Business
New chair for Celtic Freeport as project moves from development to delivery
THE UK and Welsh Governments welcomed Ed Tomp as the newly appointed permanent Chair of the Celtic Freeport, marking the project’s transition from the development to the delivery phase.
Ed Tomp assumed his role on 1 December 2024 and will lead this vital re-industrialisation and regeneration project. The Celtic Freeport is set to attract £8.4bn of private and public investment, deliver 11,500 new jobs and add £8.1bn of economic value (GVA). This vision is underpinned by investment incentives for businesses setting up new operations in designated development zones – tax sites – in Neath Port Talbot and Pembrokeshire.
From 26 November 2024 until 30 September 2034, businesses investing in Celtic Freeport’s tax sites can access a suite of incentives. These include no Business Rates for the first five years, significant reductions in national insurance contributions and enhanced capital allowances including extended full capital expensing, to support their investment decisions.
The Celtic Freeport is a public-private consortium including Associated British Ports, Neath Port Talbot Council, Pembrokeshire County Council and the Port of Milford Haven, alongside renewables developers, energy companies, industrial complexes, innovation assets, academic institutions and education providers. The Celtic Freeport covers the ports of Milford Haven and Port Talbot and spans clean energy developments and innovation assets, fuel terminals, a power station and heavy engineering across South-West Wales.
Deputy Leader Cllr Paul Miller, cabinet member for Place, the Region and Climate Change, said: “The Celtic Freeport opening for business is tremendous news for our region.
“The scale of the opportunity ahead for the Milford Haven Waterway and for Pembrokeshire is enormous and we are determined to ensure we maximise the opportunity this coming energy revolution offers to grow the Pembrokeshire economy, to secure investment and to create and sustain good jobs.
“We want to ensure that the incentives from the Celtic Freeport benefits the people from the communities within the waterway and across Pembrokeshire. I am confident that it will play a significant role in driving inclusive economic prosperity across the county.
“Together, with our partners, we can start the work to create meaningful investment for the people of Pembrokeshire, which will be transformational for our communities and businesses.”
Ed Tomp, Chair of the Celtic Freeport, added: “This week marks an important moment as we move from the development to delivery phase. Boosted by a suite of investment incentives, Celtic Freeport’s development plan will march forward to support existing industry to decarbonise, while creating an ecosystem between Pembrokeshire and Neath Port Talbot where green industries like sustainable fuels, hydrogen and floating offshore wind can prosper.”
Business
Kurtz praises Pembrokeshire Ports for rising to the challenge
SHADOW MINISTER for Economy and Energy and Senedd Member for Carmarthen West and South Pembrokeshire, Samuel Kurtz, has commended Pembrokeshire’s ports and ferry operators in the Senedd for their exceptional response in managing increased traffic following severe disruptions at Holyhead Port.
The disruption, caused by Storm Darrah, brought winds of up to 96 mph in early December, causing widespread damage across Wales and significantly impacting Holyhead Port.
As one of the UK’s busiest ports, Holyhead typically handles 2 million passengers annually and serves as a critical link to Ireland for commercial shipping and ferry services.
In response to Holyhead’s temporary closure, Pembroke Port and Fishguard Harbour, along with ferry operators, stepped up to ensure the seamless movement of goods and passengers. Key vessels involved in this effort included Irish Ferries’ James Joyce and Isle of Innisfree, alongside Stena Line’s Stena Nordica and Stena Adventurer, which sailed from Pembrokeshire’s ports to support transportation needs.
Samuel Kurtz, who previously worked onboard ships on the Fishguard to Rosslare crossing, said following a statement in the Senedd Chamber: “The performance of Pembrokeshire’s ports and ferry operators during this time of increased demand has been nothing short of remarkable. The contributions of vessels such as Irish Ferries’ James Joyce and Isle of Innisfree, and Stena Line’s Stena Nordica and Stena Adventurer, underscore the strategic importance of our region in maintaining Wales’ economic resilience and connectivity.
“While we look forward to Holyhead Port resuming full operations, Pembrokeshire’s ports and ferries have proven their readiness to rise to the occasion, ensuring that Wales remains open for business. This southern corridor from Pembrokeshire to Rosslare has demonstrated its importance.
“This success is a direct result of the dedication, skill, and professionalism of the men and women who operate our ports and ferries. Their hard work deserves our deepest gratitude, as they have played a vital role in minimising disruption and safeguarding the flow of trade and travel during these uncertain times.”
Business
Land purchase opens door to new West Wales homes
A MAJOR developer has purchased land in Saundersfoot, clearing the way for it to bring new homes to the town.
Persimmon Homes West Wales secured planning permission to build 72 new, high-quality homes at Sandy Hill in the popular Pembrokeshire town back in July.
This agreement means all the pieces are in place for the builder to start works on site, with a view to having their first properties on the market this summer.
The scheme includes a mix of quality new one to four-bed detached and semi-detached homes as well as terraced houses and apartments that will help meet local housing needs and open the door to home ownership for more local families. The properties will be finished in render and stone.
Boasting a number of proposed community benefits, the development will bring a range of facilities to the local community, including an equipped play area at the heart of the site, contributions to highway and active travel upgrades, and a dedicated active travel link that connects the site back to Sandy Hill Road.
The design also incorporates a sustainable drainage system with bio-retention areas and rain gardens, green technologies such as solar panels and electric vehicle charging points, as well as ecological enhancements to mitigate impacts on dormouse habitats and preserve existing trees and hedgerows.
As part of the housebuilder’s community contribution, Persimmon will also transfer 35% of the homes (25 in total) to a local housing provider for rent and shared ownership to help alleviate pressure on Pembrokeshire’s housing list.
The five-star developer donates £48,000 across Wales each year to good causes and much-valued organisations as part of its Community Champions initiative. Recent local recipients include Saundersfoot Cricket Club, Saundersfoot Rotary Club’s Tenderfoot programme, and the 2025 Saundersfoot New Year’s Swim.
Welcoming the agreement, Persimmon Homes West Wales’ Managing Director, Stuart Phillips, said:
“We are delighted to have cleared this final hurdle that now means we can commence works at Sandy Hill to deliver much-needed new, high-quality homes to Saundersfoot.
“Persimmon is determined to leave a positive and lasting legacy where we build and we look forward to working with the local community and its leaders as we bring forward these new homes.
“I want to give my thanks to everyone involved in the Persimmon team as well as the local planning authority for all the work they’ve put in to get to this point.”
Business
UK, 3 in 10 Britons in economic difficulty. Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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