NatWest Commercial and Institutional

Trade Links (episode 12): The big re-shoring puzzle 01.07.2026 27min

Since 2020, governments across the US, Europe and the UK have promoted re-shoring, near-shoring and friend-shoring as ways to strengthen supply chains, create jobs and reduce strategic dependence on China. But how much of this shift is genuinely bringing industry home, and how much is simply reorganising global trade? In this episode of Trade Links, Tim Phillips is joined by Aastha Gupta and Scott Livingstone to separate the headlines from the underlying data. In this epi...

Property Perspectives: The Future of Real Estate with Richard Pickering 19.05.2026 43min

What’s Next for UK Real Estate? To close this season of Property Perspectives, we zoom out and look ahead. Richard Pickering, Foresight Director at Cushman & Wakefield, joins us to connect the dots across every real estate sector we’ve explored—from residential and industrial to retail and the office. Alongside NatWest hosts Ashley Toy and Tom Sharman, Richard unpacks the megatrends shaping the built environment, including ageing populations, hybrid working, AI-driven supply chains, and t...

Trade Links: Brexit: 10 years on, what next for the UK-EU relationship? 12.05.2026 26min

In this episode of Trade Links, host Tim Phillips is joined by Aastha Gupta and Scott Livingstone to revisit two major trade stories shaping the global economy: 10 years on from Brexit, and one year after the US “Liberation Day” tariff announcements. The discussion explores how trade relationships have evolved, where economic frictions remain, and why geopolitics is increasingly influencing global commerce. Brexit – Ten Years On1. UK–EU trade has stabilised, but at a lower level UK good...

Property Perspectives: Inside the UK Housing Market with Savill’s Lucian Cook 12.05.2026 37min

What’s shaping the UK’s residential property market as conditions continue to shift? In this episode of Property Perspectives, Ashley Toy and Tom Sharman are joined by Lucian Cook, Head of Residential Research at Savills, to unpack a residential market characterised by uncertainty and competing pressures. With interest rates higher for longer, mortgage availability tightening and build costs continuing to rise, they explore what this means for house prices, transaction volumes and affordabili...

Property Perspectives: Industrial in Motion: Newmark on a Sector Built for Change 28.04.2026 30min

How has the industrial sector evolved into one of the UK’s most resilient and in‑demand real estate asset classes? In this episode, Newmark’s Steve Sharman and Seb Moseley join NatWest hosts Ashley Toy and Tom Sharman to explore what’s driving industrial today. From automation and power requirements to supply, tenant demand and long‑term structural trends, they discuss why industrial has proven so resilient — and what that means for investors, developers and occupiers looking ahead. All deta...

Property Perspectives: JLL on the Future of Offices: Rents, Regions & Reality 14.04.2026 33min

How are office markets evolving across the UK — and what’s really driving rents, demand and regional divergence? In this episode, JLL’s John Woodger and James Devany join hosts Ashley Toy and Tom Sharman to cut through the noise. They compare trends across London and key regional cities, explore shifting occupier expectations, and reveal what these changes mean for the future of UK offices. NB. This was recorded on 27 January 2026. All details correct at time of recording. For a...

Property Perspectives: Finding value in retail with New River CEO Allan Lockhart 13.04.2026 32min

In this episode, Allan Lockhart, Chief Executive of New River, REIT, joins NatWest hosts Ashley Toy and Tom Sharman to unpack the major forces reshaping the retail real estate landscape. NB. This was recorded on 27 January 2026. All details correct at time of recording. For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.html Please view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

Trade Links (episode 10): The Iran war: what will peace look like? 24.03.2026 25min

In this episode of Trade Links, Tim Phillips is joined again by Aastha Gupta and Scott Livingstone to explore an unprecedented scenario in global trade: what happens when both the Strait of Hormuz and the Red Sea are compromised at the same time? With escalating tensions in the Middle East and warnings from the Houthi movement, the team considers the far-reaching consequences for energy, food security and global supply chains. They also talk about Donald Trump’s delayed China trip, and ...

Trade Links (episode 9): India's trade deal blitz and the future of the WTO 02.03.2026 22min

In this episode of Trade Links, Tim Phillips is joined by Aastha Gupta and Scott Livingstone to unpack the political and economic forces shaping global trade deals and the evolving role of the World Trade Organization (WTO). Key Topics: India’s Trade Deal Blitz: Comparing India’s agreements with the EU, UK, and US – from comprehensive free trade deals to targeted strategic partnerships.Politics vs. Economics: How deals are increasingly shaped by geopolitics, including the impact of US tarif...

Trade Links (episode 8): Coercion, control and the Trade Links curse 03.02.2026 30min

As Trade Links returns in 2026, host Tim Phillips is joined by our regular panel of experts, Aastha Gupta (European Economist, Economics and Market Strategy) and Scott Livingstone (International Advisor) to talk trade and the international backdrop. It’s been a dramatic start to the year, so naturally the discussion focuses on US intervention in Venezuela and that most perennial of trade topics… oil. What are the impacts on the region immediately, and longer term? The discussion then tu...

Trade Links: Everything, everywhere, all at once - The Year Ahead 2026 26.11.2025 29min

In this Trade Links special, host Tim Phillips is joined by guests Aastha Gupta, Scott Livingstone and Ross Walker to talk about what lies ahead in 2026. There's a lot to ponder as global trade tilts towards resilience away from cost efficiency in supply chains, and geopolitically, the world is rearming at pace. So it's good news that the economy is so rosy. Well, maybe not. With topics ranging from national technology competition and rare earths to protectionism and import price infl...

Trade Links (episode 6): Commodity routes, and the risks that surround them 08.10.2025 23min

This time, host Tim Phillips is joined by regular guests Aastha Gupta and Scott Livingstone to talk about the world's most vital trade routes – from what goes through them to what happens around them. They also discuss potential new trade routes and which countries may lay claim to them, as well as discuss that age old question: what issues are being overlooked, but which might be on all of our lips by the time of the next episode? Please check out and subscribe to our channels on Apple...

Trade Links (episode 5): The EU-US trade deal... stability and compromise? 19.09.2025 38min

In this episode of Trade Links, Tim Phillips reunites with regular NatWest panelists Aastha Gupta, European Economist, and Scott Livingstone, International Advisor. They delve into the recent EU-US trade deal, announced at Turnberry Golf Course on 27 July 2025, exploring its implications on global economics, geopolitics, and sector-specific impacts. Key points: The deal: Aastha explains the framework agreement, including a 15% tariff ceiling on key EU exports and a €750bn EU commitment to U...

Trade Links (episode 4): Treasury and trade special 08.08.2025 39min

While Aastha and Scott are on their much-deserved summer breaks, Tim Phillips speaks to Naresh Aggarwal (Associate Director Policy & Technical at the Association of Corporate Treasurers) and Rowan Austin (Head of Trade Finance Origination & Advisory at NatWest) in this special episode. Both treasury and trade finance functions are on the front line of balancing risk management and growth. Get it wrong and you're facing funding shortfalls, regulatory breaches, delayed shipments a...

Trade Links (episode 3): Technology, rare earths and the price of oil 10.07.2025 28min

This month, Tim Phillips is joined by regular guests Aastha Gupta and Scott Livingstone to delve into the intricacies of the global tech trade. They unravel the complexities of supply chains, the strategic importance of rare earth elements, and the geopolitical tensions shaping today’s trade landscape. Semiconductors may be the new oil, but what about the old oil? They also talk about OPEC, peak oil demand and revenue, and the status of petrodollars presently and in the years to come. ...

Trade Links (episode 2): The end of globalisation? 13.06.2025 23min

Tim Phillips returns with regular NatWest guests Aastha Gupta and Scott Livingstone to talk trade. This time, they focus on the super big questions: how is the very nature of trade evolving and whether the era of globalisation is nearing an end? They also discuss: • Trade Patterns: Trade volumes, particularly in services and digital trade, are still increasing, but supply chains are becoming more regional and complex. • Regional trade blocs: How the world is shifting from a single regime to a...

Trade Links (episode 1): A short intro, and a deep dive into major themes 21.05.2025 23min

Welcome to Trade Links, your go-to podcast for data-driven analysis of global trade trends and pivotal developments in international relations. Designed for international businesses looking to navigate the complexities of the global market, Trade Links brings you expert commentary, in-depth discussions, and the latest updates that shape the world of trade. Each month, host Tim Phillips will be joined by NatWest's Aastha Gupta (European Economist) and Scott Livingstone (International Adv...

Property Perspectives: Building zero-carbon ready homes 15.04.2025 24min

The latest trends and sustainability innovations in the world of commercial real estate. What does it take to build a zero-carbon ready residential development? In this episode, NatWest’s Ashley Toy is joined by Stephen Andrew, Group Technical Director at Taylor Wimpey, to explore the methods, materials, and technologies powering a pioneering zero-carbon ready home. From early planning challenges through to design and development, they explore what it really takes to deliver sustainable hom...

Property Perspectives: How sustainable building practices impact commercial valuations 08.04.2025 24min

In this episode, Ashley Toy is joined by Tyrone Hodge, Global Head of Risk Advisory at JLL Inc., and Ken Mustafa, Director of Vertical Sunrooms Ltd., to explore the impact of sustainability on commercial property values. They discuss how green building practices influence valuations, the risks of neglecting upgrades, and the competitive advantages of investing in sustainable improvements. NB. This was recorded on 13 February 2025. Captions are automatically generated. ...

Property Perspectives: The retrofit experience 01.04.2025 17min

The latest trends and sustainability innovations in the world of commercial real estate. In this episode, our host Ashley Toy sits down with Laura Beaumont, Head of Sustainability at Helical PLC, a leading office developer in central London. Together, they dive into the challenges of retrofitting large commercial properties and the strategies shaping their approach – with a particular focus on Helical’s 100 New Bridge Street, London development. NB. This was recorded on 13 February 20...