News

Further interest rates cuts to hit savers

Published

9 years ago

August 25, 2016

SAVERS face further misery as the Bank of England slashed interest rates to 0.25% yesterday (Aug 4) in an attempt to stimulate the struggling economy in the wake of the Brexit vote.

Retirees and the semi-retired reliant on savings in ‘safe’ bank and building society accounts face a double whammy as record low interest rates combine with rising inflation caused by a weakened pound.

The Bank of Scotland pre-empted this move last week when it wrote to 1.3 million business customers warning that they could start imposing charges on credit balances; effectively imposing negative interest rates.

This would follow moves by banks in Switzerland and Sweden. Even if negative interest rates are not introduced for individual savers, interest rates of practically zero will see hard-earned nest eggs shrink in real terms as the the cost of living rises.

This will be a huge blow to thrifty pensioners who did though they had done ‘the right thing’ throughout their working lives by putting money aside for retirement. The over 65s form a disproportionately high percentage of the west Wales population, and as they are forced to further tighten their belts, this will pile more pressure onto struggling local businesses in one of the most deprived areas of the UK.

Mrs Alice Hughes from Pembroke Dock, who relies on a small nest egg to top up her state pension, told the Herald: “I’ve always been careful and put money away in the building society. With interest rates the way they are now, I’m wondering whether I’d be better off keeping it under the mattress.”

Mr Ronald Edwards from Cardigan, who is due to retire in six months time said: “I’ve been looking at annuities online, and the amounts being offered are so low, I might as well cash in my pension pot and buy a classic car. At least there’s a chance of it increasing in value.”

In further moves, the Bank of England announced further printing of money to prop up the economy, and revised the growth forecast for 2017 from 2.3% to 0.8%.

With pressure on company pension pots creating difficult decisions for managers about whether to invest in wage increases or filling the pension deficit, workers in west Wales could see their already low wages stagnate for the foreseeable future.

Mark Carney, the Canadian Govener of the Bank of England said that this was a necessary step to adjust to the new reality post-Brexit, in which the economic outlook has changed.

There may be some positive news for those with savings in stocks and shares, which receive a boost when interest rates are cut.

There is more positive news for mortgage holders and home-buyers on variable interest rate mortgages, who will see a drop in their monthly payments.

As the pound continues to slide against the dollar, holidaying in the UK may become a more attractive option to families feeling the squeeze, providing a boost to the west Wales tourist industry.

How are you being affected by the record low interest rates? Email [email protected].

Crime

Repeat drug-driver banned for three years after Pembroke stop

Published

3 hours ago

February 18, 2026

Sarah Jane Absalom

Motorist was over legal limits for both cannabis and cocaine metabolite, court hears

A 35-YEAR-OLD Pembrokeshire motorist has been disqualified from driving after being caught behind the wheel while over the legal drug-drive limit.

Police received information on November 11 that David Webb had been driving a Kia Sorento along Buttermilk Lane, Pembroke, after taking drugs.

When stopped by officers, Webb admitted he had smoked cannabis the previous night. A roadside drug swipe tested positive, and subsequent blood analysis at the police station revealed 101 micrograms of benzoylecgonine — a cocaine metabolite — per litre of blood, along with 2.3 micrograms of Delta-9 tetrahydrocannabinol (THC). The legal limits are 50 and 2 micrograms respectively.

Haverfordwest Magistrates’ Court heard this was Webb’s second drug-driving conviction, following a previous offence in October 2023.

Webb, of Strongbow Walk, Pembroke, was sentenced to a 12-month Community Order requiring him to complete 15 Rehabilitation Activity Requirement days and 100 hours of unpaid work.

He was disqualified from driving for three years and ordered to pay a £114 surcharge and £85 costs.

Crime

Driver banned after refusing breath test despite admitting drinking

Published

3 hours ago

February 18, 2026

Sarah Jane Absalom

Motorist also damaged police cell blanket after arrest, court hears

A PEMBROKESHIRE motorist has been banned from the roads after repeatedly refusing to provide a breath sample despite admitting he had been drinking alcohol.

Police were called to Glenview Avenue, Pembroke Dock, on the evening of January 3 following a report from a member of the public who was concerned about a man sitting in a car who appeared to be under the influence.

Prosecutor Linda Baker told Haverfordwest Magistrates’ Court that officers found the man, later identified as Sean Cook, appearing intoxicated while sitting in the vehicle.

“He appeared to be intoxicated and said he was listening to the radio,” she said.

Cook told officers he was not fit to drive because he had consumed alcohol. He was asked on three separate occasions to provide a breath test but refused each time.

The court heard he was obstructive throughout the encounter and refused to answer questions about his alcohol consumption.

Following his arrest, Cook was taken to Haverfordwest Police Station where he damaged a custody cell blanket by pulling out its stitching.

Cook, aged 58, of Glenview House, Glenview Avenue, Pembroke Dock, pleaded guilty to failing to provide a specimen for analysis and causing criminal damage.

He was disqualified from driving for 18 months and sentenced to a 12-month Community Order, which includes 10 Rehabilitation Activity Requirement days and a 120-day Alcohol Abstinence Monitoring Requirement.

He was also ordered to pay £100 compensation for the damaged blanket, a £114 surcharge and £85 costs.

Crime

Telecom vandal admits causing £33,000 damage to Pembroke Dock network

Published

4 hours ago

February 18, 2026

Sarah Jane Absalom

Fibre cables cut in early-morning incident that triggered major service disruption

A PEMBROKE DOCK man has admitted causing more than £33,000 worth of damage to a telecommunications network after cutting through fibre optic cables in the early hours of the morning.

Mickey Probert, aged 37, was seen lifting a drain cover in Wavell Crescent at around 3.50am on January 23, 2024, before entering an underground chamber and cutting through fibre infrastructure belonging to OGI.

Prosecutor Linda Baker told Haverfordwest Magistrates’ Court that Probert had accessed a telecom footway chamber and cut through micro ducting and fibre cables.

Suspicions were raised when a nearby resident was woken by loud clanging noises and saw a man acting suspiciously near green utility boxes.

“The witness saw a male bend down in front of the boxes, lift the covers and shine a headtorch towards the ground,” she said.

Following a description provided by the witness, police arrested Probert. A search of his property uncovered wire cutters, a headtorch and a woolly hat.

The total cost of the damage to the OGI network was calculated at £33,767.98.

Defence solicitor Tom Lloyd said his client was unable to explain his actions but was extremely remorseful.

“He has a lot of things going on that haven’t properly been explored,” he told the court.

Probert, currently of no fixed abode, pleaded guilty to criminal damage.

Given the seriousness of the offence, District Judge Mark Layton declined jurisdiction, meaning sentencing must take place at a higher court.

Probert will now be sentenced at Swansea Crown Court on March 10. The court requested an all-options probation report ahead of the hearing.