It’s an opportunity for individual investors to buy NatWest shares from the government, either directly (such as by applying online) or via financial intermediaries (such as an investment platform like AJ Bell).

A retail sale will help further reduce the government’s stake in NatWest, which it intends to fully sell by 2025–26, subject to market conditions and sales representing value for money.

Selling to individual investors could also have wider policy benefits. Encouraging retail investing could foster a stronger savings and investment culture. The sale could also help re-invigorate the UK’s capital markets.

The Chancellor has announced that the earliest a sale could take place is this summer, subject to supportive market conditions and achieving value for money. The government will make a final decision on whether to launch a retail offer in due course.

The government want the retail offer to be open to a broad range of UK investors above the age of 18. Specific information on eligibility will be made available closer to the time of any sale.

The number of shares available to eligible retail investors will be announced by the Chancellor when they decide to implement the sale. Closer to the time of any sale, they will also announce information on the criteria for applying for shares, including the amounts eligible individuals could apply for.

The Chancellor will provide details on pricing at a point closer to the start of any sale.

It’s important to carefully consider the potential benefits and risks before deciding to invest in any stocks or shares.

If you’re not sure, the following resources can give you guidance on whether the retail offer might be right for you:

• The Financial Conduct Authority’s InvestSmart webpage
• Money and Pensions Service website

The government acquired an 84% shareholding in the Royal Bank of Scotland (now known as NatWest Group) during the 2007–09 financial crisis. It was one of several interventions they made in the financial services sector to protect economic and financial stability.

It was never the government’s intention to be a permanent shareholder in NatWest. That’s why it’s been returning its NatWest shareholding to private ownership when market conditions allow, and when selling represents value for money.

To date, the government has sold over £14.5bn worth of NatWest shares – both to NatWest and to institutional investors. The sale proceeds have been returned to the Exchequer and go towards supporting the public finances.

The government’s NatWest shareholding stands at around 33% as of 23 February 2024, with the bank now majority-owned by private investors.