Business

Unprecedented inflation grips UK households in 2023

Published

11 months ago

January 2, 2024

CONSUMERS grappled with the most severe inflationary pressures in a generation throughout 2023, significantly impacting household budgets and causing widespread distress.

In March, food inflation surged to a staggering 19.6%, marking a more than 45-year high. While the pace of price increases has moderated, prices still persist at 9% above the previous year’s levels.

Sue Davies, Head of Food Policy at Which?, remarked, “The year 2023 witnessed the worst inflation in a generation. Despite a slowdown in the rate of price escalation, many find food prices still prohibitively high. Essential items may never revert to pre-cost-of-living crisis prices.”

Although some relief is noted in the reduced cost of butters and spreads compared to the previous year, everyday essentials may not witness a return to their pre-crisis affordability. Davies urged supermarkets to support struggling consumers by ensuring affordable food remains accessible in smaller branches.

Likewise, households endured another year of energy bill challenges as the pandemic’s lingering effects and Russia’s invasion of Ukraine exposed the UK’s vulnerability to the volatile wholesale market.

The year began with Ofgem’s energy price cap soaring to over £4,000 annually for the average household. However, the government’s energy price guarantee capped bills at an average of £2,500, supplemented by a £400 relief. While bills have since decreased, the price cap will rise to just over £1,900 from January 1, still notably higher than pre-crisis levels.

Headline inflation has receded sharply, hitting its lowest level in over two years last month, reinforcing predictions for the Bank of England to initiate interest rate cuts in early 2024. Official figures revealed falling fuel prices and reduced food inflation contributed to the Consumer Prices Index (CPI) dropping to 3.9% in November from 4.6% in October.

Despite the decline, the Bank cautions against premature celebrations, emphasizing the ongoing challenge of bringing inflation back to its 2% target. The situation remains fluid, with the potential for rapid changes based on fuel price spikes or significant wage growth.

There’s a suggestion that headline inflation might increase early in the new year as the CPI basket is re-weighted and the household energy price cap increases by 5% from January 1.

Balwinder Dhoot, Director of Sustainability and Growth at the Food and Drink Federation, highlighted that while agricultural commodity prices are generally falling, they remain 21% higher than pre-pandemic levels. Factors like the recent navigation turmoil in the Red Sea are expected to add to inflationary pressures on the sector.

Andrew Goodacre, Chief Executive of the British Independent Retailers Association (Bira), anticipates 2024 to be another challenging period amid prevailing economic pessimism. Stability is crucial for economic recovery, with consumer confidence playing a pivotal role. Goodacre emphasized the potential for instability in the event of a general election.

Looking ahead, Jack Meaning, Chief UK Economist at Barclays, expects 2024 to be a challenging transition year. He anticipates the Bank of England easing interest rates from mid-year, providing some relief to those affected by the cost-of-living crisis. Meaning concluded, “2024 will be a year of transition, from headwinds to tailwinds, but come next December we should be able to toast the new year with more festive spirit.”

Business

Upgrades completed at Port of Milford Haven’s simulator suite

Published

9 hours ago

November 14, 2024

Tom Sinclair

UPGRADES have been completed to state-of-the-art equipment within the Port of Milford Haven’s navigation simulator suite at Milford Waterfront enabling marine professionals to receive bespoke specialist training. The virtual reality simulation system can safely replicate a range of scenarios that seafarers may experience in real world situations such as extreme weather conditions, emergency situations and escort tug work.

The upgrades provided by Netherlands-based company MARIN contain the latest hardware in terms of processing power and graphics, as well as upgrades to MARIN’s ‘Dolphin’ software, increasing the capability to create scenarios. These are complemented with new 4k visuals on 75” screens which increase the depth and field of vision, adding to the realism.

Recently, a training day was led by Training Pilot Captain Mark Johnson, assisted by ex-Pilot Andy Hillier, involving members of the Svitzer team as well as Pilots Matt Roberts and Ian Coombes. As part of the scenario, they were faced with a loss of engine power and steering along with worsening weather and sea conditions. The Pilots had to communicate with Svitzer in order to successfully instruct them on how to tow and direct a drifting tanker. While scenarios like these are uncommon within port operations, it is important to rehearse procedures that would be implemented if they are required and enhances participants’ skill sets.

Marine Pilot and Simulator Instructor, Captain Ewan McNicoll, said “This simulator suite has future proofed our training capabilities, both internally for Pilots and marine staff, but also externally for clients wishing to use the facility, be it for training purposes or research and development. We can create any type of scenario with any type of ship, ranging from practicing ship handling manoeuvres to emergency situations, it really is game changing! Working with our partners at MARIN has been a complete success and I am very proud of our new facility.”

For more information about training at the navigation simulation suite please contact the Port of Milford Haven at [email protected] or 01646 696100.

Business

Thousands of homes in rural Wales gain from faster 4G boost

Published

16 hours ago

November 14, 2024

Tom Sinclair

RURAL Wales is seeing a major upgrade in mobile connectivity, with faster 4G now live in several areas. Seven locations across North, South West, and West Wales are benefitting from new 4G mast upgrades funded by the UK Government’s Shared Rural Network (SRN), aimed at closing the digital gap between rural and urban areas.

The upgrades, which went live on Thursday (Nov 14), bring improved 4G coverage to communities including Bontddu, Llanelltyd, Llanarmon Dyffryn Ceiriog, Penmaenpool, Tabor, Snowdonia National Park, and Bontgoch. Local businesses, emergency services, and residents are expected to benefit from faster internet access, which supports daily communication, business opportunities, and economic growth.

***There is a £170 million agreement with Openreach to provide gigabit-capable broadband to 70,000 remote Welsh properties***

Technology Secretary Peter Kyle said: “Fast, reliable connectivity is essential for modern life and should be available from Cardiff to the remotest parts of Wales. Today’s upgrades bring us closer to making this a reality.”

SUPPORTING DIGITAL INCLUSION

As part of the rollout, Peter Kyle and Telecoms Minister Sir Chris Bryant visited Ebbw Vale to discuss digital inclusion with charity and industry leaders. They met with representatives at BGfm, a digital inclusion hub in Blaenau Gwent, to learn about how connectivity impacts daily life in Welsh communities.

Telecoms Minister Bryant said: “We are working tirelessly to make sure rural communities aren’t left behind online.

“These upgrades mean businesses can now operate without connectivity limitations, 999 services are better equipped to respond, and residents and tourists can stay connected across the Welsh countryside.”

ADDRESSING CONNECTIVITY GAPS

An estimated 1.5 million homes across the UK remain without internet access, limiting people’s ability to access essential services such as banking and healthcare. In addition to the SRN upgrades, the Chancellor has allocated over £500 million in next year’s budget for digital infrastructure expansion, targeting these underserved areas.

Welsh Secretary Jo Stevens highlighted the importance of this investment, particularly for rural Wales, where fast, reliable internet can be transformative.

“Connectivity is critical for day-to-day life in rural areas – from supporting local businesses to ensuring emergency services are just a call away,” Stevens said.

The upgraded masts, previously limited to EE customers and emergency 999 calls, now serve a wider user base, bringing essential internet access to more people without requiring new infrastructure.

Ben Roome, CEO of Digital Mobile Spectrum Limited, said: “With the activation of five new SRN sites, Wales is seeing the tangible benefits of the Shared Rural Network, bringing crucial connectivity to rural communities.”

GOVERNMENT INVESTMENT IN REMOTE WALES

The improvements come alongside a £170 million agreement with Openreach to provide gigabit-capable broadband to 70,000 remote Welsh properties, helping future-proof digital access in even the most isolated locations.

The latest upgrades mark another step in the Government’s mission to improve mobile coverage and close the connectivity gap across Wales, creating opportunities and supporting economic growth across rural communities.

Business

Pembrokeshire Coast National Park Authority invites businesses to advertise in mag

Published

19 hours ago

November 14, 2024

Tom Sinclair

As 2024 comes to a close, Pembrokeshire Coast National Park Authority is encouraging local businesses to prepare for the year ahead by reserving advertising space in Coast to Coast, Pembrokeshire’s highly regarded, award-winning visitor magazine.

Launching its 43rd edition in Easter 2025, Coast to Coast provides a prime opportunity for businesses to reach a wide audience, with a readership exceeding one million people.

The bilingual publication, distributed across Pembrokeshire’s busiest locations and parts of Carmarthenshire and Ceredigion during peak tourism months, is a valuable resource for both visitors and residents. From unique products and delicious offerings to exciting experiences, businesses of all types can benefit from the exposure Coast to Coast offers. The magazine is available in hundreds of outlets countywide and has become an essential guide for anyone looking to explore the best of Pembrokeshire.

“Over the years, Coast to Coast has established itself as the must-have summer guide, packed with inspiration for exploring the Park,” said Marie Parkin, Head of Marketing and Communications for the Authority. “In addition to showcasing our visitor attractions such as Carew Castle and Tidal Mill, Castell Henllys Iron Age Village and Oriel y Parc, National Park Discovery Centre, the magazine includes practical information like maps, bus schedules and tide tables.”

“From scenic walks and beach days to rich insights into the Park’s heritage, culture, and wildlife, Coast to Coast offers something for everyone. Our Activities and Events listings ensure families can enjoy a full calendar of experiences,” Marie Parkin added.

With advertising deadlines set for early January 2025, businesses are encouraged to act swiftly to secure their spot and avoid disappointment.

For more information about advertising in Coast to Coast, please contact [email protected] or call 01646 624895.