Connect with us
Advertisement
Advertisement

Business

Welsh Government and Development Bank launch new Green Business Loan Scheme

Published

on

A MAJOR new loan scheme to support businesses in Wales cut their energy costs by taking steps to become greener and more energy efficient has been launched today by the Welsh Government and Development Bank of Wales.

With the ambition to invest £10m over the next 3 years, the new Green Business Loan Scheme, which will offer discounted interest rates and flexible repayment dates, will help businesses make improvements allowing them to reduce their carbon footprint – supporting Wales’ journey to become net zero by 2050.

Projects which could be supported by the loans include:

  • Investing in renewable energy technology;
  • Improving the fabric of premises and energy efficiencies within the building;
  • Upgrading systems or machinery to reduce energy use;
  • Water usage and waste reduction/improvements
  • While businesses see the benefits in becoming environmentally sustainable, many lack the funds required to make the up-front investment needed. And wider economic circumstances mean many businesses which might have planned decarbonisation work have since had to prioritise other costs – while those who have the resources needed to make such improvements often don’t know the best place best to start.

As well as the new loan, support and advice is also available from the Welsh Government’s Business Wales service to help businesses decarbonise.

Launching the new loan scheme, Economy Minister, Vaughan Gething, said:

“Tackling climate change is a priority for the Welsh Government. That’s why we’ve set ambitious plans for Wales to become net zero by 2050.

“Businesses have a crucial role to play if we are to meet our ambition, so we’re proud to work with the Development Bank in supporting Welsh businesses on their decarbonisation journey.

“The economy has suffered in recent months and many businesses won’t have the resources needed to decarbonise. This is especially concerning as energy bills have risen, which highlights just how important Wales’ journey towards becoming a Net Zero nation is.

“We want to ensure businesses have the support needed to make the improvements they want to make – not just through financial backing offered by the Green Business Loan Scheme, but also with practical advice from our Business Wales service.

“I’d encourage any businesses interested in the new scheme to contact the Development Bank for more information.”

Minister for Climate Change, Julie James, said:

“The current cost of energy has brought into sharp focus the need to reduce our energy use, be more energy efficient and switch to local, renewable energy sources instead of relying on costly fossil fuels.

“Businesses can be at the heart of our transition to net zero, and we know our business community are keen to take action. This scheme offers the capital funding which small and medium sized businesses often need to make investment decisions.

“The Green Business Loan Scheme can help businesses reduce carbon emissions, manage energy costs and increase business competitiveness.”

The market for ‘green’ loans is new and evolving and the Development Bank will use this pilot to test the market – learning lessons that can inform the operation of the larger funds operated by the bank. Those larger funds such as the Wales Flexible Investment Fund carry the firepower to provide finance at far greater scale.

Chief Executive of the Development Bank of Wales, Giles Thorley, said:

“The new Green Business Loan Scheme will help businesses looking to improve energy efficiency and future-proof themselves against rising energy costs.

“We know that sustainability is an increased area of focus for investors, customers and employees – as such, investing in decarbonisation measures is becoming increasingly important for businesses, but few have the initial capital needed to make those changes.

“The new scheme offered by the Development Bank will be provided on a patient capital basis, with payment schedules linked to the payback of improvements made.”

Business

Tourism tax cash ‘could plug gaps elsewhere’

Published

on

MONEY raised by a proposed visitor levy could be used to plug gaps in cash-strapped public services rather than support tourism as intended, the industry warned.

David Chapman, executive director at UK Hospitality Cymru, said the initial goal of the reforms – ringfencing funding to improve the visitor experience – has been eroded.

He told the Senedd finance committee: “We have within the proposed legislation, four items of potential spending that are actually removed quite considerably from that original ethos.

“I’ve lived all my life in Wales, we rely on public services, my family rely on public services, we use the health service – we’re all in favour of extra money going into that.

“But the intention of this originally was to try to assist the industry.”

Mr Chapman argued the visitor levy bill is not watertight enough to prevent the revenue raised being used to plug gaps in other areas such as health and education.

As drafted, the bill says proceeds must be used to: mitigate the impact of visitors; promote the Welsh language; support tourism; or improve local infrastructure and services.

Mr Chapman said: “If you are of a mind to fill gaps in budgets and to replace and displace existing spending then those four qualifying areas would allow you to do that.”

David Chapman, executive director at UK Hospitality Cymru
David Chapman, executive director at UK Hospitality Cymru

Rowland Rees-Evans, chair of the Wales Tourism Alliance, raised concerns about rushing “headlong” into a levy, warning it could cost the economy £40m and lead to 700 job losses.

But he welcomed mandatory registration of visitor accommodation providers under the bill.

Roy Church, co-chair of the Welsh Association of Visitor Attractions, described the bill as a “blunt instrument”, added that it is based on “hopelessly out-of-date” data from 2019.

He told the meeting on February 5: “The Welsh visitor economy is very different from what’s been looked at in the sessions before this committee.

“We’re not Barcelona, we’re not Venice, we’re not an international destination – our visitors come, 60% nearly, from Wales and the rest mostly from the UK.”

Mr Church, director of Tourism Swansea Bay, said: “It feels a bit like shooting yourself in the foot when you tax a local person to go to take their holiday break in their own country.

“The significance in our sector is the margins at which we work, we work generally with lower-income families … and this tax hits quite hard at their spending ability.”

He was in favour of under-18s not having to pay the levy, as in France and Germany, arguing scouts and educational groups, for example, should be exempt.

Labour’s Rhianon Passmore asked about comparative taxes across Europe and the proposed rates in Wales, £1.25 a night or 75p for hostels and camp sites.

Islwyn MS Rhianon Passmore
Islwyn MS Rhianon Passmore

Mr Chapman replied: “We have 17 different taxes which apply to our businesses. We are probably, in fact I’m sure, we are the most taxed sector of any sector.

“We pay three times more than the relevant business rates that we should be paying.”

Mr Chapman told the committee it would cost an extra £63 a week, including VAT, for a family of six which could make a holiday unaffordable.

Mr Rees-Evans asked: “Do we have to have VAT on tax? I’ve never heard of VAT on tax before. It sounds awful because tax is tax.”

Calling for a uniform rate across Wales, he said if one council went to £3 a night then the £63 for a family of six would leap to £126.

The witnesses welcomed a suggestion that the levy could be time-limited, for example to five days, to encourage people to stay longer.

Labour’s Mike Hedges said a three-night stay for a family of four at Bluestone resort in Pembrokeshire would cost £1,065, questioning the material effect of a £1.25 levy.

Labour MS Mike Hedges
Labour MS Mike Hedges

Mr Rees-Evans replied: “Price has an impact, anything that puts the price up.”

Zoë Hawkins, chief executive of Mid Wales Tourism, raised concerns about Wales gaining a damaging reputation as an expensive holiday destination.

She questioned comparisons to Catalonia, warning of a 10% fall in tourists to Wales.

Ms Hawkins said: “It’s twice the population of Wales, it’s got 18 million international visitors compared to our 800,000 … we need more visitors into Wales, not less.”

Pointing to a 23% fall in visitors to Wales in the past year, Emma Thornton, chief executive of Visit Pembrokeshire, questioned the timing and called for a level-playing field across the UK.

Jim Jones, chief executive of North Wales Tourism, said “Since Covid, it’s gone from bad to worse. We have … over 1,000 members and they are telling us that they are suffering.”

Continue Reading

Business

£8.2 million for Port Talbot regeneration—what it means for West Wales

Published

on

THE FIRST of Port Talbot’s growth and regeneration projects is set to receive £8.2 million from the Tata Steel / Port Talbot Transition Board, marking a significant step towards revitalizing the local economy.

This investment is expected to support over 100 jobs and ultimately contribute more than £87 million to the South Wales economy. To date, the Tata Steel / Port Talbot Transition Board has allocated £51 million into the local community, with further projects anticipated.

Welsh Secretary Jo Stevens, chairing the latest Transition Board meeting today (February 6), will announce that £8.2 million will be directed to the South Wales Industrial Transition from Carbon Hub (SWITCH). This initiative will redevelop a four-acre site at Harbourside, Port Talbot, incorporating new shared space, flood mitigation measures, and specialist equipment. The investment aims to establish an Innovation District that will assist the steel and metal industry in reducing carbon emissions. The facility is projected to generate and sustain over 100 jobs while bolstering the South Wales economy by £87 million.

This funding is part of the UK Government’s £80 million Tata Steel / Port Talbot Transition Board fund, which has already allocated £51 million since July. The latest announcement is the first targeted at regional growth and regeneration, with up to £30 million more expected to be invested in similar projects in the coming months.

Welsh Secretary Jo Stevens emphasized the government’s commitment to supporting Port Talbot’s community through Tata Steel’s transition.

“We said we would back the community of Port Talbot through Tata Steel’s transition, and we continue to do exactly that,” she said. “In just six months, over £50 million has been announced to support individual steelworkers, their families, and businesses in the supply chain. Now, we are investing in a major regeneration project for the town.”

She added that millions more in funding will follow, ensuring continued support for steel communities amid ongoing industrial changes.

The Secretary of State also confirmed efforts to enhance mental health and well-being services, with funding details to be announced at the next Transition Board meeting. The initiative will focus on community cohesion, well-being programs, and peer support networks, including partnerships with local organizations.

Cabinet Secretary for Economy, Energy, and Planning Rebecca Evans welcomed the funding, stating, “This announcement builds on investments unlocked through the recent Celtic Freeport and other initiatives we are supporting in and around Port Talbot. Working alongside our Transition Board partners, we will continue to provide opportunities for growth while ensuring support for those impacted by Tata Steel’s changes.”

Neath Port Talbot Council Leader, Cllr Steve Hunt, also praised the investment, noting its role in attracting jobs and industry to the region: “The SWITCH project will build on our area’s longstanding expertise in the steel and metals industries, helping to address modern challenges and secure future employment.”

Professor Helen Griffiths, Pro Vice-Chancellor for Research and Innovation at Swansea University, highlighted the importance of collaboration, stating, “SWITCH will strengthen Swansea University’s role in uniting academia, industry, and government. This investment will make Welsh research and innovation more accessible to businesses and help stimulate long-term economic growth.”

The SWITCH project, dedicated to industrial decarbonization, will establish a permanent base at Harbourside, adding to its existing £20 million funding from the Swansea Bay City Deal, which also benefits from UK Government support.

What this means for West Wales

This initiative aligns with broader regional development strategies, including the Celtic Freeport, which links Port Talbot and Milford Haven in Pembrokeshire. The Celtic Freeport, which received approval for its full business case in October 2024, aims to attract investment into low-carbon energy projects, create jobs, and contribute significantly to South Wales’ economic transition.

Key connections between the initiatives include:

  • Regional economic impact: The Celtic Freeport is projected to generate £900 million in Gross Value Added (GVA) by 2030 and £13 billion by 2050, complementing the Port Talbot project’s goal of injecting £87 million into the South Wales economy.
  • Decarbonization focus: The SWITCH project will support the steel and metal industry in reducing carbon emissions, aligning with the Celtic Freeport’s emphasis on low-carbon technologies, including floating offshore wind, hydrogen, and carbon capture.
  • Investment and innovation: The Celtic Freeport aims to attract £3.5 billion in investment for the hydrogen sector, while the Port Talbot Innovation District will serve as a hub for industrial research and development.
  • Government backing: Both projects receive support from the UK and Welsh governments, reflecting a coordinated effort to foster economic regeneration.
  • Energy transition: With Milford Haven already processing around 20% of the UK’s energy needs, both initiatives contribute to the country’s broader shift towards sustainable energy solutions.

By linking these initiatives, stakeholders can emphasize a holistic approach to economic regeneration, decarbonization, and job creation across South Wales, ensuring a sustainable future for communities from Port Talbot to Milford Haven.

Continue Reading

Business

Haverfordwest’s decline now international news

Published

on

HAVERFORDWEST’S economic struggles have made international headlines, with Chinese state media outlet CGTN highlighting the town’s deteriorating High Street in a recent report on bank closures in the UK.

The article, titled Bank branch closures: A growing concern for small towns in the UK, sheds light on the widespread impact of financial institutions shutting their doors in rural and smaller urban communities. The report specifically mentions Haverfordwest as an example of a town grappling with the loss of banking services, resulting in a further decline of its High Street.

CGTN reports: “Once a bustling market town, Haverfordwest has seen a steady exodus of businesses in recent years, accelerated by the closure of key financial institutions. With fewer in-person banking options available, residents—particularly the elderly and those without access to digital banking—find themselves struggling to manage their finances.”

CGTN featured the story on its rolling news channel

Bank closures worsening decline

The closure of major bank branches has left residents without easy access to cash services, forcing many to travel further afield. The CGTN article highlights that this trend is not unique to Haverfordwest, with similar issues affecting towns across the UK. However, the town’s challenges are now being scrutinised on a global scale, raising concerns about the long-term viability of its High Street.

Councillor Thomas Tudor, who has been vocal about the state of the town centre, told The Pembrokeshire Herald: “For years, we’ve been warning that the loss of essential services like banking would have a devastating effect on Haverfordwest. Now, the issue has gone beyond local and national concerns—it’s being reported on by international media. That should be a wake-up call to policymakers.”

Call for action

Local businesses have echoed concerns about the town’s declining footfall, with many blaming high business rates, online competition, and the disappearance of crucial services like banking. Independent shop owners fear that without intervention, Haverfordwest’s High Street will continue to wither.

The CGTN article concludes: “Without a clear strategy to revitalise small towns like Haverfordwest, their decline may soon become irreversible. Communities rely on local institutions, and their absence leaves an economic and social void that is difficult to fill.”

As Haverfordwest finds itself in the international spotlight, the question remains: will this attention finally spur action, or is it already too late?

The full CGTN report can be read here.

Continue Reading

Business6 hours ago

£8.2 million for Port Talbot regeneration—what it means for West Wales

THE FIRST of Port Talbot’s growth and regeneration projects is set to receive £8.2 million from the Tata Steel /...

News15 hours ago

Neyland Town Council meeting descends in to chaos

Public calls for mayor’s resignation as councillors clash as clerk’s mother seeks co-option A MEETING of Neyland Town Council descended...

Crime1 day ago

Pembrokeshire police officer accused of making sexual comments to women

A POLICE officer from Pembrokeshire has been accused of making degrading sexual comments to women he met while on duty...

News2 days ago

Welsh Government budget faces fresh hurdles as scrutiny intensifies

Finance committee slams spending plan amid political deadlock THE WELSH GOVERNMENT is facing mounting challenges in passing its 2025-26 budget,...

Crime3 days ago

Girl, 14, guilty of attempted murder in school stabbing

A 14-YEAR-OLD girl who stabbed two teachers and a pupil at a Carmarthenshire school has been found guilty of attempted...

Crime3 days ago

Dyfed-Powys police precept was increased despite ‘transparency concerns’

Panel backs 8.6% rise as funding pressures mount, but questions remain over spending priorities THE DYFED-POWYS POLICE and Crime Panel...

Business4 days ago

Concern for vulnerable as Pembroke Dock’s Lloyds branch to close

PEMBROKE DOCK will lose its last remaining high street bank when Lloyds Bank closes its branch on Dimond Street on...

Business4 days ago

Authentic Turkish flavours come to Haverfordwest with exciting café opening

HAVERFORDWEST has welcomed a new addition to its culinary scene with the official opening of the Turkish Kitchen Café on...

Community5 days ago

Saundersfoot café owner loses home in devastating fire

A YOUNG café owner in Saundersfoot has been left homeless after a fire destroyed his caravan, leaving him with nothing....

Education6 days ago

Panic at Ysgol Harri Tudur as threat forces sudden lockdown

A PEMBROKESHIRE secondary school was thrown into chaos today (Friday, January 31) after a chilling threat triggered an emergency lockdown,...

Popular This Week