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News

Jeremy Hunt sets new direction for government as Truss’s credibility trashed by u-turn

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ON MONDAY, Jeremy Hunt unpicked virtually every element of Kwasi Kwarteng’s mini-budget to calm financial markets and restore order to chaos.

The new Chancellor’s statement was a sobering reminder that although Prime Ministers serve with their colleagues’ consent, governments cannot survive without market confidence.

Mr Hunt said every Government’s core responsibility was to deliver economic stability.

“No government can control the markets. But every Government can give certainty about the sustainability of the public finances.”

His words were a damning implied indictment of the PM’s economic policy.

FULL REVERSE GEAR

The Chancellor’s words had an immediate effect on markets: the pound strengthened, and UK government bond yields fell to reduce the cost of government borrowing.

The statement might reduce the amount of a projected mortgage interest rise in November.

But make no mistake: the statement is a humiliation for the PM.

Every policy she’s trailed, trumpeted, and brought in has been chucked on the bin fire of her Government’s reputation.

Liz Truss sacked Mr Kwarteng because she did as she said and pursued a policy she endorsed enthusiastically.

The PM’s campaign slogan was “Trusted to Deliver”.

Her detractors pointed out that Liz Truss was pushed by the political winds and could not set her own course.

She’s tried setting her course and crashed the economy into an iceberg.

Moreover, her Cabinet colleagues must wonder whether they can trust the PM to stand behind them when they pursue a government policy she supports.

This is a government living hour-to-hour, in office but not in power, and with its key policies made by financial markets instead of ministers.

Separate lives:  Truss and Kwarteng part ways

GOVERNMENT AIMS TO “REGAIN TRUST”

The Chancellor’s statement pulled no punches about the size of Ms Truss’s and Mr Kwarteng’s miscalculation and overconfidence.

Mr Hunt said: “The government is prepared to act decisively and at scale to regain the country’s confidence and trust.”

The painful use of the word “regain” underlines what the Government lost after September 23.

The Chancellor stated there would be “more difficult decisions” on tax and spending.

Mr Hunt is focused on lowering debt in the medium term and putting public finances on “a sustainable footing”.

Using the word “sustainable” implies the previous plan was unsustainable.

In light of this, government departments will be asked to find efficiencies within their budgets. The Chancellor is expected to announce further changes to its fiscal policy on October 31 to put the public finances on a sustainable footing.

Reversal of fortunes: Pound rebounded on announcement of U-turn

TAX CUTS SCRAPPED

The Chancellor announced a reversal of almost all of the tax measures set out in the Growth Plan that have not been legislated for in parliament.

The following tax policies will no longer be taken forward:

Cutting the basic rate of income tax to 19% from April 2023. While the Government aims to proceed with the cut in due course, this will only happen “when economic conditions allow for it, and a change is affordable”. The basic rate of income tax will therefore remain at 20% indefinitely. This is worth around £6 billion a year.
Cutting dividends tax by 1.25 percentage points from April 2023. The 1.25 percentage points increase, which took effect in April 2022, will remain in place. This is valued at around £1 billion a year.
Repealing the 2017 and 2021 reforms to the off-payroll working rules (also known as IR35) from April 2023. This will cut the Government’s growth plan’s cost by around £2 billion a year.
Introducing a new VAT-free shopping scheme for non-UK visitors to Great Britain. Not proceeding with this scheme is worth around £2 billion a year.
Freezing alcohol duty rates from February 1 2023, for a year. Not proceeding with the freeze is worth approximately £600 million a year.
This follows from the previously announced decisions not to proceed with the Growth Plan proposals to remove the additional income tax rate and to cancel the planned increase in the corporation tax rate.

The changes are estimated to be worth around £32 billion a year.

That still leaves the Government with a lot to find to plug the hole in its finances, which indicates more pain will follow in public spending.

The Government’s reversal of the National Insurance increase, the Health and Social Care Levy, and the Stamp Duty Land Tax cuts will continue to benefit millions of people and businesses.

The £1 million Annual Investment Allowance, the Seed Enterprise Investment Scheme and the Company Share Options Plan will continue supporting business investment further.

ENERGY BILL SUPPORT TO CHANGE

In September, the Government announced massive financial support to protect households and businesses from high energy prices.

The Energy Price Guarantee and the Energy Bill Relief Scheme support millions of households and businesses with rising energy costs.

The Chancellor made clear they will continue to do so from now until April next year.

However, looking beyond April, the Prime Minister and the Chancellor have agreed that it would be irresponsible for the Government to continue exposing the public finances to unlimited volatility in international gas prices.

A Treasury-led review will therefore be launched to consider how to support households and businesses with energy bills after April 2023. The review’s objective is to design a new approach that will cost the taxpayer significantly less than planned whilst ensuring enough support for those in need.

The Chancellor also said in his statement that any support for businesses will be targeted to those most affected and that the new approach will better incentivise energy efficiency.

“CHAOS AT THE HEART OF GOVERNMENT”

Rebecca Evans, Wales’s Finance Minister, responded: “The complete unravelling of the mini-budget shows the chaos at the heart of the UK Government.
“In six short weeks, the UK Government’s reckless and flawed economic policy has caused mayhem in the financial markets, pushed up mortgage costs and stretched household budgets even further.
“Now the UK Government is rolling back on its energy price support scheme for households, which will only add to the uncertainty people face as they worry about paying their bills.
“The new Chancellor has signalled a new era of austerity to start to fill the hole in public finances.
“We will all pay for the Government’s mistakes. But this is a crisis made in Downing Street and one it needs to address.
“The Chancellor needs to use his next financial statement to provide reassurance we will not see the deep spending cuts that will affect jobs, services and our economy – and to provide support to vulnerable households who have been ignored today.”

Business

£20m investment to unlock Cardiff Airport’s potential and drive South Wales growth

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THE WELSH Government has confirmed the first phase of a major new investment package for Cardiff Airport, pledging £20 million to boost economic development and secure the long-term future of the site.

The funding marks the beginning of a ten-year programme designed to harness the airport’s capacity as a strategic asset for Wales. The scheme is expected to drive further growth across the South Wales region and create new opportunities in aviation, logistics, and employment.

Announcing the investment on Wednesday (Apr 2), Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans MS, said the Welsh Government had completed due diligence on the proposals, including a review by the Competition and Markets Authority.

Ms Evans said: “We remain committed to the growth of this essential economic infrastructure, which currently generates over £200 million in Gross Value Added (GVA) annually and supports thousands of jobs in the South Wales region.”

Plans under the investment include potential development of aircraft maintenance facilities, improved cargo handling capabilities, and support for general aviation. Some of the funding will also be used to explore new air routes, with an emphasis on improving connectivity and Wales’ presence in global markets.

The £20 million commitment follows a previous announcement in July 2024, where the Welsh Government outlined its ambition to make Cardiff Airport a catalyst for economic expansion in Wales. This latest funding, according to Ms Evans, will help the region realise that vision and support a “vibrant and outward-facing” national economy.

Officials will monitor the impact of the funding throughout the ten-year period, with performance reviews planned and a focus on minimising subsidies while delivering value for money.

A record of the financial award will be published on the UK subsidy transparency database.

However, the decision has sparked criticism from the Welsh Conservatives, who renewed their call for the airport to be sold to the private sector.

Welsh Conservative Shadow Cabinet Secretary for Transport and Infrastructure, Peter Fox MS, said: “The Labour Government’s decision to inject the first £20 million of a planned £200 million into Cardiff Airport will bring the total amount of Welsh taxpayer money invested to over £200 million.

“Cardiff Airport is a financial burden on the Labour Welsh Government and Welsh taxpayers, and it is time for Labour to finally do the right thing and sell the airport to the private sector.

“Ministers in Cardiff Bay lack the essential expertise to manage an airport. That is why an experienced corporation in the private sector, with proven industry knowledge, would be better placed to ensure the airport not only survives but thrives.”

The Herald understands that further investment decisions will be made as the programme progresses, depending on the outcomes and economic impact of the initial phase.

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Entertainment

Top Welsh acts to perform at Fel ‘Na Mai Festival in Crymych

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ONE of Wales’ most anticipated music festivals is returning to Crymych next month – with a packed line-up of top Welsh talent already confirmed.

The Fel ‘Na Mai Festival will take place on Saturday (May 3) at the Frenni Transport site in Parc Gwynfryn Estate, marking its fourth year of bringing live music and family-friendly fun to the Preseli area.

Organisers say this year’s programme is one of the strongest to date, with a wide range of acts spanning folk, rock, psychedelic and contemporary music set to appear across two main stages.

The Foel Drigarn Stage will run from 1:15pm until late, opening with performances from the choirs of Ysgol Bro Preseli and Ysgol Cilgerran. They will be followed by Dewin, winners of the Best Group category at the 2025 Ail Symudiad Awards.

Festival newcomers Taran, an energetic folk rock group, will make their debut before heavy rock band Mattoidz take over the stage. Mali Haf, known for her vibrant and charming performances, will also appear.

As dusk falls, popular singer-songwriter Meinir Gwilym and her band will perform, followed by the much-requested return of Gwilym. The night will conclude with a headline set by Yws Gwynedd and his band.

The Y Frenni Fawr Stage, running from 1:35pm to 7:10pm, offers an equally strong line-up. Côr Rocesi’r Fro, led by Einir Dafydd, will open the stage before a set by Llandjango, inspired by the sounds of Django Reinhardt.

Danny Sioned, winner of the Individual Prize at the Ail Symudiad Awards, will take to the stage, followed by a performance from retired rocker Cleif Harpwood, who will revisit some favourites from the 1970s. Rising contemporary group Lavant and psychedelic rock band Pys Melyn from Pen Llŷn will round off the programme.

Both stages will be hosted by local presenter and musician Mari Grug.

In addition to live music, organisers say the festival is a day out for the whole family, with a dedicated children’s area offering a range of activities for younger visitors.

A licensed bar will be provided in partnership with Crymych Rugby Club, and this year sees the introduction of a new gin bar from In The Welsh Wind. Local food vendors will also be on site throughout the day.

Parking is available at the Frenni Transport site and nearby locations within the Parc Gwynfryn estate. Facilities are also in place for those wishing to camp or stay in motorhomes during the event.

Tickets are reported to be selling fast. For more information or to book, visit: felnamai.cymru

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Charity

Royal visit celebrates Pembrokeshire charity’s community impact

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STAFF, volunteers and visiting pupils at Lower Treginnis Farm were delighted to welcome a very special guest on Wednesday (April 2), as Her Royal Highness The Princess Royal visited the site in support of the charity Farms for City Children.

The Princess Royal, who has served as Patron of the charity since 1991, spent the afternoon touring the farm, which lies just outside St Davids and is the most westerly farm in Wales. It was her fourth visit to the site since first attending in 2010.

Farms for City Children was founded by author and former Children’s Laureate Sir Michael Morpurgo and Lady Clare Morpurgo. The charity provides immersive week-long farming experiences for urban children, helping them connect with nature, food production and rural life.

HRH The Princess Royal with pupils from Pembroke Dock Community School and Farm School Leader Jess Willcox (Pic: Supplied)

During the visit, The Princess Royal met children from Pembroke Dock Community School as they took part in hands-on farm activities including grooming donkeys, feeding rare-breed piglets, and planting vegetables in the market garden.

She also joined the children for a coastal workshop led by Câr y Môr, Wales’ first regenerative seaweed and shellfish farm, which operates just off the nearby shoreline.

Her Royal Highness was accompanied on her tour by Gethin Jones, Farm School Manager, and later met members of The Friends of Treginnis—a local fundraising group that has supported the charity since 1991. Over the past three years, the group has raised more than £30,000 to help schools from across Pembrokeshire, including Pembroke Dock Community School, take part in the farm’s week-long programmes.

HRH The Princess Royal meeting Farms for City Children staff and partner farmer Aled Davies (Pic: Supplied)

Before departing, The Princess Royal was introduced to members of the charity’s staff and to Aled Davies, the farm’s local partner farmer. She was then presented with a gift of fresh farm produce by two pupils, Erin Hubbard and Jack Kinnard.

Tim Rose, Head of Operations for Farms for City Children, said: “We were delighted to welcome The Princess Royal to Lower Treginnis and to share the experience of being ‘farmers for a week’ with her. Her visit was greatly enjoyed by everyone at the farm and it was our pleasure to be able to show her how the work of the charity interacts with so many different aspects of the Pembrokeshire community.

Car-y-Mor workshop-with children from Pembroke Dock Community School (Pic: Supplied)

“We are hugely appreciative of Her Royal Highness’s continued support and enthusiasm for the work that we do.”

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