average hours of sunshine. Climate change has a serious impact on the country. A third of food price rise in 2023 is attributed to climate change. As of 2022, the United Kingdom
7906-436: The United Kingdom use several different terms to describe their national identity and may identify themselves as being British , English , Scottish , Welsh , Northern Irish , or Irish ; or as having a combination of different national identities. Settlement by Cro-Magnons of what was to become the United Kingdom occurred in waves beginning by about 30,000 years ago. The island has been continuously inhabited only since
8024-491: The United Kingdom. The 1928 Equal Franchise Act gave women electoral equality with men in national elections. Strikes in the mid-1920s culminated in the General Strike of 1926 . Britain had still not recovered from the effects of the First World War when the Great Depression (1929–1932) led to considerable unemployment and hardship in the old industrial areas, as well as political and social unrest with rising membership in communist and socialist parties. A coalition government
8142-478: The United States to establish the IMF , World Bank and NATO . The war left the UK severely weakened and financially dependent on the Marshall Plan , but it was spared the total war that devastated eastern Europe. In the immediate post-war years, the Labour government under Clement Attlee initiated a radical programme of reforms, which significantly impacted British society in the following decades . Major industries and public utilities were nationalised ,
8260-401: The acquisition and settlement of overseas colonies , particularly in North America and the Caribbean. Though previous attempts at uniting the two kingdoms within Great Britain in 1606, 1667, and 1689 had proved unsuccessful, the attempt initiated in 1705 led to the Treaty of Union of 1706 being agreed and ratified by both parliaments. On 1 May 1707, the Kingdom of Great Britain was formed,
8378-504: The bank expanded into China, acquiring a 10% stake in the Bank of China for £1.7 billion, which it had sold by 2009. In 2005, the bank built a new international headquarters at Gogarburn on the outskirts of Edinburgh, and was opened by Queen Elizabeth II and Prince Philip, Duke of Edinburgh . The group was part of a consortium with Belgian bank Fortis and Spanish bank Banco Santander that acquired Dutch bank ABN AMRO in October 2007. Rivals speculated that RBS had overpaid for
8496-405: The bank for four months, said in unveiling plans to reduce costs by £5bn over four years. "Our ambition is to be a bank for UK customers", he added. On 22 April 2008, RBS announced a rights issue which aimed to raise £12 billion in new capital to offset a writedown of £5.9 billion resulting from credit market positions and to shore up its reserves following the purchase of ABN AMRO. This was, at
8614-538: The bank should abandon the plan to sell the operation, and instead focus on initiatives to boost competition within business banking in the United Kingdom. This plan was formally approved by the European Commission in September 2017. On 14 February 2020, it was announced that RBS Group was to be renamed NatWest Group, taking the brand under which the majority of its business is delivered. On 16 July 2020
8732-507: The bank's IT system, and launched many fintech startups to race at the leading-edge of banking innovation. McEwan was appointed Commander of the Order of the British Empire (CBE) in the 2020 New Year Honours for services to the financial sector. National Australia Bank announced on 19 July 2019, the appointment of Ross McEwan as Group Chief Executive Officer and Managing Director. NAB chairman-elect Philip Chronican said NAB had secured
8850-561: The bank, it was announced that the British Government would take a stake of up to 58% in the Group. The aim was to "make available new tier 1 capital to UK banks and building societies to strengthen their resources permitting them to restructure their finances, while maintaining their support for the real economy, through the recapitalisation scheme which has been made available to eligible institutions". HM Treasury injected £37 billion ($ 64 billion, €47 billion, equivalent to £617 per citizen of
8968-414: The banks about how they funded their operations. On 25 February 2015, RBS announced that McEwan would forgo a share award worth £1m saying that he did not want his pay package to "be a distraction from the task of building a great bank". He was still expected to be paid £2.7m despite turning down the award. The announcement came the day before the bank, which was at one point 80% owned by the UK government,
9086-455: The chief executive of the group, Fred Goodwin , offered his resignation and it was duly accepted. Sir Tom McKillop confirmed that he would stand down from his role as chairman when his contract expired in March 2009. Goodwin was replaced by Stephen Hester, previously the chief executive of British Land , who commenced work at the Royal Bank of Scotland in November 2008. On 19 January 2009,
9204-574: The closure of its tax avoidance department, which had helped it avoid £500m of tax by channelling billions of pounds through securitised assets in tax havens such as the Cayman Islands . The closure was partly due to a lack of funds to continue the measures, and partly due to the 84% government stake in the bank. On 29 March 2010, GE Capital acquired Royal Bank of Scotland's factoring business in Germany. GE Capital signed an agreement with
9322-509: The committee wrote in reply to McEwan's written submission that it was 'concerned by the pattern of defensiveness, and a failure to acknowledge mistakes, demonstrated by RBS throughout its handling of the GRG affair. Mr McEwan's letter to me is an example of this...' In April 2019, McEwan announced his shock resignation on the eve of RBS's AGM and first quarter results. McEwan had a 12 month notice period, and committed himself to remain in situ until
9440-529: The company announced that the rebrand would take place on 22 July 2020. The change took effect on 23 July 2020. The NatWest Group is likely to remain state-owned until March 2025, a deadline which the UK Treasury has announced for selling all government shares in the business. The government reduced its holding in NatWest to 59.8% in March 2021, losing the taxpayer £1.8bn, followed by a further sale in May 2021 bringing it to 54.8%. The government announced that
9558-416: The credit rating of 12 UK financial firms, including RBS, blaming financial weakness. In January 2012, there was press controversy about Hester's bonus—Hester was offered share options with a total value of £963,000 that would be held in long-term plans, and only paid out if he met strict and tough targets. If he failed to do this, it would be clawed-back. The Treasury permitted the payment because they feared
9676-736: The decades-long process of European integration , the UK was a founding member of the Western European Union , established with the London and Paris Conferences in 1954. In 1960 the UK was one of the seven founding members of the European Free Trade Association (EFTA), but in 1973 it left to join the European Communities (EC). In a 1975 referendum 67% voted to stay in it. When the EC became
9794-483: The eastern parts are the driest. Atlantic currents, warmed by the Gulf Stream , bring mild winters, especially in the west where winters are wet and even more so over high ground. Summers are warmest in the southeast of England and coolest in the north. Heavy snowfall can occur in winter and early spring on high ground, and occasionally settles to great depth away from the hills. The average total annual sunshine in
9912-652: The establishment of the British Empire . Over the course of the 17th century, the role of the British monarchy was reduced, particularly as a result of the English Civil War . In 1707, the Kingdom of England and the Kingdom of Scotland united under the Treaty of Union to create the Kingdom of Great Britain . The Acts of Union 1800 incorporated the Kingdom of Ireland to create the United Kingdom of Great Britain and Ireland in 1801. Most of Ireland seceded from
10030-506: The financial institution "to return to private ownership by the end of 2014". For his part in the procession of the transition, Hester would receive 12 months' pay and benefits worth £1.6 million, as well as the potential for £4 million in shares. The RBS stated that, as of the announcement, the search for Hester's successor would commence. Ross McEwan, the head of retail banking at RBS, was selected to replace Hester in July 2013. On 4 August 2015
10148-594: The first year, Britain and its Empire continued the war against Germany. Churchill engaged industry, scientists and engineers to support the government and the military in the prosecution of the war effort. In 1940, the Royal Air Force defeated the German Luftwaffe in the Battle of Britain . Urban areas suffered heavy bombing during the Blitz . The Grand Alliance of Britain, the United States and
10266-587: The formal control it exerted over its own colonies, British dominance of much of world trade meant that it effectively controlled the economies of regions such as East Asia and Latin America . Throughout the Victorian era , political attitudes favoured free trade and laissez-faire policies. Beginning with the Great Reform Act in 1832, Parliament gradually widened the voting franchise , with
10384-762: The global hegemon and adopted the role of global policeman. From 1853 to 1856, Britain took part in the Crimean War , allied with the Ottoman Empire against Tsarist Russia , participating in the naval battles of the Baltic Sea known as the Åland War in the Gulf of Bothnia and the Gulf of Finland , among others. Following the Indian Rebellion in 1857 , the British government led by Lord Palmerston assumed direct rule over India . Alongside
10502-465: The government announced a further £1.24bn worth of shares sold back to NatWest after a plan to sell to the public was frozen due to the 2024 general election ; this brought the government's ownership of NatWest down to 22.5%. By late July 2024, the shareholding had been reduced to 19.97%, and by late November 2024 it was down to 10.99%. NatWest Group is split into four main customer-facing franchises, each with several subsidiary businesses, and it also has
10620-424: The group in 2016 as a standalone business. The planned company would have traded as an ethical bank, using the dormant Williams & Glyn's brand. In August 2016, RBS cancelled its plan to spin off Williams & Glyn as a separate business, stating that the new bank could not survive independently. It revealed it would instead seek to sell the operation to another bank. In February 2017, HM Treasury suggested that
10738-773: The island of Great Britain , the north-eastern part of the island of Ireland , and most of the smaller islands within the British Isles , making up a total area of 94,354 square miles (244,376 km ). Northern Ireland shares a land border with the Republic of Ireland ; otherwise, the United Kingdom is surrounded by the Atlantic Ocean , the North Sea , the English Channel , the Celtic Sea , and
10856-405: The issuance of a further £15 billion in ordinary shares. If shareholder take-up of the share issue was 0%, then total government ownership in RBS would be 58%; and, if shareholder take-up was 100%, then total government ownership in RBS would be 0%. Less than 56 million new shares were taken up by investors, or 0.24pc of the total offered by RBS in October 2008. As a consequence of this rescue,
10974-403: The kingdoms of England, Scotland and Ireland were united in a personal union when James VI, King of Scots , inherited the crowns of England and Ireland and moved his court from Edinburgh to London; each country nevertheless remained a separate political entity and retained its separate political, legal, and religious institutions. In the mid-17th century, all three kingdoms were involved in
11092-408: The last retreat of the ice around 11,500 years ago. By the end of the region's prehistoric period , the population is thought to have belonged largely to a culture termed Insular Celtic , comprising Brittonic Britain and Gaelic Ireland . The Roman conquest , beginning in 43 AD, and the 400-year rule of southern Britain , was followed by an invasion by Germanic Anglo-Saxon settlers, reducing
11210-612: The late 1960s, economic conditions were becoming more difficult for the banking sector. In response, the National Commercial Bank of Scotland merged with the Royal Bank of Scotland . The merger resulted in a new holding company , the National and Commercial Banking Group being founded in 1968, with the merger formalised in 1969. The holding company was renamed The Royal Bank of Scotland Group in 1979 and became
11328-409: The legal and political systems of many of its former colonies , and British culture remains globally influential, particularly in language , literature , music and sport . English is the world's most widely spoken language and the third-most spoken native language . The Acts of Union 1707 declared that the Kingdom of England and Kingdom of Scotland were "United into One Kingdom by
11446-530: The local cultures. Subsequent medieval English kings completed the conquest of Wales and tried unsuccessfully to annex Scotland . Asserting its independence in the 1320 Declaration of Arbroath , Scotland maintained its independence thereafter, albeit in near-constant conflict with England . In 1215 the Magna Carta was the first document to state that no government was above the law, that citizens have rights protecting them and that they were entitled to
11564-499: The loss of £3.6 billion in 2009 and the record-breaking £24bn loss in 2008. The bonuses for staff in 2010 topped £950 million. The CEO Stephen Hester got £8 million in payments for the year. Len McCluskey , the general secretary of Unite the Union , said: "Taxpayers will be baffled as to how it is possible that while we own 84% of this bank it continues to so handsomely reward its investment bankers." In October 2011, Moody's downgraded
11682-618: The major part of the British Isles archipelago and includes the island of Great Britain, the north-eastern one-sixth of the island of Ireland and some smaller surrounding islands. It lies between the North Atlantic Ocean and the North Sea with the southeast coast coming within 22 miles (35 km) of the coast of northern France, from which it is separated by the English Channel . The Royal Greenwich Observatory in London
11800-674: The mid-1920s, most of the British population could listen to BBC radio programmes. Experimental television broadcasts began in 1929 and the first scheduled BBC Television Service commenced in 1936. The rise of Irish nationalism , and disputes within Ireland over the terms of Irish Home Rule , led eventually to the partition of the island in 1921. A period of conflict in what is now Northern Ireland occurred from June 1920 until June 1922. The Irish Free State became independent, initially with Dominion status in 1922, and unambiguously independent in 1931 . Northern Ireland remained part of
11918-463: The only part of the island of Ireland within the United Kingdom, the name was changed in 1927 to the "United Kingdom of Great Britain and Northern Ireland". Although the United Kingdom is a sovereign country, England, Scotland, Wales and Northern Ireland are also widely referred to as countries . The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom. Some statistical summaries, such as those for
12036-470: The resignation of Hester and much of the board if the payment was vetoed by the government as the majority shareholder. After a large amount of criticism in the press, news emerged of Chairman Sir Philip Hampton turning down his own bonus of £1.4 million several weeks before the controversy. Hester, who had been on holiday in Switzerland at the time, turned down his own bonus shortly after. In June 2012,
12154-504: The rest of Europe, royal absolutism would not prevail, and a professed Catholic could never accede to the throne. The British constitution would develop on the basis of constitutional monarchy and the parliamentary system . With the founding of the Royal Society in 1660, science was greatly encouraged. During this period, particularly in England, the development of naval power and the interest in voyages of discovery led to
12272-587: The result of the Acts of Union 1707 between the Kingdom of England and Kingdom of Scotland . In the 18th century, cabinet government developed under Robert Walpole , in practice the first prime minister (1721–1742). A series of Jacobite uprisings sought to remove the Protestant House of Hanover from the throne and restore the Catholic House of Stuart . The Jacobites were finally defeated at
12390-628: The sale on 12 October 2012. In September 2013, the group confirmed it had reached an agreement to sell 314 branches to the Corsair consortium, made up of private equity firms and a number of institutional investors, including the Church Commissioners , which controls the property and investment assets of the Church of England . The branches, incorporating 250,000 small business customers, 1,200 medium business customers and 1.8 million personal banking customers, were due to be separated from
12508-446: The shares were sold on 14 January 2009. Exchange rate fluctuations meant that RBS made no profit on the deal. The Scottish press suggested two reasons for the move: the need for a bank mainly owned by HM Treasury to focus scarce capital on British markets, and the growth possibility of RBS's own China operations. Also in March 2009, RBS revealed that its traders had been involved in the purchase and sale of sub-prime securities under
12626-528: The supervision of Fred Goodwin . In September 2009, RBS and NatWest announced dramatic cuts in their overdraft fees including the unpaid item fee (from £38 to £5), the card misuse fee (from £35 to £15) and the monthly maintenance charge for going overdrawn without consent (from £28 to £20). The cuts came at a time when the row over the legality of unauthorised borrowing reached the House of Lords . The fees were estimated to earn current account providers about £2.6bn
12744-458: The time, the largest rights issue in British corporate history. The bank also announced that it would review the possibility of divesting some of its subsidiaries to raise further funds, notably its insurance divisions Direct Line and Churchill . Additionally, the bank's stake in Tesco Bank was bought by Tesco for £950 million in 2008. On 13 October 2008, in a move aimed at recapitalising
12862-862: The total number of jobs cut since the bank was bailed out in 2008 to 34,000. During 2012, RBS separated its insurance business from the main group to form the Direct Line Group , made up of several well-known brands including Direct Line and Churchill . RBS sold a 30% holding in the group through an initial public offering in October 2012. Further shares sales in 2013 reduced RBS' holding to 28.5% by September 2013, and RBS sold its remaining shares in February 2014. In October 2015, RBS sold its remaining stake in Citizens Financial Group , having progressively reduced its stake through an initial public offering (IPO) started in 2014. As
12980-436: The twelve NUTS 1 regions , refer to Scotland, Wales and Northern Ireland as "regions". Northern Ireland is also referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice often revealing one's political preferences". The term "Great Britain" conventionally refers to the island of Great Britain, or politically to England, Scotland and Wales in combination. It
13098-581: The world. NWMs areas of strength are debt financing, risk management, and investment and advisory services. NatWest Markets Securities is a key subsidiary, operating in the United States . United Kingdom The United Kingdom of Great Britain and Northern Ireland , commonly known as the United Kingdom ( UK ) or Britain , is a country in Northwestern Europe , off the coast of the continental mainland . It comprises England , Scotland , Wales , and Northern Ireland . The UK includes
13216-566: Was bailed out by the UK government via the 2008 United Kingdom bank rescue package . The government retained a majority share until 28 March 2022, held and managed through UK Government Investments . It has subsequently reduced its shareholding in a series of transactions. In addition to its primary share listing on the London Stock Exchange , the company is also listed on the New York Stock Exchange . By
13334-567: Was chosen as the defining point of the Prime Meridian at the International Meridian Conference in 1884. The United Kingdom lies between latitudes 49° and 61° N , and longitudes 9° W and 2° E . Northern Ireland shares a 224-mile (360 km) land boundary with the Republic of Ireland. The coastline of Great Britain is 11,073 miles (17,820 km) long, though measurements can vary greatly due to
13452-520: Was due to release annual results widely expected to be disappointing following a series of fines by banking regulators for failures including for failing to stop manipulation of the foreign exchange market . In 2018 McEwan was requested by the Treasury Committee in the United Kingdom to explain how RBS's Global Restructuring Group (GRG) had handled its dealings with small businesses from 2008 to 2014. British MP Nicky Morgan , then chair of
13570-470: Was formed in 1931. Nonetheless, "Britain was a very wealthy country, formidable in arms, ruthless in pursuit of its interests and sitting at the heart of a global production system." After Nazi Germany invaded Poland in 1939, Britain entered the Second World War . Winston Churchill became prime minister and head of a coalition government in 1940. Despite the defeat of its European allies in
13688-824: Was hired as group executive for retail banking services for the Commonwealth Bank of Australia (CBA). He had been expected to become the next CEO of CBA, but was passed over for the post in 2011. McEwan joined RBS in August 2012 as head of retail banking. McEwan was appointed CEO of RBS in October 2013. It was expected that he would move the bank away from investment banking and reduce its international exposure, to focus more on UK retail banking. In February–March 2014, McEwan attracted press coverage for his view that "free banking" (no current account charges for customers in credit) would have to end sooner or later, and that this would in turn lead to greater transparency from
13806-429: Was previously the chief executive officer (CEO) of The Royal Bank of Scotland Group (RBS), a FTSE 100 company, from October 2013 to October 2019. McEwan was educated at Hastings Boys' High School , Hastings , followed by Massey University , where he completed a degree in business studies and human resources, despite having failed an accountancy module twice. He later earned a master in business administration from
13924-432: Was the first country in the world to use an approved COVID-19 vaccine , developing its own vaccine through a collaboration between Oxford University and AstraZeneca , which allowed the UK's vaccine rollout to be among the fastest in the world. The total area of the United Kingdom is approximately 94,354 square miles (244,376 km ), with a land area of 93,723 square miles (242,741 km ). The country occupies
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