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Welsh savers are missing out as over £14bn is sitting in accounts earning 1% or less

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SAVERS in Wales are missing out on higher interest payments as new data reveals almost £15bn is held in savings and current accounts earning 1% or less.

The figures come from Principality’s recent analysis of CACI data, which shows £14.5bn is sitting in accounts earning 1% or less. Across Wales there is around £38bn in savings and current accounts, meaning almost 40% of this money is missing out on better interest rates. Currently, the average amount held in savings accounts in Wales sits at £7,337, which means the return difference between a 1% and a 5% interest account could be as much as £293 for these savers, across the year.

The Bank of England’s 14 consecutive base rate hikes have led to the highest interest rates seen in 16 years, recently held for the sixth time at 5.25%. This has resulted in higher savings rate accounts being available on the market, offering customers interest as high as 6%.

Despite this, billions of pounds in savings across Wales remain in low-interest rate accounts.

In response, Principality Building Society is urging people in Wales to consider letting their savings work harder for them through higher interest accounts. Last year, Wales’ largest building society paid a higher interest rate than the market average and currently offers savings rates between 3.5% and 6% for new and existing customers.

Vicky Wales, Chief Customer Officer at Principality Building Society, said: “We strongly urge savers across Wales to compare their current returns with other available rates on the market. Interest rates have been a focal point over the last few years due to the prolonged period of a higher Bank of England base rate. This has led to calls for banks and building societies to pass higher savings rates on to their customers, which is something we are committed to at Principality. Last year, we paid our members better interest returns than the market average demonstrating our loyalty to our customers. However, not enough emphasis is being placed on encouraging customers to stay informed about the rates available.

“As a customer, doing your research and shopping around can now significantly impact the return on your savings.

We invite people across Wales, whether you’re currently a Principality customer or not, to drop into one of our 53 branches across Wales to speak with one of our savings specialists who are on hand to help answer any questions you might have and to find out how to make your money work harder for you. We’re here to make life’s hopes and aspirations possible.”

A survey conducted by the Building Society shows that 42% of Principality’s members regularly check their savings rates to compare with other market rates, with 70% of members saying Principality offers a range of products suitable to their financial needs. More than 60% also said they would need to rely on their savings to some extent for their retirement plans.

Principality Building Society remains committed to supporting Welsh communities and has 53 branches and 15 agencies across Wales and the borders.

For more information on making your money work harder for you, visit your local Principality branch today, or go to: https://www.principality.co.uk/en/savings-accounts

Image: Huw John

Business

West Wales firm fined £75,000 after man killed by escaped cow

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A WEST WALES company has been fined £75,000 following the death of a 75-year-old man, Huw Evans, who was killed by a cow that had escaped from a livestock market. The incident occurred on November 19, 2022, at Whitland Livestock Market in Carmarthenshire, operated by J.J. Morris Limited.

Father-of-two Mr Evans was crossing the junction at North Road and West Street in Whitland when the cow, which was being auctioned, escaped from the market pen. The animal attacked Mr Evans, knocking him down and trampling him. He suffered multiple injuries and was airlifted to the University Hospital of Wales, where he succumbed to his injuries six days later.

A worker from J.J. Morris Limited was also injured during an unsuccessful attempt to recapture the cow. The cow eventually made its way towards Whitland Rugby Club and a railway line before being subdued and put down by Dyfed-Powys Police.

The Health and Safety Executive (HSE) launched an investigation into the incident and found that J.J. Morris Limited had failed to implement essential physical control measures to prevent cattle from escaping. The HSE concluded that the company’s risk assessment was inadequate, referencing control measures that were not in place at the market.

J.J. Morris Limited, based in Haverfordwest, admitted to breaching the Health and Safety at Work Act 1974. The company was fined £75,000 and ordered to pay £5,047.55 in costs by Llanelli Magistrates’ Court on Tuesday, June 20.

In court, Mr Evans’ son, Dafydd, expressed his grief, saying: “Dad was my best friend, and I miss him terribly. He was taken from us too soon. Losing dad has had a tremendous effect on both myself and my brother. Because of this incident, dad’s grandsons will never fully know him personally, and he will not see them grow up.”

Following the hearing, HSE inspector Rhys Hughes remarked, “This tragic incident was foreseeable and preventable. The risk posed by cattle escaping from the livestock mart should have been identified, and effective control measures implemented. The case highlights the importance of following industry guidance, which is readily accessible and outlines the requirements to safely manage cattle.”

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Business

Tata workers call first strikes in 40 years to stop steel destruction

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HISTORIC strikes in Port Talbot as Labour vows emergency talks with Tata after general election

Around 1,500 Tata workers based in Port Talbot and Llanwern will begin all-out indefinite strike action over the company’s plans to cut 2,800 jobs and close its blast furnaces.

The strike action, which begins on 8 July, will severely impact Tata’s UK operations. It is the first time in over 40 years that steel workers in the UK have taken strike action.

The escalation in industrial action comes after the workers, who are members of Unite, the UK’s leading union, began working to rule and an overtime ban on Tuesday (June 17).

Unite general secretary Sharon Graham said: “Tata’s workers are not just fighting for their jobs – they are fighting for the future of their communities and the future of steel in Wales.

“Our members will not standby while this immensely wealthy conglomerate tries to throw Port Talbot and Llanwern on the scrapheap so it can boost its operations abroad. They know South Wales is ideally placed to take advantage of the coming boom in green steel – if the right choices are made.

“The strikes will go on until Tata halts its disastrous plans. Unite is backing Tata’s workers to the hilt in their historic battle to save the Welsh steel industry and give it the bright future it deserves.”

Labour has called for Tata to halt its plans and wait until after the general election to engage in talks with the government, saying there is a ‘better deal to do’. Labour has pledged £3 billion for UK steel if elected next month, a commitment secured by Unite. Labour has also made emergency talks with Tata a priority if it wins the election.

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Business

Amendments submitted for holiday chalets scheme at trout fishery

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Amendments to a scheme granted by Pembrokeshire councillors last year after being repeatedly recommended for refusal have been submitted to county planners.

Last summer, Pembrokeshire councillors backed plans for holiday chalets at a trout fishery, despite them being recommended for refusal on multiple occasions.

Plans to provide nine accommodation cabins and ancillary works at a former fishery business at Millbrook, Manorwen, Fishguard, were backed at two meetings of Pembrokeshire County Council planning committee, despite them being recommended for refusal.

The application was backed for a second time at the committee’s May meeting, after a ‘minded to approve’ decision at the previous meeting.

The decision, a departure from the adopted Local Development Plan, meant the application would need to be referred to full council for a final decision.

Officers had repeatedly recommended Messrs L & C Williams’ application  – diversification of an existing agricultural holding and trout fishery business – be refused on the grounds it would have an unacceptable adverse impact on the character and appearance of the countryside.

The application was then considered at the July 2023 meeting of Pembrokeshire County Council, with a recommendation that the council did not endorse the resolution of the planning committee on the grounds it went against Development Plan policies which directed that planning permission should not be granted.

The application was conditionally approved by 48 votes to eight, with one abstention.

The applicants have now submitted amendments to the granted scheme, asking for revisions to the plans to include a lower carbon footprint through air-source heat exchangers for both heating and hot water and the use of solar panels.

It also includes the need for addition excavations needed and hopes to make it more disability-friendly.

The amendments will be considered at a later date.

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