Business
Welsh savers are missing out as over £14bn is sitting in accounts earning 1% or less
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
Fresh bid for new ‘staycation’ dog kennels in Pembrokeshire
A FOURTH call for a south Pembrokeshire dog boarding and day care centre, refused on multiple occasions and dismissed on appeal has been submitted to planners.
Michelle Bramwell, of Little Langdon, near Kilgetty, had submitted re-sited plans for a commercial dog boarding and day care centre at Little Langdon following the previously-refused applications and appeal.
A supporting statement by agent Hayston Developments & Planning Ltd said: “The application involves the erection of a single boarding kennels building providing a total of 12 kennels together with various ancillary facilities, with upgrading of the existing vehicular access together with parking, landscaping and biodiversity enhancements.
“The application follows on from three previous applications for a similar form of development, which were refused by the council with the more recent application also having been dismissed at appeal in October 2023.
“This planning practice has been brought in to seek a solution for the development of the site. Having reviewed the previous applications and the appeal decision, the scheme has been reviewed with a materially different proposal now being presented for consideration by the council. The revisions made are significant and have significantly reduced the impact of the development with additional planting and provision of a hedgebank.
“This revised submission provides additional information which demonstrates that such a location is justified and that with the economic and social benefits highlighted and would align with the thrust of TAN 6 which encourages business developments within the countryside.
“Whilst it is acknowledged this revised proposal would still have some impact upon the countryside, it is contended that those impacts have been minimised such that it would be compatible with the capacity and character of the countryside in which it is located.”
It says that, while dismissing the appeal, “the Inspector concluded that such a business in this location could be acceptable in principle, the Inspector expressed concerns over the scale, siting and visual impact of the proposed development and how possible outdoor noise disturbance from associated activities could be satisfactorily controlled, such as through mitigation measures”.
It concludes: “In our view, the changes made are such to in effect to represent a materially different scheme from that which was before the Inspector in 2023. Further, certain aspects of the proposal, including its layout and operation, have been clarified by the applicant.”
The agent, in previous applications has said: “One of the key benefits of such a proposal, as fully acknowledged by the appeal Inspector, was that with the proximity of several local visitor attractions it would provide a useful service to their customers, amongst other clients.
“As part of the appeal application, it was contended that with staycation on the rise and the increase in pet ownership, boarding kennels and day care services are in demand.
“The proposal would allow tourists to visit, knowing their dogs can board within a reasonable distance of their holiday accommodation. It would allow tourists to visit nearby attractions which quite often have no-pets policies, such as Oakwood, Manor Wildlife Park, the Dinosaur Park, Heatherton and Folly Farm.”
The latest proposal will be considered by county planners at a later date.
Business
Milford Haven Port Authority in Burry Port Harbour takeover talks
MILFORD Haven Port Authority is in the frame to take over the running of Carmarthenshire’s only harbour.
The Trust Port is in discussions with Carmarthenshire Council, which owns Burry Port harbour, after the previous operator went into administration.
Council cabinet members discussed a harbour report behind closed doors at a meeting in October, the minutes of which said they’d agreed to team up with a “reputable” third party, Milford Haven Port Authority, as soon as legally possible to “develop and sustain” the harbour.
The accumulation of silt and sand at the harbour and concerns about the state of its pontoons have been the cause of many complaints in recent years. A group, Friends of Burry Port Harbour, has been campaigning for action. The council had awarded a 150-year lease in 2018 to a company called Burry Port Marina Ltd to operate the harbour on its behalf. The company went into administration last year.
Speaking on November 4, cabinet members Cllr Hazel Evans and Cllr Alun Lenny said the council had a legal duty as the harbour authority and as its owner to take reasonable steps to ensure it could be used safely.
“We are, therefore, pleased to be able to update stakeholders and the local community that Carmarthenshire Council are in discussions with a reputable and trusted organisation to secure the long-term future of the harbour,” they said.
The Port of Milford Haven handles millions of tonnes of liquefied natural gas and various bulk cargo every year. A freight and passenger ferry service to Ireland also operates there. Its chief executive, Tom Sawyer, confirmed it was in discussions with the council about how it could support the marina operation in Burry Port. “As no formal agreement has been made yet it would be inappropriate for us to comment further,” he said.
Bob John, chairman of Friends of Burry Port Harbour, described Milford Haven Port Authority as well-established and experienced. Welcoming its potential involvement, Mr John said: “Once the formal side of things has been completed we will be looking to have a meeting with the county council.”
The harbour was placed under temporary management following Burry Port Marina Ltd’s administration, and Mr John said there have been some “minor improvements” since such as work at the approach to the harbour channel and the replacement of a barrel post. However, a dredging vessel sank in the harbour in January this year.
Mr John said the number of boat owners who used the harbour had decreased. “It is the only one in Carmarthenshire – it really is a jewel in that respect,” he said.
Business
Wolfscastle Country Hotel crowned Wales’ best boutique wedding venue
THE Wolfscastle Country Hotel and Spa has been named Wales’ Best Boutique Wedding Venue for 2024 at the prestigious Welsh National Wedding Awards.
The ceremony, held on Sunday (Nov 10) at Swansea’s Brangwyn Hall, welcomed more than 600 guests for its 13th annual celebration. Thousands of votes were cast by brides, grooms, and supporters to determine the winners from over 300 shortlisted nominees.
Double victory
The Wolfscastle Country Hotel and Spa not only won the regional title for west Wales but also secured the national accolade for the second time in three years.
Known for its glamorous reception spaces and elegant ceremony room, the hotel offers a comprehensive bridal package. This includes wedding accommodation and a private spa experience featuring a hot tub, sauna, and various treatments.
Celebrating success
Taking to social media, the hotel expressed gratitude to its guests and staff for their role in achieving this prestigious honour.
Hotel owner Andy Stirling said:
“We’re very proud to have been nominated and voted winners in both our local and national categories.
“I have the pleasure of seeing how tirelessly Lowri, and my wife Mandy Stirling, our wedding coordinators, work on every wedding to tailor the experience to suit the couples we have joining us.
“We pride ourselves on offering exquisite in-house catering provided by head chef Seb, head pastry chef Adama, and our excellent kitchen team, backed up by first-class table service from our highly experienced waiting staff.
“I am overwhelmingly grateful for the support of our guests and couples who have wedded with us in helping achieve this award.
“I know that myself and the team all look forward to hosting many more phenomenal weddings in the future.”
Welsh National Wedding Awards
The awards celebrate the best wedding venues and services across Wales, with attendees from all regions of the country.
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