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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_SettlementBalancesAssets" xml:lang="en">Settlement balances assets</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_SettlementBalancesAssets" xml:lang="en">Settlement balances assets.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_TradingAssets" xml:lang="en">Trading assets</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_TradingAssets" xml:lang="en">Trading assets.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_SecuritiesSubjectToRepurchaseAgreements" xlink:label="loc_nwg_SecuritiesSubjectToRepurchaseAgreements" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_SecuritiesSubjectToRepurchaseAgreements" xml:lang="en">Securities subject To Repurchase Agreements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_SecuritiesSubjectToRepurchaseAgreements" xlink:to="lab_nwg_SecuritiesSubjectToRepurchaseAgreements" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_SecuritiesSubjectToRepurchaseAgreements" xml:lang="en">Securities subject to repurchase agreements.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherFinancialAssets" xlink:label="loc_ifrs-full_OtherFinancialAssets" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_OtherFinancialAssets" xml:lang="en">Other financial assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherFinancialAssets" xlink:to="lab_ifrs-full_OtherFinancialAssets" />
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_OtherFinancialAssetsExcludingSecuritiesSubjectToRepurchaseAgreements" xlink:label="loc_nwg_OtherFinancialAssetsExcludingSecuritiesSubjectToRepurchaseAgreements" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_OtherFinancialAssetsExcludingSecuritiesSubjectToRepurchaseAgreements" xml:lang="en">Other Financial Assets Excluding Securities Subject To Repurchase Agreements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_OtherFinancialAssetsExcludingSecuritiesSubjectToRepurchaseAgreements" xlink:to="lab_nwg_OtherFinancialAssetsExcludingSecuritiesSubjectToRepurchaseAgreements" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OtherFinancialAssetsExcludingSecuritiesSubjectToRepurchaseAgreements" xml:lang="en">Other financial assets excluding securities subject to repurchase agreements</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_EquityAttributableToOrdinaryShareholders" xlink:label="loc_nwg_EquityAttributableToOrdinaryShareholders" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_EquityAttributableToOrdinaryShareholders" xml:lang="en">Equity Attributable to Ordinary Shareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_EquityAttributableToOrdinaryShareholders" xlink:to="lab_nwg_EquityAttributableToOrdinaryShareholders" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_EquityAttributableToOrdinaryShareholders" xml:lang="en">Equity attributable to ordinary shareholders.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_OtherOwnersInterests" xlink:label="loc_nwg_OtherOwnersInterests" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_OtherOwnersInterests" xml:lang="en">Other Owners Interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_nwg_OtherOwnersInterests" xml:lang="en">Other owners' interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_OtherOwnersInterests" xlink:to="lab_nwg_OtherOwnersInterests" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OtherOwnersInterests" xml:lang="en">Other owners' interests.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_SettlementBalancesLiabilities" xlink:label="loc_nwg_SettlementBalancesLiabilities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_SettlementBalancesLiabilities" xml:lang="en">Settlement balances liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_SettlementBalancesLiabilities" xlink:to="lab_nwg_SettlementBalancesLiabilities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_SettlementBalancesLiabilities" xml:lang="en">Settlement balances liabilities.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_TradingLiabilities" xlink:label="loc_nwg_TradingLiabilities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_TradingLiabilities" xml:lang="en">Trading liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_TradingLiabilities" xlink:to="lab_nwg_TradingLiabilities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_TradingLiabilities" xml:lang="en">Trading liabilities.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_NotesInCirculation" xlink:label="loc_nwg_NotesInCirculation" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_NotesInCirculation" xml:lang="en">Notes In Circulation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_NotesInCirculation" xlink:to="lab_nwg_NotesInCirculation" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_NotesInCirculation" xml:lang="en">Notes in circulation.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_ReserveOfExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsMember" xlink:label="loc_nwg_ReserveOfExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_ReserveOfExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsMember" xml:lang="en">Reserve Of Exchange Differences On Translation And Hedges Of Net Investments In Foreign Operations [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_ReserveOfExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsMember" xlink:to="lab_nwg_ReserveOfExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ReserveOfExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsMember" xml:lang="en">Reserve of exchange differences on translation and hedges of net investments in foreign operations.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfTreasuryShares" xlink:label="loc_ifrs-full_PurchaseOfTreasuryShares" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PurchaseOfTreasuryShares" xml:lang="en">Purchase of treasury shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfTreasuryShares" xlink:to="lab_ifrs-full_PurchaseOfTreasuryShares" />
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersDiscontinuedOperations" xlink:label="loc_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersDiscontinuedOperations" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersDiscontinuedOperations" xml:lang="en">(Loss) Profit Attributable To Ordinary Shareholders And Other Equity Owners Discontinued Operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersDiscontinuedOperations" xlink:to="lab_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersDiscontinuedOperations" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersDiscontinuedOperations" xml:lang="en">(Loss)/profit attributable to ordinary shareholders and other equity owners discontinued operations.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_DividendsPaidForEquityPreference" xlink:label="loc_nwg_DividendsPaidForEquityPreference" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_DividendsPaidForEquityPreference" xml:lang="en">Dividends Paid For Equity Preference</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_DividendsPaidForEquityPreference" xml:lang="en">Dividends Paid For Equity Preference</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_DividendsPaidForEquityPreference" xlink:to="lab_nwg_DividendsPaidForEquityPreference" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_DividendsPaidForEquityPreference" xml:lang="en">Paid in equity dividends paid.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_UnrealisedAndRealisedGains" xlink:label="loc_nwg_UnrealisedAndRealisedGains" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_UnrealisedAndRealisedGains" xml:lang="en">Unrealised And Realised Gains</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_UnrealisedAndRealisedGains" xlink:to="lab_nwg_UnrealisedAndRealisedGains" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_UnrealisedAndRealisedGains" xml:lang="en">Unrealised and Realised gains.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_RealisedGainsLosses" xlink:label="loc_nwg_RealisedGainsLosses" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_RealisedGainsLosses" xml:lang="en">Realised (Gains) Losses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_RealisedGainsLosses" xlink:to="lab_nwg_RealisedGainsLosses" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_RealisedGainsLosses" xml:lang="en">Realised (gains)/losses.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_EquityPreferenceDividendsPaid" xlink:label="loc_nwg_EquityPreferenceDividendsPaid" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_EquityPreferenceDividendsPaid" xml:lang="en">Equity Preference Dividends Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_EquityPreferenceDividendsPaid" xml:lang="en">Equity Preference Dividends Paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_EquityPreferenceDividendsPaid" xlink:to="lab_nwg_EquityPreferenceDividendsPaid" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_EquityPreferenceDividendsPaid" xml:lang="en">Equity preference dividends paid.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_UnclaimedDividend" xlink:label="loc_nwg_UnclaimedDividend" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_UnclaimedDividend" xml:lang="en">Unclaimed Dividend</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_UnclaimedDividend" xlink:to="lab_nwg_UnclaimedDividend" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_UnclaimedDividend" xml:lang="en">Unclaimed dividend.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_Reclassified" xlink:label="loc_nwg_Reclassified" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_Reclassified" xml:lang="en">Reclassified</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_Reclassified" xlink:to="lab_nwg_Reclassified" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_Reclassified" xml:lang="en">Reclassified.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersContinuingOperations" xlink:label="loc_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersContinuingOperations" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersContinuingOperations" xml:lang="en">(Loss) Profit Attributable To Ordinary Shareholders And Other Equity Owners Continuing Operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersContinuingOperations" xlink:to="lab_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersContinuingOperations" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_LossProfitAttributableToOrdinaryShareholdersAndOtherEquityOwnersContinuingOperations" xml:lang="en">(Loss) profit attributable to ordinary shareholders and other equity owners continuing operations.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_RecycledToProfitOrLossOnDisposalOfBusiness" xlink:label="loc_nwg_RecycledToProfitOrLossOnDisposalOfBusiness" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_RecycledToProfitOrLossOnDisposalOfBusiness" xml:lang="en">Recycled To Profit Or Loss On Disposal Of Business</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_RecycledToProfitOrLossOnDisposalOfBusiness" xlink:to="lab_nwg_RecycledToProfitOrLossOnDisposalOfBusiness" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_RecycledToProfitOrLossOnDisposalOfBusiness" xml:lang="en">Recycled to profit or loss on disposal of business.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:label="loc_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xml:lang="en">Paid-in equity dividends paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:to="lab_ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" />
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_EquityAttributableToPaidInEquityholders" xlink:label="loc_nwg_EquityAttributableToPaidInEquityholders" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_EquityAttributableToPaidInEquityholders" xml:lang="en">Equity Attributable to Paid In Equityholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_EquityAttributableToPaidInEquityholders" xlink:to="lab_nwg_EquityAttributableToPaidInEquityholders" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_EquityAttributableToPaidInEquityholders" xml:lang="en">Equity attributable to paid in equityholders.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_EquityAttributableToPreferenceShareholders" xlink:label="loc_nwg_EquityAttributableToPreferenceShareholders" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_EquityAttributableToPreferenceShareholders" xml:lang="en">Equity Attributable to Preference Shareholders</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_EquityAttributableToPreferenceShareholders" xlink:to="lab_nwg_EquityAttributableToPreferenceShareholders" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_EquityAttributableToPreferenceShareholders" xml:lang="en">Equity attributable to preference shareholders.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_OrdinaryDividendsPaid" xlink:label="loc_nwg_OrdinaryDividendsPaid" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_OrdinaryDividendsPaid" xml:lang="en">Ordinary Dividends Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_OrdinaryDividendsPaid" xml:lang="en">Dividends paid, ordinary shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_OrdinaryDividendsPaid" xlink:to="lab_nwg_OrdinaryDividendsPaid" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OrdinaryDividendsPaid" xml:lang="en">Ordinary dividends paid.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_RedemptionOfPreferenceShares" xlink:label="loc_nwg_RedemptionOfPreferenceShares" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_RedemptionOfPreferenceShares" xml:lang="en">Redemption of preference shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_RedemptionOfPreferenceShares" xlink:to="lab_nwg_RedemptionOfPreferenceShares" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_RedemptionOfPreferenceShares" xml:lang="en">Redemption of preference shares.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_SharesIssuedUnderEmployeeShareSchemes" xlink:label="loc_nwg_SharesIssuedUnderEmployeeShareSchemes" />
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    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_IncomeTaxRedemptionReclassificationOfPaidinEquity" xlink:label="loc_nwg_IncomeTaxRedemptionReclassificationOfPaidinEquity" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_SpecialDividendsPaid" xml:lang="en">Special Dividends Paid</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_SpecialDividendsPaid" xml:lang="en">Special Dividends Paid.</label>
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    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_NatWestMarketsPlcMember" xlink:label="loc_nwg_NatWestMarketsPlcMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_TreasuryStockShares" xml:lang="en">Treasury Stock Shares</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_TreasuryStockShares" xml:lang="en">Treasury stock shares.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_RepurchaseAndCancellationOfTreasuryShares" xml:lang="en">Repurchase And Cancellation Of Treasury Shares</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_RepurchaseAndCancellationOfTreasuryShares" xml:lang="en">Repurchase and cancellation of treasury shares.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_OwnSharesAcquiredNumberOfShares" xlink:label="loc_nwg_OwnSharesAcquiredNumberOfShares" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_OwnSharesAcquiredNumberOfShares" xml:lang="en">Own Shares Acquired Number Of Shares</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OwnSharesAcquiredNumberOfShares" xml:lang="en">Own shares acquired, number of shares.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_NumberOfSharesCancelled" xml:lang="en">Number Of Shares Cancelled</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_NumberOfSharesCancelled" xml:lang="en">Number Of Shares cancelled.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xml:lang="en">Cash flows from (used in) investing activities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en">Purchase of property, plant and equipment, classified as investing activities</label>
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    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_PurchaseSaleOfInvestmentInAssociates" xlink:label="loc_nwg_PurchaseSaleOfInvestmentInAssociates" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_PurchaseSaleOfInvestmentInAssociates" xml:lang="en">Purchase Sale Of Investment In Associates</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_PurchaseSaleOfInvestmentInAssociates" xml:lang="en">Purchase sale of investment in associates.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_IncomeReceivedOnOtherFinancialAssets" xlink:label="loc_nwg_IncomeReceivedOnOtherFinancialAssets" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_IncomeReceivedOnOtherFinancialAssets" xml:lang="en">Income received on other financial assets</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_IncomeReceivedOnOtherFinancialAssets" xml:lang="en">Income received on other financial assets.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:label="loc_ifrs-full_IncreaseDecreaseInWorkingCapital" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" xml:lang="en">Increase (decrease) in working capital</label>
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    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_IncreaseDecreaseInOtherFinancialLiabilities" xlink:label="loc_nwg_IncreaseDecreaseInOtherFinancialLiabilities" />
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    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_InterestPayableOnMrelsAndSubordinatedLiabilities" xlink:label="loc_nwg_InterestPayableOnMrelsAndSubordinatedLiabilities" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_InterestPayableOnMrelsAndSubordinatedLiabilities" xml:lang="en">Interest payable on MRELs and subordinated liabilities.</label>
    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentsReversalOfImpairmentsOnOtherThanLoansAndAdvancesRecognisedInProfitOrLoss" xlink:label="loc_nwg_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentsReversalOfImpairmentsOnOtherThanLoansAndAdvancesRecognisedInProfitOrLoss" />
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    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_ChangeInFairValueTakenToProfitOrLossOfOtherFinancialAssets" xlink:label="loc_nwg_ChangeInFairValueTakenToProfitOrLossOfOtherFinancialAssets" />
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    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_LossOnSaleOfMRELsAndSubordinatedLiabilities" xlink:label="loc_nwg_LossOnSaleOfMRELsAndSubordinatedLiabilities" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
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    <loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2022-12-31.xsd#nwg_LossOnSaleOfOtherAssetsAndNetAssetsLiabilties" xlink:label="loc_nwg_LossOnSaleOfOtherAssetsAndNetAssetsLiabilties" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_LossOnSaleOfOtherAssetsAndNetAssetsLiabilties" xml:lang="en">Loss On Sale Of Other Assets And Net Assets Liabilties</label>
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