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From: "Royal Bank Business" <businessbanking@notifications.rbs.co.uk>
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Date: Thu, 27 Nov 2025 13:36:22 GMT
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Reply-To: "Royal Bank Business" <businessbanking@notifications.rbs.co.uk>
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Budget analysis from our Chief Economist =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =E2=80=87=CD=8F =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD 
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 https://t18.notifications.rbs.co.uk/r/=3Fid=3Dt9d7d8cd5,a0217436,8035e29c&e=3DY2lkPURNNTY1ODE0JmJpZD0tMTY1MjcxNjMzMSZjaW49MTg0MDUwNzM0NiZwMT0lNDBzZVFWTlVKdkNnYlRBOU1NOTk1RUphJTJGTGR2NlRBc2JOcHhjT3hlZlBwZ0UlM0Q&s=3DEUYDFI2hcM90eV9izjRZUPuZiqmYde9lUieel0kixZc Try it in your browser . 

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If you do not want your interactions with this email below tracked you can visit our website by clicking this un-tracked link about  https://rbs.zoom.us/webinar/register/WN_Pfg3safPSxCPpVgALfPz1Q#/registration the Budget webinar. 

 https://t18.notifications.rbs.co.uk/r/=3Fid=3Dt9d7d8cd5,a0217436,8035e29d&e=3DY2lkPURNNTY1ODE0JmJpZD0tMTY1MjcxNjMzMSZjaW49MTg0MDUwNzM0Ng&s=3DIdVPupCgl3k42BS1nBZYp7g08VDNjbEd7X7TEwm1KYM .   

Hello  Vincent, 

The Autumn Budget was highly anticipated and, as expected, it=E2=80=99ll affect UK businesses in different ways. 

In the summary below, we=E2=80=99ve shared our insights on the key measures introduced and how they might impact businesses. 

Top takeaways for businesses 

=E2=80=A2 

Business rates rebalancing 

Business rates will rise, but for some in the retail, hospitality and leisure sectors there will be a permanent relief scheme.  

=E2=80=8C 

Rates on properties worth over =C2=A3500,000 will rise further, though with some support available to those adjusting to larger increases. 

=E2=80=8C 

These changes will apply in England. Devolved governments in Northern Ireland, Scotland, and Wales will decide on their own measures. 

=E2=80=A2 

National Living Wage & Minimum Wage to rise 

The 4.1% increase in the National Living Wage, as well as the 8.5% increase in the National Minimum Wage affecting 18=E2=80=9320-year-olds, will be critical for businesses planning their 2026 budgets and affect more workers than ever before. 

=E2=80=8C 

Across the economy, the Office for Budget Responsibility (OBR) expects wages to rise by 3.7% in 2026, still comfortably above the 2.5% expected for Consumer Price Index (CPI) inflation. 

=E2=80=A2 

Training the future workforce 

Rising numbers of young people not in education, employment or training is a well recognised problem for the UK.  

=E2=80=8C 

The Chancellor announced that Small and Medium Businesses will be able to access training for their under-25 apprentices for free. 

=E2=80=A2 

Growth lower but resilient against a challenging backdrop 

The OBR's forecasts show economic growth is expected to continue at much the same pace as we=E2=80=99ve experienced in recent years. 

=E2=80=8C 

The average pace of 1.5% Gross Domestic Product growth over the next five years is lower than the OBR forecast previously, reflecting its more pessimistic view of UK productivity. 

=E2=80=A2 

Higher taxes largely landing later 

The Chancellor raised taxes at this Budget by a total of =C2=A323 billion by 2030, but the timing of those changes is far from even. 

=E2=80=8C 

The single most impactful change is the further freezing of personal allowances after 2028, when the current five year freeze, announced in 2023, expires. The total increase in tax take expected this fiscal year is =C2=A370 million. 

=E2=80=8C 

Promising to raise tax revenue in the future could be seen as riskier to deliver than measures that close the budget deficit today. 

=E2=80=A2 

Incentives for scaling and investment 

To encourage investment, the Government is keeping full expensing and also introducing new capital allowances from 1 January 2026.  

=E2=80=8C 

Expanding eligibility of the Enterprise Management Incentive (EMI) scheme is one of a number of measures in this space. 

Hear more about the Budget 

Our Economist will host a webinar on Monday 8th December.  They'll share a deeper dive into the Autumn Budget and its impact on UK businesses. 

  https://t18.notifications.rbs.co.uk/r/=3Fid=3Dt9d7d8cd5,a0217436,8035e29e Register here    

I hope you found this summary helpful. If you need to talk to us, please get in touch with your usual contact or use the details below. 

Best, 

Jon Neil 

Managing Director, Business Banking 

Need help=3F We're here 24/7 

=E2=80=A2 

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<div style=3D"font-size:0px; display:none; visibility:hidden; opacity:0; co=
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Budget analysis from our Chief Economist
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99;&#847; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy;=
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hy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy;=
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hy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy;=
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hy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy;=
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hy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy; &shy;=
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ns-serif; color: #646068; font-size: 14px; font-weight: normal; letter-spac=
ing: normal; line-height: 21px; padding-bottom: 9px; padding-top: 9px; widt=
h: 100%;">
<p style=3D"margin: 0px;">Hello Vincent,</p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;">&nbsp;</span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;">The Autumn Budget was highly anticipated and, as expected, it&rsquo;ll a=
ffect UK businesses in different ways.</span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;">&nbsp;</span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;">In the summary below, we&rsquo;ve shared our insights on the key measure=
s introduced and how they might impact businesses.</span></p>
</td>
</tr>
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__mqkn" =
style=3D"width: 100%;"><table width=3D"100%" border=3D"0" cellpadding=3D"0"=
 cellspacing=3D"0" role=3D"presentation">
<tr class=3D"st-hide-mobile">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
">
&nbsp;
</p>
</td>
</tr>
<!--[if !mso]><!-->
<tr class=3D"st-hide-desktop" style=3D"display: none;">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
">
&nbsp;
</p>
</td>
</tr> <!--<![endif]-->

</table></td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"center">
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" align=3D"center" width=3D"600" class=3D"st-wrapper st-wrapper-background=
 st-module-wrapper-table" style=3D"width: 600px;">
<tr>
<td width=3D"100%" bgcolor=3D"#FFEAE6" valign=3D"top" class=3D"st-dynamic-v=
mzwx86sws1cb" style=3D"width: 100%; padding-left: 30px; padding-right: 30px=
;">
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" align=3D"center" width=3D"100%" style=3D"width: 100%;">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"540" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 540px;">
<tr>
<td align=3D"center" valign=3D"top" width=3D"540">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation">
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__37nu" =
style=3D"width: 100%;"><table width=3D"100%" border=3D"0" cellpadding=3D"0"=
 cellspacing=3D"0" role=3D"presentation">
<tr class=3D"st-hide-mobile">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
">
&nbsp;
</p>
</td>
</tr>
<!--[if !mso]><!-->
<tr class=3D"st-hide-desktop" style=3D"display: none;">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
">
&nbsp;
</p>
</td>
</tr> <!--<![endif]-->

</table></td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"540" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 540px;">
<tr>
<td align=3D"center" valign=3D"top" width=3D"540">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-24" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #5a287d;=
 font-size: 22px; font-weight: 700; letter-spacing: normal; line-height: 26=
px; padding-bottom: 9px; padding-top: 9px; width: 100%;">
<p style=3D"text-align: left; margin: 0px;">Top takeaways for businesses</p=
>
</td>
</tr>
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__k5qbn"=
 style=3D"width: 100%;"><table role=3D"presentation" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" align=3D"left" width=3D"100%" style=3D"width: 10=
0%;padding-top:9px;padding-bottom:9px;">
<tr>
<td width=3D"20" valign=3D"top" style=3D"width: 20px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"text-align: left;=
 font-family:Arial, Helvetica, sans-serif; color: #5A287D; font-size: 20px;=
 font-weight: 700; letter-spacing: normal; line-height: 18px; width: 100%;"=
>
<p style=3D"margin: 0px;"><span style=3D"font-size: 20px;">=E2=80=A2</span>=
</p>
</td>
</tr>
</table>
</td>
<td valign=3D"top">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" class=3D"fz-20" valign=3D"top" align=3D"left" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #5A287D;=
font-size: 19px;font-weight:700;letter-spacing: normal;list-style-type:disc=
; line-height: 20px; width: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 19px"><p style=3D"margi=
n: 0px;"><strong>Business rates rebalancing</strong></p></span></p>
</td>
</tr>
</table>
</td>
</tr>
</table></td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-16" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #646068;=
 font-size: 14px; font-weight: normal; letter-spacing: normal; line-height:=
 20px; padding-bottom: 9px; padding-left: 20px; padding-top: 9px; width: 10=
0%;">
<p style=3D"margin: 0px;">Business rates will rise, but for some in the ret=
ail, hospitality and leisure sectors there will be a permanent relief schem=
e.&nbsp;</p>
<p style=3D"margin: 0px;">&zwnj;<br /></p>
<p style=3D"margin: 0px;">Rates on properties worth over &#163;500,000 will=
 rise further, though with some support available to those adjusting to lar=
ger increases.</p>
<p style=3D"margin: 0px;">&zwnj;<br /></p>
<p style=3D"margin: 0px;">These changes will apply in England. Devolved gov=
ernments in Northern Ireland, Scotland, and Wales will decide on their own =
measures.</p>
</td>
</tr>
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__i877n"=
 style=3D"width: 100%;"><table role=3D"presentation" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" align=3D"left" width=3D"100%" style=3D"width: 10=
0%;padding-top:9px;padding-bottom:9px;">
<tr>
<td width=3D"20" valign=3D"top" style=3D"width: 20px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"text-align: left;=
 font-family:Arial, Helvetica, sans-serif; color: #5A287D; font-size: 20px;=
 font-weight: 700; letter-spacing: normal; line-height: 18px; width: 100%;"=
>
<p style=3D"margin: 0px;"><span style=3D"font-size: 20px;">=E2=80=A2</span>=
</p>
</td>
</tr>
</table>
</td>
<td valign=3D"top">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" class=3D"fz-20" valign=3D"top" align=3D"left" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #5A287D;=
font-size: 19px;font-weight:700;letter-spacing: normal;list-style-type:disc=
; line-height: 20px; width: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 19px"><p style=3D"margi=
n: 0px;"><strong>National Living Wage &amp; Minimum Wage to rise</strong></=
p></span></p>
</td>
</tr>
</table>
</td>
</tr>
</table></td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-16" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #646068;=
 font-size: 14px; font-weight: normal; letter-spacing: normal; line-height:=
 20px; padding-bottom: 9px; padding-left: 20px; padding-top: 9px; width: 10=
0%;">
<p style=3D"margin: 0px;">The 4.1% increase in the National Living Wage, as=
 well as the 8.5% increase in the National Minimum Wage affecting 18&#8211;=
20-year-olds, will be critical for businesses planning their 2026 budgets a=
nd affect more workers than ever before.</p>
<p style=3D"margin: 0px;">&zwnj;<br /></p>
<p style=3D"margin: 0px;">Across the economy, the Office for Budget Respons=
ibility (OBR) expects wages to rise by 3.7% in 2026, still comfortably abov=
e the 2.5% expected for Consumer Price Index (CPI) inflation.</p>
</td>
</tr>
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__jonjc"=
 style=3D"width: 100%;"><table role=3D"presentation" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" align=3D"left" width=3D"100%" style=3D"width: 10=
0%;padding-top:9px;padding-bottom:9px;">
<tr>
<td width=3D"20" valign=3D"top" style=3D"width: 20px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"text-align: left;=
 font-family:Arial, Helvetica, sans-serif; color: #5A287D; font-size: 20px;=
 font-weight: 700; letter-spacing: normal; line-height: 18px; width: 100%;"=
>
<p style=3D"margin: 0px;"><span style=3D"font-size: 20px;">=E2=80=A2</span>=
</p>
</td>
</tr>
</table>
</td>
<td valign=3D"top">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" class=3D"fz-20" valign=3D"top" align=3D"left" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #5A287D;=
font-size: 19px;font-weight:700;letter-spacing: normal;list-style-type:disc=
; line-height: 20px; width: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 19px"><p style=3D"margi=
n: 0px;"><strong>Training the future workforce</strong></p></span></p>
</td>
</tr>
</table>
</td>
</tr>
</table></td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-16" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #646068;=
 font-size: 14px; font-weight: normal; letter-spacing: normal; line-height:=
 20px; padding-bottom: 9px; padding-left: 20px; padding-top: 9px; width: 10=
0%;">
<p style=3D"margin: 0px;">Rising numbers of young people not in education, =
employment or training is a well recognised problem for the UK.&nbsp;</p>
<p style=3D"margin: 0px;">&zwnj;<br /></p>
<p style=3D"margin: 0px;">The Chancellor announced that Small and Medium Bu=
sinesses will be able to access training for their under-25 apprentices for=
 free.</p>
</td>
</tr>
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__6d2bo"=
 style=3D"width: 100%;"><table role=3D"presentation" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" align=3D"left" width=3D"100%" style=3D"width: 10=
0%;padding-top:9px;padding-bottom:9px;">
<tr>
<td width=3D"20" valign=3D"top" style=3D"width: 20px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"text-align: left;=
 font-family:Arial, Helvetica, sans-serif; color: #5A287D; font-size: 20px;=
 font-weight: 700; letter-spacing: normal; line-height: 18px; width: 100%;"=
>
<p style=3D"margin: 0px;"><span style=3D"font-size: 20px;">=E2=80=A2</span>=
</p>
</td>
</tr>
</table>
</td>
<td valign=3D"top">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" class=3D"fz-20" valign=3D"top" align=3D"left" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #5A287D;=
font-size: 19px;font-weight:700;letter-spacing: normal;list-style-type:disc=
; line-height: 20px; width: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 19px"><p style=3D"margi=
n: 0px;"><strong>Growth lower but resilient against a challenging backdrop<=
/strong></p></span></p>
</td>
</tr>
</table>
</td>
</tr>
</table></td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-16" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #646068;=
 font-size: 14px; font-weight: normal; letter-spacing: normal; line-height:=
 20px; padding-bottom: 9px; padding-left: 20px; padding-top: 9px; width: 10=
0%;">
<p style=3D"margin: 0px;">The OBR's forecasts show economic growth is expec=
ted to continue at much the same pace as we&rsquo;ve experienced in recent =
years.</p>
<p style=3D"margin: 0px;">&zwnj;<br /></p>
<p style=3D"margin: 0px;">The average pace of 1.5% Gross Domestic Product g=
rowth over the next five years is lower than the OBR forecast previously, r=
eflecting its more pessimistic view of UK productivity.</p>
</td>
</tr>
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__sbdb2"=
 style=3D"width: 100%;"><table role=3D"presentation" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" align=3D"left" width=3D"100%" style=3D"width: 10=
0%;padding-top:9px;padding-bottom:9px;">
<tr>
<td width=3D"20" valign=3D"top" style=3D"width: 20px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"text-align: left;=
 font-family:Arial, Helvetica, sans-serif; color: #5A287D; font-size: 20px;=
 font-weight: 700; letter-spacing: normal; line-height: 18px; width: 100%;"=
>
<p style=3D"margin: 0px;"><span style=3D"font-size: 20px;">=E2=80=A2</span>=
</p>
</td>
</tr>
</table>
</td>
<td valign=3D"top">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" class=3D"fz-20" valign=3D"top" align=3D"left" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #5A287D;=
font-size: 19px;font-weight:700;letter-spacing: normal;list-style-type:disc=
; line-height: 20px; width: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 19px"><p style=3D"margi=
n: 0px;"><strong>Higher taxes largely landing later</strong></p></span></p>
</td>
</tr>
</table>
</td>
</tr>
</table></td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-16" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #646068;=
 font-size: 14px; font-weight: normal; letter-spacing: normal; line-height:=
 21px; padding-bottom: 9px; padding-left: 20px; padding-top: 9px; width: 10=
0%;">
<p style=3D"margin: 0px;">The Chancellor raised taxes at this Budget by a t=
otal of &#163;23 billion by 2030, but the timing of those changes is far fr=
om even.</p>
<p style=3D"margin: 0px;">&zwnj;<br /></p>
<p style=3D"margin: 0px;">The single most impactful change is the further f=
reezing of personal allowances after 2028, when the current five year freez=
e, announced in 2023, expires. The total increase in tax take expected this=
 fiscal year is &#163;70 million.</p>
<p style=3D"margin: 0px;">&zwnj;<br /></p>
<p style=3D"margin: 0px;">Promising to raise tax revenue in the future coul=
d be seen as riskier to deliver than measures that close the budget deficit=
 today.</p>
</td>
</tr>
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__f30f" =
style=3D"width: 100%;"><table role=3D"presentation" cellpadding=3D"0" cells=
pacing=3D"0" border=3D"0" align=3D"left" width=3D"100%" style=3D"width: 100=
%;padding-top:9px;padding-bottom:9px;">
<tr>
<td width=3D"20" valign=3D"top" style=3D"width: 20px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"text-align: left;=
 font-family:Arial, Helvetica, sans-serif; color: #5A287D; font-size: 20px;=
 font-weight: 700; letter-spacing: normal; line-height: 18px; width: 100%;"=
>
<p style=3D"margin: 0px;"><span style=3D"font-size: 20px;">=E2=80=A2</span>=
</p>
</td>
</tr>
</table>
</td>
<td valign=3D"top">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" class=3D"fz-20" valign=3D"top" align=3D"left" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #5A287D;=
font-size: 19px;font-weight:700;letter-spacing: normal;list-style-type:disc=
; line-height: 20px; width: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 19px"><p style=3D"margi=
n: 0px;"><strong>Incentives for scaling and investment</strong></p></span><=
/p>
</td>
</tr>
</table>
</td>
</tr>
</table></td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-16" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #646068;=
 font-size: 14px; font-weight: normal; letter-spacing: normal; line-height:=
 21px; padding-bottom: 9px; padding-left: 20px; padding-top: 9px; width: 10=
0%;">
<p style=3D"margin: 0px;">To encourage investment, the Government is keepin=
g full expensing and also introducing new capital allowances from 1 January=
 2026.&nbsp;</p>
<p style=3D"margin: 0px;">&zwnj;<br /></p>
<p style=3D"margin: 0px;">Expanding eligibility of the Enterprise Managemen=
t Incentive (EMI) scheme is one of a number of measures in this space.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"540" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 540px;">
<tr>
<td align=3D"center" valign=3D"top" width=3D"540">
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=3D"presentation">
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 style=3D"width: 100%;"><table width=3D"100%" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" role=3D"presentation">
<tr class=3D"st-hide-mobile">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
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&nbsp;
</p>
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<tr class=3D"st-hide-desktop" style=3D"display: none;">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
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&nbsp;
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<tr>
<td width=3D"100%" valign=3D"top" align=3D"center">
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" align=3D"center" width=3D"600" class=3D"st-wrapper st-wrapper-background=
 st-module-wrapper-table" style=3D"width: 600px;">
<tr>
<td width=3D"100%" bgcolor=3D"#FFEAE6" valign=3D"top" class=3D"st-dynamic-2=
yqtb9p032vl8" style=3D"width: 100%; padding: 10px 30px;">
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" align=3D"center" width=3D"100%" style=3D"width: 100%;">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"border-left-width=
: 1px; border-right-width: 1px; border-top-width: 1px; border-top-style: so=
lid; border-right-style: solid; border-left-style: solid; border-top-color:=
 #FCEBE7; border-right-color: #FCEBE7; border-left-color: #FCEBE7;">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"538" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 538px;">
<tr>
<td align=3D"center" valign=3D"bottom" width=3D"538">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" bgcolor=3D"#FCEBE7" class=
=3D"fz-24" style=3D"text-align: left; font-family: Arial, Helvetica, sans-s=
erif; color: #333333; font-size: 22px; font-weight: 700; letter-spacing: no=
rmal; line-height: 26px; padding: 9px 15px; width: 100%;">
<p style=3D"margin: 0px; text-align: left;"><span style=3D"font-size: 22px;=
 line-height: 26px; color: #5a287d;">Hear more about the Budget</span></p>
</td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" bgcolor=3D"#FCEBE7" class=
=3D"fz-16" style=3D"text-align: left; font-family: Arial, Helvetica, sans-s=
erif; color: #646068; font-size: 14px; font-weight: normal; letter-spacing:=
 normal; line-height: 21px; padding: 9px 15px; width: 100%;">
<p style=3D"margin: 0px;">Our Economist will host a webinar on <b>Monday 8t=
h December.</b> They'll share a deeper dive into the Autumn Budget and its =
impact on UK businesses.</p>
</td>
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</table>
</td>
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</td>
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<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"border-right-widt=
h: 1px; border-left-width: 1px; border-right-style: solid; border-left-styl=
e: solid; border-right-color: #FCEBE7; border-left-color: #FCEBE7;">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" align=3D"left" width=3D"100%" style=3D"width: 100%;">
<tr>
<td width=3D"60" valign=3D"top" class=3D"mob-w45 st-dynamic-7gplmxc6kaegs" =
style=3D"width: 60px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0"> </table>
</td>
<td width=3D"478" valign=3D"top" style=3D"width: 478px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0"> </table>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"border-right-widt=
h: 1px; border-left-width: 1px; border-right-style: solid; border-left-styl=
e: solid; border-right-color: #FCEBE7; border-left-color: #FCEBE7;">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" align=3D"left" width=3D"100%" style=3D"width: 100%;">
<tr>
<td width=3D"60" valign=3D"top" class=3D"mob-w45 st-dynamic-7gplmxc6kaegs" =
style=3D"width: 60px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0"> </table>
</td>
<td width=3D"478" valign=3D"top" style=3D"width: 478px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0"> </table>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"border-right-widt=
h: 1px; border-left-width: 1px; border-right-style: solid; border-left-styl=
e: solid; border-right-color: #FCEBE7; border-left-color: #FCEBE7;">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" align=3D"left" width=3D"100%" style=3D"width: 100%;">
<tr>
<td width=3D"60" valign=3D"top" class=3D"mob-w45 st-dynamic-7gplmxc6kaegs" =
style=3D"width: 60px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0"> </table>
</td>
<td width=3D"478" valign=3D"top" style=3D"width: 478px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0"> </table>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"border-right-widt=
h: 1px; border-left-width: 1px; border-right-style: solid; border-left-styl=
e: solid; border-right-color: #FCEBE7; border-left-color: #FCEBE7;">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" align=3D"left" width=3D"100%" style=3D"width: 100%;">
<tr>
<td width=3D"60" valign=3D"top" class=3D"mob-w45 st-dynamic-7gplmxc6kaegs" =
style=3D"width: 60px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0"> </table>
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<td width=3D"478" valign=3D"top" style=3D"width: 478px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0"> </table>
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<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"border-right-widt=
h: 1px; border-left-width: 1px; border-right-style: solid; border-left-styl=
e: solid; border-right-color: #FCEBE7; border-left-color: #FCEBE7;">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"538" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 538px;">
<tr>
<td align=3D"center" valign=3D"bottom" width=3D"538" class=3D"st-dynamic-7g=
plmxc6kaegs">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation">
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hover" style=3D"padding-top: 22px; padding-bottom: 22px; width: 100%;"><!--=
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700; letter-spacing: normal; mso-line-height-rule: exactly; line-height: 19=
px"><![endif]-->
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n=3D"middle" style=3D"mso-padding-alt:11px 30px 11px 30px; border-radius:50=
px; height: 22px; width: 100%; text-align: center; background-color: #5e10b=
1; vertical-align: middle"><!--<![endif]--> <a width=3D"223" href=3D"https:=
//t18.notifications.rbs.co.uk/r/=3Fid=3Dh9d7d8cd5,a0217436,8035e290" target=
=3D"_blank" bgcolor=3D"#5E10B1" valign=3D"middle" style=3D"mso-line-height-=
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le-cell; width: 223px; height: 22px; border-radius: 50px; vertical-align: m=
iddle; box-sizing: content-box" _label=3D"Register here"><span style=3D"mar=
gin: 0px; color: #ffffff;"><span style=3D"font-size: 14px; line-height: 19p=
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h: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-styl=
e: solid; border-bottom-style: solid; border-left-style: solid; border-righ=
t-color: #FCEBE7; border-bottom-color: #FCEBE7; border-left-color: #FCEBE7;=
">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"538" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 538px;">
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0" align=3D"center" width=3D"600" class=3D"st-wrapper st-wrapper-background=
 st-module-wrapper-table" style=3D"width: 600px;">
<tr>
<td width=3D"100%" bgcolor=3D"#FFFFFF" valign=3D"top" class=3D"st-dynamic-6=
llwirweo0hwi" style=3D"width: 100%; padding-left: 30px; padding-right: 30px=
;">
<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" align=3D"center" width=3D"100%" style=3D"width: 100%;">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left">
<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"540" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 540px;">
<tr>
<td align=3D"center" valign=3D"bottom" width=3D"540">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation">
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__9hun7"=
 style=3D"width: 100%;"><table width=3D"100%" border=3D"0" cellpadding=3D"0=
" cellspacing=3D"0" role=3D"presentation">
<tr class=3D"st-hide-mobile">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
">
&nbsp;
</p>
</td>
</tr>
<!--[if !mso]><!-->
<tr class=3D"st-hide-desktop" style=3D"display: none;">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
">
&nbsp;
</p>
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</table></td>
</tr>
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-16 st-dynamic-=
5q93f7hy12cbe" style=3D"text-align: left; font-family: Arial, Helvetica, sa=
ns-serif; color: #646068; font-size: 14px; font-weight: normal; letter-spac=
ing: normal; line-height: 21px; padding-bottom: 9px; padding-top: 9px; widt=
h: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;">I hope you found this summary helpful. If you need to talk to us, please=
 get in touch with your usual contact or use the details below.</span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;">&nbsp;</span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;">Best,</span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;">&nbsp;</span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;"><strong>Jon Neil</strong></span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 21px=
;"><strong>Managing Director, Business Banking</strong></span></p>
</td>
</tr>
<tr>
<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__qi9j" =
style=3D"width: 100%;"><table width=3D"100%" border=3D"0" cellpadding=3D"0"=
 cellspacing=3D"0" role=3D"presentation">
<tr class=3D"st-hide-mobile">
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<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
">
&nbsp;
</p>
</td>
</tr>
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<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
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<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" align=3D"center" width=3D"600" class=3D"st-wrapper st-wrapper-background=
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<tr>
<td width=3D"100%" bgcolor=3D"#F2EAF9" valign=3D"top" class=3D"st-dynamic-v=
mzwx86sws1cb" style=3D"width: 100%; padding-left: 30px; padding-right: 30px=
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<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
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width: 540px;">
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<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
">
&nbsp;
</p>
</td>
</tr>
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<tr class=3D"st-hide-desktop" style=3D"display: none;">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"540" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 540px;">
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<td align=3D"center" valign=3D"top" width=3D"540">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
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<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-24" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #5a287d;=
 font-size: 22px; font-weight: 700; letter-spacing: normal; line-height: 26=
px; padding-bottom: 9px; padding-top: 9px; width: 100%;">
<p style=3D"margin: 0px; text-align: left;"><span style=3D"font-size: 22px;=
 line-height: 26px;">Need help=3F We're here 24/7</span></p>
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spacing=3D"0" border=3D"0" align=3D"left" width=3D"100%" style=3D"width: 10=
0%;padding-top:9px;padding-bottom:9px;">
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<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"text-align: left;=
 font-family: Arial, Helvetica, sans-serif; color: #5A287D; font-size: 20px=
; font-weight: 700; letter-spacing: normal; line-height: 18px; width: 100%;=
">
<p style=3D"margin: 0px;"><span style=3D"font-size: 20px;">=E2=80=A2</span>=
</p>
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<td valign=3D"top">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" class=3D"fz-16" valign=3D"top" align=3D"left" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #646068;=
 font-size: 14px; font-weight: normal; letter-spacing: normal; line-height:=
 20px; width: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px"><p style=3D"margi=
n: 0px;"><span style=3D"color: #646068;">Visit the </span><a href=3D"https:=
//t18.notifications.rbs.co.uk/r/=3Fid=3Dh9d7d8cd5,a0217436,8035e291&e=3DY2l=
kPURNNTY1ODE0JmJpZD0tMTY1MjcxNjMzMSZjaW49MTg0MDUwNzM0Ng&s=3D1NxhgXXKoYk3mN_=
haG2usVzo0zVdFhVfVpWCoGoVImY" _label=3D"RBS business banking support centre=
"><span style=3D"color: #5e10b1;"><u>Business Banking Support Centre</u></s=
pan></a></p></span></p>
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<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__dqac0"=
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spacing=3D"0" border=3D"0" align=3D"left" width=3D"100%" style=3D"width: 10=
0%;padding-top:9px;padding-bottom:9px;">
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<td width=3D"20" valign=3D"top" style=3D"width: 20px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
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<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"text-align: left;=
 font-family: Arial, Helvetica, sans-serif; color: #5A287D; font-size: 20px=
; font-weight: 700; letter-spacing: normal; line-height: 18px; width: 100%;=
">
<p style=3D"margin: 0px;"><span style=3D"font-size: 20px;">=E2=80=A2</span>=
</p>
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<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
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<tr>
<td width=3D"100%" class=3D"fz-16" valign=3D"top" align=3D"left" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #646068;=
 font-size: 14px; font-weight: normal; letter-spacing: normal; line-height:=
 20px; width: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px"><p style=3D"margi=
n: 0px;"><span style=3D"color: #646068;">Tap here to </span><a href=3D"http=
s://t18.notifications.rbs.co.uk/r/=3Fid=3Dh9d7d8cd5,a0217436,8035e292" _lab=
el=3D"WhatsApp us now"><span style=3D"color: #5e10b1;"><u>WhatsApp us now</=
u></span></a></p></span></p>
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<td width=3D"100%" align=3D"center" valign=3D"top" class=3D"__scope__k7gv2"=
 style=3D"width: 100%;"><table role=3D"presentation" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" align=3D"left" width=3D"100%" style=3D"width: 10=
0%;padding-top:9px;padding-bottom:9px;">
<tr>
<td width=3D"20" valign=3D"top" style=3D"width: 20px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" style=3D"text-align: left;=
 font-family: Arial, Helvetica, sans-serif; color: #5A287D; font-size: 20px=
; font-weight: 700; letter-spacing: normal; line-height: 18px; width: 100%;=
">
<p style=3D"margin: 0px;"><span style=3D"font-size: 20px;">=E2=80=A2</span>=
</p>
</td>
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</table>
</td>
<td valign=3D"top">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
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<td width=3D"100%" class=3D"fz-16" valign=3D"top" align=3D"left" style=3D"t=
ext-align: left; font-family: Arial, Helvetica, sans-serif; color: #646068;=
 font-size: 14px; font-weight: normal; letter-spacing: normal; line-height:=
 20px; width: 100%;">
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px"><p style=3D"margi=
n: 0px;">Call us on <strong>0345 600 2230</strong>&nbsp;(Relay UK: <strong>=
18001 0345 600 2230</strong>)</p></span></p>
</td>
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"540" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 540px;">
<tr>
<td align=3D"center" valign=3D"top" width=3D"540">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
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" cellspacing=3D"0" role=3D"presentation">
<tr class=3D"st-hide-mobile">
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<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
">
&nbsp;
</p>
</td>
</tr>
<!--[if !mso]><!-->
<tr class=3D"st-hide-desktop" style=3D"display: none;">
<td width=3D"100%" valign=3D"top" align=3D"center" style=3D"width: 100%;">
<p height=3D"9" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; text-size-adjust:100%; width: 100%; =
height: 9px; max-height: 9px; margin: 0px; font-size: 9px; line-height: 9px=
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<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" align=3D"center" width=3D"600" class=3D"st-wrapper st-wrapper-background=
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<tr>
<td width=3D"100%" bgcolor=3D"#FFFFFF" valign=3D"top" class=3D"fz-16-footer=
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<table role=3D"presentation" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"600" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 600px;">
<tr>
<td align=3D"center" valign=3D"top" width=3D"600">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
0" width=3D"600" class=3D"st-mso-full-width st-mobile-full-width" style=3D"=
width: 600px;">
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<td align=3D"center" valign=3D"top" width=3D"600">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"center" class=3D"st-dynamic-fcs0=
qb7qflt6q" style=3D"padding-top: 25px; padding-bottom: 25px; width: 100%;">=
<a href=3D"https://t18.notifications.rbs.co.uk/r/=3Fid=3Dh9d7d8cd5,a0217436=
,8035e293&e=3DY2lkPURNNTY1ODE0JmJpZD0tMTY1MjcxNjMzMSZjaW49MTg0MDUwNzM0Ng&s=
=3DMiKwaSupnovCy2whgkt42f2sgKAQnDEeYHgm3tC0FSE" target=3D"_blank" style=3D"=
display: block;"><img border=3D"0" valign=3D"top" width=3D"58" src=3D"https=
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.png" alt=3D"Royal Bank" class=3D"st-hide-mobile st-mobile-width-constraint=
" style=3D"border: 0px; display: block; width: 58px; max-width: 100%;"> <!-=
-[if !mso 12]><!-->
<div class=3D"show-img-mobile st-dynamic-fcs0qb7qflt6q" style=3D"display: n=
one; width: 0px; overflow: hidden;"><img src=3D"https://res18.notifications=
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th=3D"58" valign=3D"top" alt=3D"Royal Bank" class=3D"st-mobile-width-constr=
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o; width: 58px;"></div> <!--<![endif]-->
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
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<td width=3D"600" valign=3D"top" style=3D"width: 600px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
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<tr>
<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-16-footer st-d=
ynamic-gat4665wg60he" style=3D"text-align: left; font-family: Arial, Helvet=
ica, sans-serif; color: #646068; font-size: 14px; font-weight: normal; lett=
er-spacing: normal; line-height: 19px; padding-left: 30px; padding-right: 3=
0px; padding-top: 30px; width: 100%;">
<p style=3D"text-align: left; margin: 0px;"><span style=3D"font-size: 14px;=
 line-height: 19px;">This email is confidential and is intended for our UK =
customers that reside and operate in the UK. So if you received this instea=
d of the person it was for, please delete it.</span></p>
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<td width=3D"600" valign=3D"top" style=3D"width: 600px;">
<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
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<td width=3D"100%" valign=3D"top" align=3D"left" class=3D"fz-16-footer st-d=
ynamic-kxr6pt043ickr" style=3D"text-align: left; font-family: Arial, Helvet=
ica, sans-serif; color: #646068; font-size: 14px; font-weight: normal; lett=
er-spacing: normal; line-height: 18px; padding: 30px 30px 18px; width: 100%=
;">
<p style=3D"margin: 0px; text-align: left;"><span style=3D"font-size: 14px;=
 line-height: 18px;"><strong>Need some help=3F </strong><br><span style=3D"=
text-decoration: underline;"><a style=3D"color: #646068;" href=3D"https://t=
18.notifications.rbs.co.uk/r/=3Fid=3Dh9d7d8cd5,a0217436,8035e294&e=3DY2lkPU=
RNNTY1ODE0JmJpZD0tMTY1MjcxNjMzMSZjaW49MTg0MDUwNzM0Ng&s=3D9YUNQ64lC88Rzf9eL8=
TmNcYX515l4XTjpbOg2Cd5BzM"><span style=3D"color: #5e10b1;"><u>Cora, your di=
gital assistant</u></span></a></span>, is ready to help 24/7 (we can&rsquo;=
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ed.</span></p>
<p style=3D"margin: 0px; text-align: left;" data-sr-no-text=3D"true"><span =
style=3D"font-size: 14px; line-height: 18px;">&nbsp;</span></p>
<p style=3D"margin: 0px; text-align: center;"><span style=3D"font-size: 14p=
x; line-height: 18px;"><span style=3D"text-decoration: underline;"><u></u><=
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=3Fid=3Dh9d7d8cd5,a0217436,8035e295&e=3DY2lkPURNNTY1ODE0JmJpZD0tMTY1MjcxNjM=
zMSZjaW49MTg0MDUwNzM0Ng&s=3DauW63k4lInel6MGO_mF-W54oxP_DPi0ondX6aiEXntg"><s=
pan style=3D"color: #5e10b1;"><u>How we keep you safe</u></span></a></span>=
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color: #646068;" href=3D"https://t18.notifications.rbs.co.uk/r/=3Fid=3Dh9d7=
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0MDUwNzM0Ng&s=3D2H7m0ERPrErP-ArqrwCwfmwm4QqEuLmTTtHWa3SpUVc"><span style=3D=
"color: #5e10b1;"><u>Our privacy policy</u></span></a></span>=E2=80=83|=E2=
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10b1;"><a style=3D"color: #5e10b1;" href=3D"https://t18.notifications.rbs.c=
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MjcxNjMzMSZjaW49MTg0MDUwNzM0Ng&s=3DYu0vkCiFI3PBqIg0SzZe75xE0VcKaJeSb-BtNvH9=
5N0"><span style=3D"color: #5e10b1;"><u>Support Centre</u></span></a></span=
></span> </span></p>
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" cellspacing=3D"0" role=3D"presentation">
<tbody><tr>
<td width=3D"100%" height=3D"2" valign=3D"middle" align=3D"left" style=3D"t=
ext-align: left; font-family: Helvetica, Arial, sans-serif; color: #646068;=
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<table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" border=3D"=
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<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
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<p height=3D"0" width=3D"100%" style=3D"mso-line-height-rule:exactly; mso-t=
able-lspace:0pt; mso-table-rspace:0pt; width:100%; height: 0px; max-height:=
 0px; margin: 0px; font-size: 0px; line-height: 0px">
&nbsp;
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<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"center" class=3D"st-dynamic-60n5=
2i5uow5du" style=3D"width: 100%;"><a href=3D"https://t18.notifications.rbs.=
co.uk/r/=3Fid=3Dh9d7d8cd5,a0217436,8035e299" target=3D"_blank" style=3D"dis=
play: block;"><img border=3D"0" valign=3D"top" width=3D"35" src=3D"https://=
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traint" style=3D"border: 0px; display: block; width: 35px; max-width: 100%;=
"> <!--[if !mso 12]><!-->
<div class=3D"show-img-mobile st-dynamic-60n52i5uow5du" style=3D"display: n=
one; width: 0px; overflow: hidden;"><img src=3D"https://res18.notifications=
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th-constraint" style=3D"display: block; border: medium; max-width: 100%; he=
ight: auto; width: 35px;"></div> <!--<![endif]-->
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<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"center" class=3D"st-dynamic-60n5=
2i5uow5du" style=3D"padding-left: 5px; padding-right: 5px; width: 100%;"><a=
 href=3D"https://t18.notifications.rbs.co.uk/r/=3Fid=3Dh9d7d8cd5,a0217436,8=
035e29a" target=3D"_blank" style=3D"display: block;"><img border=3D"0" vali=
gn=3D"top" width=3D"35" src=3D"https://res18.notifications.natwest.com/res/=
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y: block; width: 35px; max-width: 100%;"> <!--[if !mso 12]><!-->
<div class=3D"show-img-mobile st-dynamic-60n52i5uow5du" style=3D"display: n=
one; width: 0px; overflow: hidden;"><img src=3D"https://res18.notifications=
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th=3D"35" valign=3D"top" alt=3D"Facebook" title=3D"" class=3D"st-mobile-wid=
th-constraint" style=3D"display: block; border: medium; max-width: 100%; he=
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<table role=3D"presentation" width=3D"100%" cellspacing=3D"0" cellpadding=
=3D"0" border=3D"0">
<tr>
<td width=3D"100%" valign=3D"top" align=3D"center" class=3D"st-dynamic-60n5=
2i5uow5du" style=3D"width: 100%;"><a href=3D"https://t18.notifications.rbs.=
co.uk/r/=3Fid=3Dh9d7d8cd5,a0217436,8035e29b" target=3D"_blank" style=3D"dis=
play: block;"><img border=3D"0" valign=3D"top" width=3D"35" src=3D"https://=
res18.notifications.natwest.com/res/img/7673F18704911C1B3E476DEFF3481A9D.pn=
g" alt=3D"X" title=3D"" class=3D"st-hide-mobile st-mobile-width-constraint"=
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[if !mso 12]><!-->
<div class=3D"show-img-mobile st-dynamic-60n52i5uow5du" style=3D"display: n=
one; width: 0px; overflow: hidden;"><img src=3D"https://res18.notifications=
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<p style=3D"text-align: left; margin: 0px;"><span style=3D"font-size: 14px;=
 line-height: 18px;">The Royal Bank of Scotland plc. Registered in Scotland=
 No. SC083026.<span class=3D"st-hide-mobile" style=3D"display: inline;"><br=
></span>Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. Financia=
l Services Firm Reference Number 114724.</span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 18px=
;">&nbsp;</span></p>
<p style=3D"margin: 0px;"><span style=3D"font-size: 14px; line-height: 18px=
;">Authorised by the Prudential Regulation Authority and regulated by the F=
inancial Conduct Authority and the Prudential Regulation Authority.</span><=
/p>
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