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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_NoninterestIncomeExpense" xml:lang="en">The aggregate amount of the entity's non-interest income.</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OtherAdministrativeExpenses" xml:lang="en">The amount of administrative expenses not separately disclosed in the same statement or note.</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_PremisesAndEquipmentExpense" xml:lang="en">Premises And Equipment Expense</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_PremisesAndEquipmentExpense" xml:lang="en">Premises and equipment expense.</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ProfitLossAttributableToPreferredEquityHoldersOfParentEntity" xml:lang="en">The profit (loss) attributable to preferred equity holders of the parent equity.</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_nwg_ProfitLossBeforeTaxAndImpairmentLossReversalOfImpairmentLoss" xml:lang="en">Profit Loss Before Tax And Impairment Loss Reversal Of Impairment Loss</label>
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<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevenueAndOperatingIncome" xlink:label="loc_ifrs-full_RevenueAndOperatingIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_RevenueAndOperatingIncome" xml:lang="en">Revenue and other operating income</label>
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<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_ComprehensiveIncomeAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:label="loc_nwg_ComprehensiveIncomeAttributableToOrdinaryEquityHoldersOfParentEntity" />
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ComprehensiveIncomeAttributableToOrdinaryEquityHoldersOfParentEntity" xml:lang="en">Comprehensive income (loss) attributable to ordinary equity holders of the parent equity.</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ComprehensiveIncomeAttributableToPreferredEquityHoldersOfParentEntity" xml:lang="en">Comprehensive income (loss) attributable to preferred equity holders of the parent equity.</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_ifrs-full_AssetsAbstract" xml:lang="en">Assets [abstract]</label>
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<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.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>
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<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.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>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_SecuritiesHeldSubjectToRepurchaseAgreement" xml:lang="en">Securities Held Subject To Repurchase Agreement</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_SecuritiesHeldSubjectToRepurchaseAgreement" xml:lang="en">The amount of securities held by the entity that are subject to repurchase agreements.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_SettlementBalancesAsset" xlink:label="loc_nwg_SettlementBalancesAsset" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_SettlementBalancesAsset" xml:lang="en">Settlement Balances Asset</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_SettlementBalancesAsset" xml:lang="en">Settlement balances, asset.</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">The amount of trading assets held by the entity.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_OrdinaryShareholders" xlink:label="loc_nwg_OrdinaryShareholders" />
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OrdinaryShareholders" xml:lang="en">Equity attributable to holders of ordinary shares in the company.</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_OtherEquityOwners" xml:lang="en">Other Equity Owners</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_OtherEquityOwners" xlink:to="lab_nwg_OtherEquityOwners" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OtherEquityOwners" xml:lang="en">Equity attributable to other ownership interests in parent entity, including preference shares and paid-in equity.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_IfrsTradingLiabilities" xlink:label="loc_nwg_IfrsTradingLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_IfrsTradingLiabilities" xml:lang="en">Ifrs Trading liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_IfrsTradingLiabilities" xlink:to="lab_nwg_IfrsTradingLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_IfrsTradingLiabilities" xml:lang="en">Trading liabilities.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_SettlementBalancesLiability" xlink:label="loc_nwg_SettlementBalancesLiability" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_SettlementBalancesLiability" xml:lang="en">Settlement balances liability</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_SettlementBalancesLiability" xlink:to="lab_nwg_SettlementBalancesLiability" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_SettlementBalancesLiability" xml:lang="en">Settlement balances, liability.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_IssuedCapitalAndSharePremiumMember" xlink:label="loc_nwg_IssuedCapitalAndSharePremiumMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_IssuedCapitalAndSharePremiumMember" xml:lang="en">Issued Capital And Share Premium [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_IssuedCapitalAndSharePremiumMember" xlink:to="lab_nwg_IssuedCapitalAndSharePremiumMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_IssuedCapitalAndSharePremiumMember" xml:lang="en">Issued capital and share premium [Member].</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_OtherStatutoryReservesMember" xlink:label="loc_nwg_OtherStatutoryReservesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_OtherStatutoryReservesMember" xml:lang="en">Other Statutory Reserves [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_OtherStatutoryReservesMember" xlink:to="lab_nwg_OtherStatutoryReservesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OtherStatutoryReservesMember" xml:lang="en">Other Statutory Reserves [Member].</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_AmountTransferredBetweenFairValueReserveAndRetainedEarnings" xlink:label="loc_nwg_AmountTransferredBetweenFairValueReserveAndRetainedEarnings" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_AmountTransferredBetweenFairValueReserveAndRetainedEarnings" xml:lang="en">Amount Transferred Between Fair Value Reserve And Retained Earnings</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_AmountTransferredBetweenFairValueReserveAndRetainedEarnings" xlink:to="lab_nwg_AmountTransferredBetweenFairValueReserveAndRetainedEarnings" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_AmountTransferredBetweenFairValueReserveAndRetainedEarnings" xml:lang="en">Amount transferred between fair value reserve and retained earnings.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:label="loc_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xml:lang="en">Income tax relating to components of other comprehensive income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:to="lab_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" />
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_OtherComprehensiveIncomeUnrealisedLossesGainsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:label="loc_nwg_OtherComprehensiveIncomeUnrealisedLossesGainsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_OtherComprehensiveIncomeUnrealisedLossesGainsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xml:lang="en">Other Comprehensive Income Unrealised Losses Gains On Financial Assets Measured At Fair Value Through Other Comprehensive Income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_OtherComprehensiveIncomeUnrealisedLossesGainsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:to="lab_nwg_OtherComprehensiveIncomeUnrealisedLossesGainsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OtherComprehensiveIncomeUnrealisedLossesGainsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xml:lang="en">Other comprehensive income, unrealised losses on financial assets measured at fair value through other comprehensive income. The amount includes both losses (gains) that will be reclassified to statement of profit or loss and losses (gains) that will not be reclassified to statement of profit or loss.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_ReclassificationAdjustmentsBeforeTax" xlink:label="loc_nwg_ReclassificationAdjustmentsBeforeTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_ReclassificationAdjustmentsBeforeTax" xml:lang="en">Reclassification Adjustments Before Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_ReclassificationAdjustmentsBeforeTax" xml:lang="en">Reclassification Adjustments Before Tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_ReclassificationAdjustmentsBeforeTax" xlink:to="lab_nwg_ReclassificationAdjustmentsBeforeTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ReclassificationAdjustmentsBeforeTax" xml:lang="en">The amount of reclassification adjustments before tax between other comprehensive income and statement of profit or loss.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_TransactionsWithOwnersAbstract" xlink:label="loc_nwg_TransactionsWithOwnersAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_TransactionsWithOwnersAbstract" xml:lang="en">Transactions With Owners [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_TransactionsWithOwnersAbstract" xlink:to="lab_nwg_TransactionsWithOwnersAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_TransactionsWithOwnersAbstract" xml:lang="en">Transactions with owners.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_DividendsRecognisedAsDistributionsToOwnersOrdinaryShares" xlink:label="loc_nwg_DividendsRecognisedAsDistributionsToOwnersOrdinaryShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersOrdinaryShares" xml:lang="en">Dividends Recognised As Distributions To Owners Ordinary Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersOrdinaryShares" xml:lang="en">Dividends Recognised As Distributions To Owners Ordinary Shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_DividendsRecognisedAsDistributionsToOwnersOrdinaryShares" xlink:to="lab_nwg_DividendsRecognisedAsDistributionsToOwnersOrdinaryShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersOrdinaryShares" xml:lang="en">Dividends recognised as distributions to owners, ordinary shares.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_DividendsRecognisedAsDistributionsToOwnersPaidInEquity" xlink:label="loc_nwg_DividendsRecognisedAsDistributionsToOwnersPaidInEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersPaidInEquity" xml:lang="en">Dividends Recognised As Distributions To Owners Paid In Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersPaidInEquity" xml:lang="en">Dividends Recognised As Distributions To Owners Paid In Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_DividendsRecognisedAsDistributionsToOwnersPaidInEquity" xlink:to="lab_nwg_DividendsRecognisedAsDistributionsToOwnersPaidInEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersPaidInEquity" xml:lang="en">Dividends recognised as distributions to owners, paid-in equity.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_DividendsRecognisedAsDistributionsToOwnersPreferenceShares" xlink:label="loc_nwg_DividendsRecognisedAsDistributionsToOwnersPreferenceShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersPreferenceShares" xml:lang="en">Dividends Recognised As Distributions To Owners Preference Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersPreferenceShares" xml:lang="en">Dividends Recognised As Distributions To Owners Preference Shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_DividendsRecognisedAsDistributionsToOwnersPreferenceShares" xlink:to="lab_nwg_DividendsRecognisedAsDistributionsToOwnersPreferenceShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersPreferenceShares" xml:lang="en">Dividends recognised as distributions to owners, preference shares.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_DividendsRecognisedAsDistributionsToOwnersSpecialDividends" xlink:label="loc_nwg_DividendsRecognisedAsDistributionsToOwnersSpecialDividends" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersSpecialDividends" xml:lang="en">Dividends Recognised As Distributions To Owners Special Dividends</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersSpecialDividends" xml:lang="en">Dividends Recognised As Distributions To Owners Special Dividends</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_DividendsRecognisedAsDistributionsToOwnersSpecialDividends" xlink:to="lab_nwg_DividendsRecognisedAsDistributionsToOwnersSpecialDividends" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_DividendsRecognisedAsDistributionsToOwnersSpecialDividends" xml:lang="en">Dividends recognised as distributions to owners, special dividends.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_IncreaseDecreaseThroughEmployeeShareSchemeTransactionsEquity" xlink:label="loc_nwg_IncreaseDecreaseThroughEmployeeShareSchemeTransactionsEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_IncreaseDecreaseThroughEmployeeShareSchemeTransactionsEquity" xml:lang="en">Increase Decrease Through Employee Share Scheme Transactions Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_IncreaseDecreaseThroughEmployeeShareSchemeTransactionsEquity" xlink:to="lab_nwg_IncreaseDecreaseThroughEmployeeShareSchemeTransactionsEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_IncreaseDecreaseThroughEmployeeShareSchemeTransactionsEquity" xml:lang="en">Increase (decrease) through employee share scheme transactions, equity.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_IncreaseDecreaseThroughIssuanceOfSharesUnderEmployeeShareSchemes" xlink:label="loc_nwg_IncreaseDecreaseThroughIssuanceOfSharesUnderEmployeeShareSchemes" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_IncreaseDecreaseThroughIssuanceOfSharesUnderEmployeeShareSchemes" xml:lang="en">Increase Decrease Through Issuance Of Shares Under Employee Share Schemes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_IncreaseDecreaseThroughIssuanceOfSharesUnderEmployeeShareSchemes" xlink:to="lab_nwg_IncreaseDecreaseThroughIssuanceOfSharesUnderEmployeeShareSchemes" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_IncreaseDecreaseThroughIssuanceOfSharesUnderEmployeeShareSchemes" xml:lang="en">The increase (decrease) in equity resulting from the issuance of shares under employee share schemes.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_IncreaseDecreaseThroughReclassificationOfPaidInEquityEquity" xlink:label="loc_nwg_IncreaseDecreaseThroughReclassificationOfPaidInEquityEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_IncreaseDecreaseThroughReclassificationOfPaidInEquityEquity" xml:lang="en">Increase Decrease Through Reclassification Of Paid In Equity Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_IncreaseDecreaseThroughReclassificationOfPaidInEquityEquity" xlink:to="lab_nwg_IncreaseDecreaseThroughReclassificationOfPaidInEquityEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_IncreaseDecreaseThroughReclassificationOfPaidInEquityEquity" xml:lang="en">Increase (decrease) through reclassification of paid-in equity, equity.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_IncreaseDecreaseThroughRedemptionOfPreferenceSharesEquity" xlink:label="loc_nwg_IncreaseDecreaseThroughRedemptionOfPreferenceSharesEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_IncreaseDecreaseThroughRedemptionOfPreferenceSharesEquity" xml:lang="en">Increase Decrease Through Redemption Of Preference Shares Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_IncreaseDecreaseThroughRedemptionOfPreferenceSharesEquity" xlink:to="lab_nwg_IncreaseDecreaseThroughRedemptionOfPreferenceSharesEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_IncreaseDecreaseThroughRedemptionOfPreferenceSharesEquity" xml:lang="en">Increase (decrease) through redemption of preference shares.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_IncreaseDecreaseThroughTaxOnRedemptionOfPaidInEquityEquity" xlink:label="loc_nwg_IncreaseDecreaseThroughTaxOnRedemptionOfPaidInEquityEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_IncreaseDecreaseThroughTaxOnRedemptionOfPaidInEquityEquity" xml:lang="en">Increase Decrease Through Tax On Redemption Of Paid In Equity Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_IncreaseDecreaseThroughTaxOnRedemptionOfPaidInEquityEquity" xlink:to="lab_nwg_IncreaseDecreaseThroughTaxOnRedemptionOfPaidInEquityEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_IncreaseDecreaseThroughTaxOnRedemptionOfPaidInEquityEquity" xml:lang="en">Increase (decrease) through tax on redemption of paid-in equity, equity.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PurchaseOfTreasuryShares" xlink:label="loc_ifrs-full_PurchaseOfTreasuryShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" 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="2138005O9XJIJN4JPN90-2023-12-31.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="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_OnMarketShareBuybackProgrammeMember" xlink:label="loc_nwg_OnMarketShareBuybackProgrammeMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_OnMarketShareBuybackProgrammeMember" xml:lang="en">On Market Share Buyback Programme [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_OnMarketShareBuybackProgrammeMember" xlink:to="lab_nwg_OnMarketShareBuybackProgrammeMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OnMarketShareBuybackProgrammeMember" xml:lang="en">On market share buyback programme [Member].</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_UkGovernmentInvestmentsLtdMember" xlink:label="loc_nwg_UkGovernmentInvestmentsLtdMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_UkGovernmentInvestmentsLtdMember" xml:lang="en">Uk Government Investments Ltd [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_UkGovernmentInvestmentsLtdMember" xlink:to="lab_nwg_UkGovernmentInvestmentsLtdMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_UkGovernmentInvestmentsLtdMember" xml:lang="en">Uk government investments ltd [Member].</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_MainSectionOfRoyalBankOfScotlandGroupPensionFundMember" xlink:label="loc_nwg_MainSectionOfRoyalBankOfScotlandGroupPensionFundMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_MainSectionOfRoyalBankOfScotlandGroupPensionFundMember" xml:lang="en">Main Section Of Royal Bank Of Scotland Group Pension Fund [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_MainSectionOfRoyalBankOfScotlandGroupPensionFundMember" xlink:to="lab_nwg_MainSectionOfRoyalBankOfScotlandGroupPensionFundMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_MainSectionOfRoyalBankOfScotlandGroupPensionFundMember" xml:lang="en">Main section of royal bank of scotland group pension fund [Member].</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_SettlementAndCancellationOfOwnSharesMember" xlink:label="loc_nwg_SettlementAndCancellationOfOwnSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_SettlementAndCancellationOfOwnSharesMember" xml:lang="en">Settlement And Cancellation Of Own Shares [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_SettlementAndCancellationOfOwnSharesMember" xlink:to="lab_nwg_SettlementAndCancellationOfOwnSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_SettlementAndCancellationOfOwnSharesMember" xml:lang="en">Settlement and cancellation of own shares [Member].</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_UbiDacMember" xlink:label="loc_nwg_UbiDacMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_UbiDacMember" xml:lang="en">Ubi Dac [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_UbiDacMember" xlink:to="lab_nwg_UbiDacMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_UbiDacMember" xml:lang="en">Ubi Dac [Member].</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.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="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_GainsLossesRecognizedInProfitOrLossOnReclassificationsBetweenEquityAndLiabilities" xlink:label="loc_nwg_GainsLossesRecognizedInProfitOrLossOnReclassificationsBetweenEquityAndLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_GainsLossesRecognizedInProfitOrLossOnReclassificationsBetweenEquityAndLiabilities" xml:lang="en">Gains Losses Recognized In Profit Or Loss On Reclassifications Between Equity And Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_GainsLossesRecognizedInProfitOrLossOnReclassificationsBetweenEquityAndLiabilities" xml:lang="en">Gains Losses Recognized In Profit Or Loss On Reclassifications Between Equity And Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_GainsLossesRecognizedInProfitOrLossOnReclassificationsBetweenEquityAndLiabilities" xlink:to="lab_nwg_GainsLossesRecognizedInProfitOrLossOnReclassificationsBetweenEquityAndLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_GainsLossesRecognizedInProfitOrLossOnReclassificationsBetweenEquityAndLiabilities" xml:lang="en">Gains (losses) recognized in profit or loss on reclassifications between equity and liabilities.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_IfrsTreasuryStockAcquiredAverageCostPerShare" xlink:label="loc_nwg_IfrsTreasuryStockAcquiredAverageCostPerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_IfrsTreasuryStockAcquiredAverageCostPerShare" xml:lang="en">Ifrs Treasury Stock Acquired Average Cost Per Share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_IfrsTreasuryStockAcquiredAverageCostPerShare" xlink:to="lab_nwg_IfrsTreasuryStockAcquiredAverageCostPerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_IfrsTreasuryStockAcquiredAverageCostPerShare" xml:lang="en">Total cost of shares repurchased divided by the total number of shares repurchased.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_NotionalAmountOfPaidInEquityNotesReclassifiedToLiabilities" xlink:label="loc_nwg_NotionalAmountOfPaidInEquityNotesReclassifiedToLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_NotionalAmountOfPaidInEquityNotesReclassifiedToLiabilities" xml:lang="en">Notional Amount Of Paid In Equity Notes Reclassified To Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_NotionalAmountOfPaidInEquityNotesReclassifiedToLiabilities" xlink:to="lab_nwg_NotionalAmountOfPaidInEquityNotesReclassifiedToLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_NotionalAmountOfPaidInEquityNotesReclassifiedToLiabilities" xml:lang="en">Notional amount of paid in equity notes reclassified to liabilities.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_NumberOfSharesRepurchasedAndCancelledDuringPeriod" xlink:label="loc_nwg_NumberOfSharesRepurchasedAndCancelledDuringPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_NumberOfSharesRepurchasedAndCancelledDuringPeriod" xml:lang="en">Number Of Shares Repurchased And Cancelled During Period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_NumberOfSharesRepurchasedAndCancelledDuringPeriod" xlink:to="lab_nwg_NumberOfSharesRepurchasedAndCancelledDuringPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_NumberOfSharesRepurchasedAndCancelledDuringPeriod" xml:lang="en">Total number of shares repurchased and cancelled during period.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_NumberOfSharesRepurchasedDuringPeriod" xlink:label="loc_nwg_NumberOfSharesRepurchasedDuringPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_NumberOfSharesRepurchasedDuringPeriod" xml:lang="en">Number Of Shares Repurchased During Period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_NumberOfSharesRepurchasedDuringPeriod" xlink:to="lab_nwg_NumberOfSharesRepurchasedDuringPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_NumberOfSharesRepurchasedDuringPeriod" xml:lang="en">Total number of shares repurchased during period.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xlink:label="loc_nwg_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsBeforeTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xml:lang="en">Reclassification Adjustments On Exchange Differences On Translation And Hedges Of Net Investments In Foreign Operations Before Tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xlink:to="lab_nwg_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsBeforeTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationAndHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xml:lang="en">The amount of reclassification adjustments related to exchange differences on translation and hedges of net investments in foreign operations, before tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_TreasuryStockSharesCancelled" xlink:label="loc_nwg_TreasuryStockSharesCancelled" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_TreasuryStockSharesCancelled" xml:lang="en">Treasury Stock Shares Cancelled</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_TreasuryStockSharesCancelled" xlink:to="lab_nwg_TreasuryStockSharesCancelled" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_TreasuryStockSharesCancelled" xml:lang="en">Number of shares retired from treasury during the period.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xml:lang="en">Cash flows from (used in) financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xml:lang="en">Dividends paid, classified as financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_InterestPaidOnMinimumRequirementForOwnFundsAndEligibleLiabilities" xlink:label="loc_nwg_InterestPaidOnMinimumRequirementForOwnFundsAndEligibleLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_InterestPaidOnMinimumRequirementForOwnFundsAndEligibleLiabilities" xml:lang="en">Interest Paid On Minimum Requirement For Own Funds And Eligible Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_InterestPaidOnMinimumRequirementForOwnFundsAndEligibleLiabilities" xml:lang="en">Interest Paid On Minimum Requirement For Own Funds And Eligible Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_InterestPaidOnMinimumRequirementForOwnFundsAndEligibleLiabilities" xlink:to="lab_nwg_InterestPaidOnMinimumRequirementForOwnFundsAndEligibleLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_InterestPaidOnMinimumRequirementForOwnFundsAndEligibleLiabilities" xml:lang="en">The cash outflow for interest payments of minimum requirement for own funds and eligible liabilities.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_InterestPaidOnSubordinatedLiabilities" xlink:label="loc_nwg_InterestPaidOnSubordinatedLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_InterestPaidOnSubordinatedLiabilities" xml:lang="en">Interest Paid On Subordinated Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_InterestPaidOnSubordinatedLiabilities" xml:lang="en">Interest Paid On Subordinated Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_InterestPaidOnSubordinatedLiabilities" xlink:to="lab_nwg_InterestPaidOnSubordinatedLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_InterestPaidOnSubordinatedLiabilities" xml:lang="en">Interest paid on subordinated liabilities.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_ProceedsFromIssueOfMinimumRequirementForOwnFundsAndEligibleLiabilities" xlink:label="loc_nwg_ProceedsFromIssueOfMinimumRequirementForOwnFundsAndEligibleLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_ProceedsFromIssueOfMinimumRequirementForOwnFundsAndEligibleLiabilities" xml:lang="en">Proceeds From Issue Of Minimum Requirement For Own Funds And Eligible Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_ProceedsFromIssueOfMinimumRequirementForOwnFundsAndEligibleLiabilities" xlink:to="lab_nwg_ProceedsFromIssueOfMinimumRequirementForOwnFundsAndEligibleLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ProceedsFromIssueOfMinimumRequirementForOwnFundsAndEligibleLiabilities" xml:lang="en">The cash inflow from the issuing of minimum requirement for own funds and eligible liabilities.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_RepaymentsOfMinimumRequirementForOwnFundsAndEligibleLiabilities" xlink:label="loc_nwg_RepaymentsOfMinimumRequirementForOwnFundsAndEligibleLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_RepaymentsOfMinimumRequirementForOwnFundsAndEligibleLiabilities" xml:lang="en">Repayments Of Minimum Requirement For Own Funds And Eligible Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_RepaymentsOfMinimumRequirementForOwnFundsAndEligibleLiabilities" xml:lang="en">Repayments Of Minimum Requirement For Own Funds And Eligible Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_RepaymentsOfMinimumRequirementForOwnFundsAndEligibleLiabilities" xlink:to="lab_nwg_RepaymentsOfMinimumRequirementForOwnFundsAndEligibleLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_RepaymentsOfMinimumRequirementForOwnFundsAndEligibleLiabilities" xml:lang="en">The cash outflow for repayments of minimum requirement for own funds and eligible liabilities.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RepaymentsOfSubordinatedLiabilities" xlink:label="loc_ifrs-full_RepaymentsOfSubordinatedLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_RepaymentsOfSubordinatedLiabilities" xml:lang="en">Repayments of subordinated liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RepaymentsOfSubordinatedLiabilities" xlink:to="lab_ifrs-full_RepaymentsOfSubordinatedLiabilities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.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>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_NetMovementInBusinessInterestsAndIntangibleAssets" xlink:label="loc_nwg_NetMovementInBusinessInterestsAndIntangibleAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_NetMovementInBusinessInterestsAndIntangibleAssets" xml:lang="en">Net Movement In Business Interests And Intangible Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_NetMovementInBusinessInterestsAndIntangibleAssets" xml:lang="en">Net Movement In Business Interests And Intangible Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_NetMovementInBusinessInterestsAndIntangibleAssets" xlink:to="lab_nwg_NetMovementInBusinessInterestsAndIntangibleAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_NetMovementInBusinessInterestsAndIntangibleAssets" xml:lang="en">Net movement in business interests and intangible assets.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_ProceedsFromDisposalOrMaturityOfOtherFinancialAssets" xlink:label="loc_nwg_ProceedsFromDisposalOrMaturityOfOtherFinancialAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_ProceedsFromDisposalOrMaturityOfOtherFinancialAssets" xml:lang="en">Proceeds From Disposal Or Maturity Of Other Financial Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_ProceedsFromDisposalOrMaturityOfOtherFinancialAssets" xlink:to="lab_nwg_ProceedsFromDisposalOrMaturityOfOtherFinancialAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ProceedsFromDisposalOrMaturityOfOtherFinancialAssets" xml:lang="en">The cash inflow from the disposal or maturity of other financial assets.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_PurchaseOfOtherFinancialAssets" xlink:label="loc_nwg_PurchaseOfOtherFinancialAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_PurchaseOfOtherFinancialAssets" xml:lang="en">Purchase Of Other Financial Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_PurchaseOfOtherFinancialAssets" xml:lang="en">Purchase Of Other Financial Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_PurchaseOfOtherFinancialAssets" xlink:to="lab_nwg_PurchaseOfOtherFinancialAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_PurchaseOfOtherFinancialAssets" xml:lang="en">The cash outflow for purchase of other financial assets.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.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>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xml:lang="en">Cash flows from (used in) operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="loc_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xml:lang="en">Income taxes paid (refund), classified as operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:label="loc_ifrs-full_IncreaseDecreaseInWorkingCapital" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" xml:lang="en">Increase (decrease) in working capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:to="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" />
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2023-12-31.xsd#nwg_OperatingProfitLossBeforeTaxFromDiscontinuedOperations" xlink:label="loc_nwg_OperatingProfitLossBeforeTaxFromDiscontinuedOperations" />
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