OFFSHORE RENEWABLE ENERGY (ORE) Catapult, in association with Floventis Energy, is set to boost the floating offshore wind sector in Wales. The partnership aims to prepare Welsh businesses for this rapidly growing industry.

This initiative, termed the Fit 4 Offshore Renewables (F4OR) programme, is tailored exclusively to propel the floating wind market in Wales. It marks the debut of such an initiative in the region, reflecting the nation’s progressive stance on renewable energy.

The joint venture sees a promising £180,000 committed by Floventis Energy towards the 12-18 month floating wind specific development scheme. Welsh businesses are set to benefit extensively with unique access to the team developing Llŷr 1 and 2 in the Celtic Sea. This, in combination with the forthcoming Celtic Sea Round 5 projects, promises lucrative prospects for local ventures.

Vaughan Gething, Wales’ Economy Minister, expressed his enthusiasm: “The offshore wind sector has an incredible potential for our economy and its people. By bolstering the awareness of Welsh firms, we aim to pave the way for them to harness the opportunities of the green future.”

The programme, commencing in 2024, will kick-start with an initial group of three companies. Since its inception in 2019, the F4OR initiative has flourished across the UK, boasting five successful regional programmes and aiding over 100 companies. Many of these beneficiaries have seen a significant surge in their turnovers.

Andrew Macdonald from ORE Catapult commented on the potential of the sector: “Our goal is to ensure a top-tier supply chain developed in the UK, ready to cater to the world. With the proven success of F4OR in other parts, we’re eager to tap into the vast opportunities that Wales, particularly in floating wind energy, presents.”

The Celtic Sea in Wales is poised to be a frontrunner in the UK’s net-zero ambition, targeting a deployment of 4GW of floating wind by 2035. Early estimates suggest the potential creation of over 3,000 jobs, injecting a staggering £682 million into the supply chain of Wales and Cornwall by 2030.

Cian Conroy of Floventis Energy, noting the importance of the programme, stated: “Initiatives like F4OR, in tandem with projects such as Llŷr, are vital for building a robust industry. Our end goal is to fortify the UK’s offshore renewable energy supply chain, both domestically and on the global stage.”

Applications for the programme are open for firms employing over ten individuals and boasting turnovers exceeding £1 million, provided they cater to the offshore wind sector. Interested companies can apply at F4OR – ORE (catapult.org.uk) by 10 November.

AS the Bank of England gears up to announce its latest interest rates tomorrow, intelligent finance app, Plum, accuses banks of profiteering from elevated interest rates without offering fair returns to savers.

The prevailing Bank of England’s base rate is a significant 5.25%. However, a substantial number of UK banks have dragged their feet in recalibrating their savings account rates. Consequently, many savers feel they are not receiving their fair share.

A fresh study spearheaded by Plum reveals that the typical UK saver tucks away £260 monthly, accumulating to an impressive £24,500 in their savings pot. Strikingly, most are only receiving an average of 3.3% interest on these savings – a notable 1.95% below the central bank’s base rate. In numerical terms, this translates to an average annual loss of £478 in potential interest per saver, cumulating to an alarming £17 billion deficit for UK savers as a whole.

Despite the clear financial advantage of switching to a higher-interest account, an overwhelming 77% of savers have opted to stay put. Among the reasons given, 28% cited marginal differences in rates between banks, while 30% professed loyalty to their current banking institutions. This sentiment exists even though a whopping 71% believe banks’ profit margins to be excessively high.

When probed about their savings goals, almost half (49%) are saving for emergencies, closely followed by 44% saving for holidays. For individuals below 45, saving towards a home or its enhancement was a primary motive (47%). In contrast, for those aged 55-64, retirement topped the list (51%).

Earlier this year, the Financial Conduct Authority (FCA) unveiled a robust 14-point strategy aiming to ensure that banks and building societies provide savers with appropriate interest rates. Institutions failing to provide valid reasoning behind their pricing models by 2023’s close could face stringent measures from the FCA.

Victor Trokoudes, Plum’s Founder and CEO, voiced his concerns: “In the current cost-of-living crisis, it’s disheartening to see many banks dragging their feet in revising interest rates on savings accounts, thereby undermining the value of savers’ diligent efforts. The FCA’s promised action, although commendable, isn’t an all-encompassing solution. The central issue remains: major banks’ operations seem misaligned with their customers’ best interests.”

He further added, “Since December 2021, the Bank of England has hiked its rates 14 times, a trend predicted to continue in the forthcoming announcement. It’s crucial for the public to be proactive and not let banks undervalue their deposits. Plum is committed to introducing a new offering, ensuring savings keep pace with the base rate dynamics.”

Plum, boasting a track record of assisting people in saving over £2bn, is on the cusp of launching a novel product. This new initiative promises returns more in line with the Bank of England’s base rate, ensuring savers earn what they rightfully deserve.

• SPECSAVERS in Haverfordwest is calling for equal access to eye care for all; especially people in care homes

ALMOST a quarter of a million people living in UK care homes could unknowingly have an eye condition, which could lead to permanent sight loss if not spotted and treated in time.1,2

The research comes as this National Eye Health Week (18 – 24 September), Specsavers Haverfordwest is calling for equal access to eye care for all, especially those in care homes that can face extra challenges accessing care.

Of the 2.7 million people in the UK who would benefit from domiciliary eye care, only 460,000 eye tests were recorded between 2019 and 20203. While regular eye tests are essential for everyone, they are especially important for people living in care homes, as they are five times more likely to experience sight loss, contributing to social isolation and reduced independence.1

However, due to complex medical needs, such as dementia, reduced mobility and hearing loss, many care home residents are unable to access high street opticians, communicate their eye care needs, or easily access home visit services.

A government requirement to submit a pre-visit notification before carrying out an eye test for those who can’t leave their home unaccompanied, including those in care homes, is also being called at by Specsavers as an unnecessary administrative step which is further thwarting access to eye care.

Currently, optometrists are required to notify the NHS at least 48 hours before making a visit to one or two customers and three weeks before seeing three or more customers at the same address.

Dawn Roberts, Specsavers home visits clinical director, says: ‘Maintaining good vision is a key part of any person’s quality of life, but perhaps more so for care home residents because they often have limited mobility and so most of their hobbies and pastimes will involve visual tasks.

‘Sight loss can be very isolating and for those already struggling with memory problems or dementia, any confusion and disorientation is exacerbated by impaired vision. This can lead to a loss of engagement in social activities and sometimes increased risk of falls. Providing regular eye care can minimise or even eliminate these issues for people living in care homes allowing them to enjoy doing the things they want to do.

‘Specsavers is proud to offer home visits to anybody unable to leave their home, including residents of care homes.’

Specsavers Home Visits, which is celebrating its 10-year anniversary, carries out the same standard of eye test in people’s homes that is found in Specsavers’ stores, but with just with a few changes and specialist equipment to make them home friendly.

In the past year alone, the team of mobile opticians have dispensed more than a quarter of a million glasses to those who can’t leave their homes unaccompanied and referred more than 2,500 people in Wales for treatment to safeguard their sight. They have also visited more than 2,100 people in Wales.

Regular eye tests are not only important in identifying changes in vision and detecting the early signs of multiple eye conditions, but also because sight loss can have a significant impact on the overall safety and wellbeing of a person, particularly if they are older. The rate of falls in older people with sight loss increase by 1.7 times1, the medical cost of falls directly related to having sight loss is £128m.1

Specsavers’ provides Dementia Friends training, as part of an initiative run by the Alzheimer’s Society, to help support the needs of people living with dementia.