The chief executive of NatWest has called on the Labour Party to adopt a more ambitious approach to economic growth, emphasizing the need for long-term stability in areas such as taxation, government spending, planning, and regulation. Paul Thwaite’s remarks come in the wake of Chancellor John Healey’s recent Budget, which received criticism for lacking a robust growth strategy.

Thwaite stressed that a successful growth plan must extend beyond simply balancing the books. “We want to turn some of the resilience we are seeing in the UK economy into momentum,” he said, underscoring the importance of ambition and sustained efforts. He highlighted that the UK’s economic performance will not hinge on a single Budget or isolated measures but rather on a broader framework, including the upcoming Spending Review and Prime Minister Andy Burnham’s proposed ten-year plan for national renewal.

The comments reflect concerns from the banking sector about the need for a coherent and forward-looking economic vision to support growth over the medium and long term. NatWest’s chief executive suggested that policies fostering stability in fiscal and regulatory environments will be key to unlocking the UK’s economic potential.

In parallel with these statements, NatWest reported its third-quarter financial results, showing an operating pre-tax profit of £2.2 billion for the period ending in September. This represented a slight increase of approximately 2 percent compared to the same quarter last year, exceeding some analysts’ expectations. The results highlight a degree of resilience within the UK economy amid ongoing challenges.

Thwaite’s call for greater economic ambition from Labour signals a push from the banking industry for policies that not only address immediate fiscal concerns but also lay the groundwork for sustained growth and stability. As the government prepares for the Spending Review next year, market observers will be watching closely for indications of a comprehensive strategy to support economic momentum.