Business

UK, 3 in 10 Britons in economic difficulty. Purchasing power down 41% since 2004

Published

1 day ago

January 7, 2025

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.

Business

Kurtz praises Pembrokeshire Ports for rising to the challenge

Published

5 hours ago

January 8, 2025

Tom Sinclair

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.

***Isle of Innisheer arriving at Fishguard for the first time as part of a berthing trial*** ***(Credit @fishyleeks)***

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

Published

8 hours ago

January 8, 2025

Tom Sinclair

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

Industrial event venue ‘Hangar’ up for sale in Milford Haven

Published

1 day ago

January 7, 2025

Tom Sinclair

AN exciting business opportunity has emerged in Milford Haven with the announcement that Hangar, an industrial event venue located on Thornton Industrial Estate, is now on the market. Known for its versatility and modern facilities, the space has become a standout feature in Pembrokeshire’s growing events scene.

Venue with potential

Hangar is fully licensed for alcohol sales and approved to host both live and recorded music events, as well as sporting showcases. Featuring a state-of-the-art 6m x 3m video wall, the venue offers an immersive experience for guests, whether for corporate gatherings, live music nights, or private functions.

The premises include a fully fitted bar, designed for efficiency and customer satisfaction, and a flexible layout that can accommodate private celebrations, conferences, and entertainment events.

Strategic location

Situated in the heart of Thornton Industrial Estate, Hangar combines industrial charm with an accessible location, making it an attractive option for event planners and visitors alike.

Ready for growth

Owner Steve Bartram highlighted the venue’s growth potential, pointing out its appeal to entrepreneurs ready to invest time and expertise. With Pembrokeshire’s entertainment industry on the rise, Hangar is well-positioned to become a central hub for events in the region.

“This is a ready-to-operate business with immense potential for someone with vision and passion for the events industry,” said Mr Bartram.

Serious inquiries invited

Interested parties are encouraged to get in touch directly to arrange viewings and discuss further details.

For those with a passion for creating unforgettable experiences and a vision for growth, Hangar represents a rare and exciting investment in Pembrokeshire’s vibrant events sector.

Contact The Hangar on Facebook for more information.