Business

Banks’ reluctance to offer competitive interest rates

Published

1 year ago

September 20, 2023

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.

Business

Millin Brook Luxury Dog Boarding wins three top industry awards

Published

9 hours ago

November 27, 2024

Tom Sinclair

MILLIN BROOK Luxury Dog Boarding, a family-run business in Wiston, has received three major industry awards this year, cementing its place as a leader in pet care services.

The first accolade came in September when the business was named Business Service of the Year at the PetQuip Awards. Co-owner Sian Smith said: “We are absolutely thrilled to have been awarded Business Service of the Year. We put our heart and soul into providing the highest possible level of service to our wonderful clients, and it’s great to have this recognised by industry experts.”

THE UK’S BEST

On November 7, Millin Brook was crowned Best Kennels in the UK at the Pet Industry Federation (PIF) Awards. These awards, which celebrate excellence across the pet care sector, saw Millin Brook score highly in customer satisfaction.

Nigel Baker, CEO of the Pet Industry Federation, said:

“Millin Brook particularly impressed the judges. They scored very highly on their customer satisfaction scores.”

Co-owner Dave Smith added: “This is the biggest accolade we can receive in the pet industry, and we are so very proud.”

A LONDON CELEBRATION

The year was rounded off on November 21, when Millin Brook won the Kennel and Home Boarding category at the Dog Friendly Awards, held at the Kennel Club in Mayfair, London.

Mrs Smith reflected on the occasion, saying: “It is such a beautiful venue and full of history. Following the award ceremony, we were treated to a fabulous spread of afternoon tea. One of the highlights was meeting Ted, the dog from Gone Fishing. We finished the day with a tour around the Kennel Club museum and enjoyed a few celebration drinks.”

These three awards highlight Millin Brook’s commitment to providing outstanding pet care and confirm its status as a standout name in the UK pet industry.

Business

Haverfordwest butcher wins best banger in Wales

Published

11 hours ago

November 26, 2024

Tom Sinclair

PRENDERGAST BUTCHERS in Haverfordwest has taken the top prize for the best sausage in Wales, at the prestigious ‘Put Your Best Sausage Forward 2024’ competition.

Organised by Hybu Cig Cymru – Meat Promotion Wales, the award celebrates the artisan Welsh pork industry, which is defined by smaller scale and specialised farms and producers.

The award-winning family butchers is run by Chris and Rachel Wolsey, along with their two sons Tom and Mark.

The family have been farming in Pembrokeshire for almost 50 years, and took over the shop some seven years ago. In that time, the business has been transformed and consistently wins awards for the quality of its offering, including being named the best butcher in Wales at the UK-wide Butcher’s Shop of the Year Awards.

Announced at the Royal Welsh Winter Fair Show, not only was their Prendergast Gold sausage named the best banger in Wales, but their Merry Cherry entry also reigned supreme in the newly introduced Best Christmas Sausage category.

Speaking of his pride at winning both awards, Chris Wolsey said, “Having made the shortlist for the two previous years and just missing out on the top prize, it’s fantastic to have finally taken the crown. To win the best Christmas sausage as well is just the icing on top.

“Everyone in the shop is over the moon. Both entries are a combination of the family doing a lot of trialling and tasting, and getting the sausages to the point where we feel they would be appealing to our customers. My preference is for a sausage with very high pork content, and which just has the bare minimum of seasoning, hand mixed and with a natural casing. When you have an amazing product, like locally reared pork in Wales, then you want that to be the star of the show and the main flavour.

“In my opinion, pork from Wales is superior. The flavour, husbandry and smaller scale farms sets us apart from the larger, more industrial method of farming. At Prendergast Butchers, we know exactly where all our meat comes from, it’s fully traceable and we work closely with our customers and farmers to get the product exactly as they want it.”

Philippa Gill, Brand Engagement Lead at Hybu Cig Cymru – Meat Promotion Wales, commented, “We are thrilled that Prendergast Butchers took not just one, but both awards at this year’s competition.

“The standards continue to be high, and highlight some of the quality, artisan products that are available locally to people in Wales.

“Our small-scale producers offer unique, hand-reared products, often available directly or from local shops like Prendergast Butchers. With fewer food miles, it’s often a more sustainable choice, in addition to helping keep money in the local economy. We would strongly encourage people to seek out their local pork producer and give them a try.”

For more information on pork produced in Wales, and where you can buy it, visit porcblasus.cymru.

Business

Roch Castle wins awards at the Historic Hotels of Europe ceremony in Prague

Published

20 hours ago

November 26, 2024

Tom Sinclair

ROCH CASTLE near St Davids is proud to announce its recent wins at the Historic Hotels of
Europe Awards, held in the heart of Prague.

Adelle and Johanna, representing Roch Castle, accepted two distinguished accolades for the entire team: Historic Eco Hotel of the Year and the Silver Award for Historic Castle Hotel of the Year.

The Historic Eco Hotel of the Year award recognises Roch Castle’s dedication to sustainable
hospitality, a core value shared by staff and visitors.

This award celebrates the castle’s eco-friendly practices and commitment to preserving the environment while offering a luxury
experience steeped in history.

The Silver Award for Historic Castle Hotel of the Year also honours Roch Castle’s unique ability to provide guests with an unforgettable stay in an authentic and beautifully restored 12th-century castle.

The management gave a heartfelt thank you goes out to everyone who supported Roch Castle and voted in the awards.

Special recognition is due to our exceptional team, whose hard work and dedication
made these achievements possible.

For more details on Roch Castle or to experience this award-winning destination for yourself,
visit our website at www.rochcastle.com, email [email protected] or call 01437 725 566.