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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_TotalNetInterestIncomeAndNetNonInterestIncome" xml:lang="en">Total net interest income and net non interest income.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:label="loc_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" />
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_ComprehensiveIncomeAttributableToOrdinaryEquityHoldersOfParentEntity" xml:lang="en">Comprehensive income attributable to ordinary equity holders of parent entity</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ComprehensiveIncomeAttributableToPaidInEquityHoldersOfParentEntity" xml:lang="en">Comprehensive income (loss) attributable to paid-in 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_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/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>
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<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>
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<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>
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<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.xsd#nwg_ReclassificationOfOCIToIncomeStatement" xlink:label="loc_nwg_ReclassificationOfOCIToIncomeStatement" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_ReclassificationOfOCIToIncomeStatement" xml:lang="en">Reclassification Of OCI To Income Statement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_ReclassificationOfOCIToIncomeStatement" xml:lang="en">Reclassification Of OCI To Income Statement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_ReclassificationOfOCIToIncomeStatement" xlink:to="lab_nwg_ReclassificationOfOCIToIncomeStatement" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_ReclassificationOfOCIToIncomeStatement" xml:lang="en">Reclassification of OCI to Income statement.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="2138005O9XJIJN4JPN90-2025-12-31.xsd#nwg_RedemptionOfPaidInEquity" xlink:label="loc_nwg_RedemptionOfPaidInEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_RedemptionOfPaidInEquity" xml:lang="en">Redemption Of Paid In Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_RedemptionOfPaidInEquity" xlink:to="lab_nwg_RedemptionOfPaidInEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_RedemptionOfPaidInEquity" xml:lang="en">Redemption of paid-in equity.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.xsd#nwg_MajestysTreasuryMember" xlink:label="loc_nwg_MajestysTreasuryMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_MajestysTreasuryMember" xml:lang="en">Majestys Treasury [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_MajestysTreasuryMember" xlink:to="lab_nwg_MajestysTreasuryMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_MajestysTreasuryMember" xml:lang="en">Majesty's treasury.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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">Number of shares repurchased during period.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.xsd#nwg_PurchaseOfTreasurySharesPerShare" xlink:label="loc_nwg_PurchaseOfTreasurySharesPerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_PurchaseOfTreasurySharesPerShare" xml:lang="en">Purchase Of Treasury Shares Per Share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_PurchaseOfTreasurySharesPerShare" xlink:to="lab_nwg_PurchaseOfTreasurySharesPerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_PurchaseOfTreasurySharesPerShare" xml:lang="en">Purchase of treasury shares per share.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.xsd#nwg_SharesRepurchasedNumberOfSharesSettledDuringPeriod" xlink:label="loc_nwg_SharesRepurchasedNumberOfSharesSettledDuringPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_SharesRepurchasedNumberOfSharesSettledDuringPeriod" xml:lang="en">Shares Repurchased Number Of Shares Settled During Period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_SharesRepurchasedNumberOfSharesSettledDuringPeriod" xlink:to="lab_nwg_SharesRepurchasedNumberOfSharesSettledDuringPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_SharesRepurchasedNumberOfSharesSettledDuringPeriod" xml:lang="en">Shares repurchased number of shares settled during period.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.xsd#nwg_TaxCreditOnShareIssueRelatedCost" xlink:label="loc_nwg_TaxCreditOnShareIssueRelatedCost" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_TaxCreditOnShareIssueRelatedCost" xml:lang="en">Tax Credit On Share Issue Related Cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_TaxCreditOnShareIssueRelatedCost" xlink:to="lab_nwg_TaxCreditOnShareIssueRelatedCost" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_TaxCreditOnShareIssueRelatedCost" xml:lang="en">Tax credit on share issue related cost.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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="2138005O9XJIJN4JPN90-2025-12-31.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>
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<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="2138005O9XJIJN4JPN90-2025-12-31.xsd#nwg_RedemptionOfPaidInEquityClassifiedAsFinancingActivities" xlink:label="loc_nwg_RedemptionOfPaidInEquityClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_RedemptionOfPaidInEquityClassifiedAsFinancingActivities" xml:lang="en">Redemption Of Paid In Equity Classified As Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_nwg_RedemptionOfPaidInEquityClassifiedAsFinancingActivities" xml:lang="en">Redemption Of Paid In Equity Classified As Financing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_RedemptionOfPaidInEquityClassifiedAsFinancingActivities" xlink:to="lab_nwg_RedemptionOfPaidInEquityClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_RedemptionOfPaidInEquityClassifiedAsFinancingActivities" xml:lang="en">Redemption of paid in equity classified as financing activities.</label>
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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>
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<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="2138005O9XJIJN4JPN90-2025-12-31.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xml:lang="en">Purchase of financial instruments, classified as investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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, 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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="2138005O9XJIJN4JPN90-2025-12-31.xsd#nwg_OperatingProfitLossBeforeTaxFromDiscontinuedOperations" xlink:label="loc_nwg_OperatingProfitLossBeforeTaxFromDiscontinuedOperations" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_OperatingProfitLossBeforeTaxFromDiscontinuedOperations" xml:lang="en">Operating Profit Loss Before Tax From Discontinued Operations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_OperatingProfitLossBeforeTaxFromDiscontinuedOperations" xlink:to="lab_nwg_OperatingProfitLossBeforeTaxFromDiscontinuedOperations" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_OperatingProfitLossBeforeTaxFromDiscontinuedOperations" xml:lang="en">Operating profit (loss) before tax from discontinued operations.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xml:lang="en">Increase (decrease) in cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
<loc xlink:type="locator" xlink:href="2138005O9XJIJN4JPN90-2025-12-31.xsd#nwg_PaymentsOfPrincipalAmountLeaseLiabilities" xlink:label="loc_nwg_PaymentsOfPrincipalAmountLeaseLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_nwg_PaymentsOfPrincipalAmountLeaseLiabilities" xml:lang="en">Payments Of Principal Amount Lease Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_nwg_PaymentsOfPrincipalAmountLeaseLiabilities" xlink:to="lab_nwg_PaymentsOfPrincipalAmountLeaseLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_nwg_PaymentsOfPrincipalAmountLeaseLiabilities" xml:lang="en">Payments of principal amount, lease liabilities.</label>
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