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.

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.

A CALL to convert barns at a redundant north Pembrokeshire farm close to an Iron Age defended farmstead to holiday lets has been approved by county planners.

In an application before Pembrokeshire County Council planners, Ariana Grammaticas and Alewyn Muntingh sought permission for the conversion of two farm buildings at Pencraig Fawr, Llangolman, to three holiday lets.

A supporting statement through agent GMW Design said: “The existing farm is now redundant, the need for livestock and farming is no longer a requirement, my clients wish to utilise the existing farm buildings in a more efficient and long-term use to provide holiday accommodation.

“The buildings’ use for farming is redundant and it is considered that the building is of a style and scale that would lend itself to Holiday accommodation with little alteration to its current form. They have the benefit of having their own curtilage, with a little improvement to the site surrounding they lend themselves comfortably for conversion.

“The vision for the conversion proposals is a development that fits comfortably within the existing area without the need for reconstruction or external alteration to facilitate the conversions. The buildings are located off a former farmyard area and close to the existing farmhouse of Pencraig Fawr.”

Pencraig Fawr is some 250 metres from Pencraig-Fawr Camp, a scheduled ancient monument defended farmstead, which probably dates to the Iron Age period (c. 800 BC – AD 43), an officer report says.

It adds: “Cadw have raised no objection to the proposal with respect to any potential impact upon the heritage asset nor how it is experienced, advising that intervening topography, buildings and vegetation block all views between the monument and the buildings for which conversion is proposed. The access track is within the identified significant view and passes close to the asset.

“However, no changes are planned to this route and the proposal is unlikely to generate a significant amount of traffic. As such, the proposed development will not have any significant adverse impact upon on the way that the monument is experienced, understood, and appreciated and consequently will have no impact on the setting of scheduled monument.”

The application was conditionally approved by planners.