Business

People in Wales ‘most honest’ on financial applications

Published

1 month ago

December 7, 2024

JUST 7% of people in Wales would consider providing false information to secure a preferential rate on financial products, according to new data from global information and insights company TransUnion. This is significantly below the UK average of 19%.

Despite ongoing cost-of-living pressures, which see almost half of UK households (43%) struggling to keep up with inflation, Wales emerges as the most trustworthy part of the UK in this area. Northern Ireland (41%) and London (36%) top the list of regions where residents are most likely to consider providing inaccurate information for better financial deals.

Welsh honesty stands out

James Robinson, Managing Director of Consumer Interactive at TransUnion in the UK, praised the findings:
“It is heartening to see that most people stay honest when applying for financial products, despite experiencing continued strain on their finances – and that should be commended. It’s also worth noting that not everyone who says they would provide false information actually follows through. However, even a small minority of consumers doing so can cause significant challenges for financial providers and risks for the individuals involved.”

Legal ways to secure better deals

While Wales leads in financial honesty, the research highlights that some misrepresentation persists. For instance, 10% of respondents in Wales find it acceptable to use a different email address to access new customer deals, while 9% see no issue with being named as a driver on a vehicle they don’t use.

Robinson emphasized that even seemingly minor falsifications can be considered fraud, carrying severe legal and financial consequences. Instead of resorting to dishonesty, consumers are encouraged to explore legal alternatives. TransUnion suggests practical steps such as shopping around for deals, accessing pre-approved offers, or using credit monitoring tools to improve financial standing.

Credit monitoring proves effective

The research revealed that 87% of people in Wales who used a credit monitoring service found it helpful. Benefits included identifying steps to improve credit scores (38%), gaining a better understanding of credit mechanics (34%), and recognizing eligibility for specific loans or rates (16%). These measures reduce the temptation to falsify information.

Top tips for better financial deals

TransUnion offers the following advice for securing better financial terms without resorting to dishonesty:

Check your credit score regularly
Monitoring your credit score can help you identify simple ways to improve it, such as registering to vote or setting up Direct Debits for minimum repayments.
Look for pre-approved offers
These deals are tailored to your credit profile, increasing the likelihood of approval and saving time.
Consider credit unions
Credit unions often provide competitive rates and ethical alternatives for borrowing.
Refinance or negotiate existing deals
Use credit monitoring tools to identify opportunities to lower rates on loans or credit cards.
Stay vigilant against fraud
Regularly check your credit profile to catch suspicious activity and protect your financial health.

Wales sets the standard

While challenges remain, the honesty displayed by most Welsh residents serves as a benchmark for the rest of the UK. By adopting legal strategies to secure better deals, consumers can safeguard their financial well-being while maintaining integrity.

Business

Two Welsh companies feature in the Startups 100 Index 2025

Published

17 hours ago

January 13, 2025

Tom Sinclair

RETURNING for its 17th year, Startups.co.uk has unveiled the Startups 100 Index 2025, spotlighting the most promising UK startups. Two Welsh companies, Deploy Tech and PlantSea, have been ranked 47th and 60th, respectively, in the prestigious list.

The Startups 100 Index is the UK’s longest-running showcase of innovative young businesses. It highlights startups demonstrating groundbreaking ideas, strong financials, market opportunity, and a loyal customer base. Previous alumni include household names such as Monzo and Deliveroo.

Recognising Welsh innovation

Both Welsh startups achieved additional recognition in this year’s awards. Deploy Tech won the Startups 100 Social Impact Award, while PlantSea was shortlisted for the Sustainability Award, solidifying Wales’ reputation for entrepreneurial ingenuity.

To mark the launch of the 2025 Index, Startups.co.uk surveyed 531 business leaders, revealing a surge in Welsh business optimism. Seventy-five percent of Welsh businesses expressed confidence in the year ahead—a significant rise from the 58% reported in 2024.

Championing ideas with impact

47. Deploy Tech
“The IKEA of concrete infrastructure for water storage”

Founders: Paul Mendieta and Beren Kayali
Founded: 2020
Award: Winner of the Startups 100 Social Impact Award 2025

Deploy Tech revolutionises water infrastructure with its flat-packed, concrete-filled fabric solutions. These innovative systems are lightweight, easy to transport, and ideal for disaster relief, construction projects, and emergency responses. Collaborations with UNICEF and Oxfam highlight the global impact of Deploy Tech’s work, including earthquake relief efforts in Turkey.

60. PlantSea
“Tackling the UK’s plastic waste problem with seaweed-based packaging”

Founders: Rhiannon Rees, Alex Newnes, and Gianmarco Sanfratello
Founded: 2020
Award: Shortlisted for the Startups 100 Sustainability Award 2025

Inspired by Bali’s pollution crisis, PlantSea develops biodegradable and compostable packaging made from seaweed and plant-based materials. Backed by the Development Bank of Wales, the company is scaling up its efforts to combat plastic waste globally, driving sustainable packaging innovation.

A message from Startups.co.uk

Zohra Huda, Editor of Startups.co.uk, commented: “Who says you need to be born in the capital to succeed? This year’s Startups 100 Index proves that inspiration, innovation, and ingenuity abound in Wales. Deploy Tech and PlantSea are leading the charge, thriving despite the challenges of the post-COVID era and current economic landscape. Watch out, London.”

About the Startups 100 Index

The Startups 100 Index is based on five key criteria: financial health, external validation, market opportunity, innovativeness, and strength of concept. Businesses featured must have launched in the last five years, be privately owned, and be UK-based. A panel of expert judges selects the winners.

For the full list, visit: Startups 100 Index 2025.

Business

£1.4 million now available for Welsh Marine and Fisheries Scheme

Published

18 hours ago

January 13, 2025

Tom Sinclair

MORE than £1 million in funding from the Welsh Government is now open to support the marine, fisheries, and aquaculture industry in Wales. The funding aims to drive sustainable growth in the sector while benefiting coastal communities.

***Deputy First Minister for Climate Change and Rural Affairs, Huw Irranca-Davies***

The £1.4 million funding package includes £700,000 for revenue and £700,000 for capital projects. The application window is open for 10 weeks, closing on 24th March, and encompasses a wide range of eligible activities across 11 categories.

What can the funding be used for?
The scheme supports various initiatives, including:

Expanding aquaculture site potential and upgrading vessel equipment to reduce emissions and boost energy efficiency.
Providing professional advice on marine environment sustainability, business development, and marketing strategies.
Funding optional health and safety equipment for onboard and land-based operations.

In the previous funding round, grants were awarded for projects such as ice machines, ice flakers, weighing scales, cool boxes for fishers, vessel modifications to enhance energy efficiency, and marine evidence gathering initiatives.

Encouragement from Deputy First Minister
Deputy First Minister for Climate Change and Rural Affairs, Huw Irranca-Davies, said: “The Welsh Marine and Fisheries Scheme is designed to create opportunities within the marine environment, coastal communities, and sustainable seafood across the entire supply chain, from production to processing and marketing.

“Our aquaculture, marine, and fisheries sector brings many important benefits. It provides a low-carbon, high-quality protein food source, supports future food security, and creates high-skilled jobs.

“I’d encourage those with an interest to take advantage of the funding to explore opportunities for growth, diversification, and innovation. Let’s use this scheme to build a more prosperous, fairer, and greener Wales.”*

Grant details

Maximum grant per application: £100,000
Minimum grant per application: £500

Support for applicants
Free, independent support is available through the Welsh Fisheries Animateur Pilot project, funded by the Welsh Government in collaboration with the Welsh Fishermen’s Association. For assistance, contact The Fisheries Animateur:

Phone: 01736 362782
Text: 07864 087119
Email: [email protected]

Applicants must be registered with Rural Payments Wales (RPW) Online, where the application and claims process can be accessed.

For more details, including guidance, visit the Welsh Government’s website.

Business

Confidence curbed: Nearly half of UK professionals worry about staff retention

Published

18 hours ago

January 13, 2025

Tom Sinclair

NEARLY half of UK professionals (46%) are concerned about their employers’ ability to retain staff in 2025, according to the latest findings from Robert Walters’ Salary Survey. This concern comes amid rising inflation, cost-of-living pressures, and tax hikes, adding to an already tense employment market.

Job seeking on the rise

Despite these challenges, 65% of professionals plan to actively apply for and interview for new roles in 2025, with an additional 28% remaining alert to potential opportunities. Interestingly, while 48% of professionals lack confidence in the job opportunities within their sectors, 76% still intend to pursue new positions this year.

Chris Eldridge, CEO of Robert Walters UK & Ireland, stated: “Employers should take note that professionals are actively pursuing new job opportunities despite their confidence in the market being low. If employees don’t feel secure with their current employer, they’ll respond with their feet.”

Eldridge warned of a “double-edged sword” for businesses: “Companies that adapt and remain agile have the chance to attract top talent from competitors, while those failing to pivot risk losing key team members.”

Confidence at a low

The survey also revealed broader concerns about professional rewards and growth prospects. While 44% of professionals anticipated year-end bonuses for 2024, 45% will not receive any. This shortfall has added to doubts about their employers’ growth, with only 27% of professionals confident in their company’s 2025 projections.

Eldridge added: “Living costs, reduced bonuses, and ongoing economic instability have delivered blow after blow to both business and employee confidence. Employers must take action to reassure their teams and strengthen relationships to retain top talent.”

Budget constraints dominate employer concerns

On the employer side, 37% of UK businesses identified ‘budget constraints’ as their primary hiring challenge for the year. However, the survey suggests that retention efforts do not always require financial investments alone. Workplace culture and benefits are becoming increasingly important, with 65% of professionals prioritizing company values when evaluating new roles.

Top workplace benefits

The survey highlighted the top three workplace benefits that professionals value:

Private health insurance (80%)
Bonus schemes (77%)
Pension contributions (69%)

Eldridge emphasized: “In challenging markets, businesses must focus on retaining high-performing employees. Ensuring bonuses are paid to key contributors and ramping up workplace benefits, while aligning with social values and core company principles, will make the difference between thriving and diving in 2025.”

Investing in employee experience

With employee confidence wavering, businesses must prioritize the employee experience to safeguard their workforce and attract top talent. Eldridge concluded: “Companies that prioritize growth opportunities and align their operations with clear values will ensure they remain competitive, even in difficult times.”