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
Welsh Fed members engage with Labour candidate on key retail issues ahead of election
FIONA and Vince Malone, owners of Tenby Stores, in Pembrokeshire, West Wales, and members of the Federation of Independent Retailers (the Fed), met with Marc Tierney, Welsh Labour candidate for Ceredigion Penfro and Pembrokeshire County Councillor in the upcoming Senedd elections on May 7.
The meeting on Saturday, February 28, focused on the critical challenges facing independent retailers and followed the publication of the Fed’s manifesto for the Welsh election.
Key issues addressed during the meeting included the impact of rising business rates bills on small shops, as well as the significant social and economic value that post offices and convenience stores offer to their neighbourhoods. The Malones highlighted the rising costs resulting from above-inflation increases in the national minimum wage and higher National Insurance Contributions (NICs) that have placed further financial strain on independent businesses such as theirs, and others across Wales and the rest of the UK.
The importance of post offices in providing essential banking facilities was emphasised, underscoring their role in sustaining local economies through their range of services including postal and banking as well as government services such as vehicle tax renewal and passport applications.
Additionally, the conversation touched on the pressing issue of retail crime. The Malones showed how they had taken steps to reduce this problem, including the implementation of extensive CCTV coverage and the utilisation of AI technology, but that the threat remained.
With the introduction of the deposit return scheme (DRS) in Wales on the horizon, the Malones expressed their support for initiatives aimed at improving recycling rates. However, they raised concerns regarding the inclusion of glass in the scheme in Wales, highlighting that it would be difficult for small shops to implement because of the dangers associated with broken glass and weight involved in moving it.
Vince Malone said: “I want to thank Marc again for his visit and discussing these important issues and for his clear interest. Fiona and I remain committed to advocating for the interests of small shops – as members of the Federation of Independent Retailers – working with all parties at the Senedd ahead of May’s election and beyond.”
Marc Tierney said: “Vince and Fiona are active retailers, who go the extra mile for their community and are well known for their advocacy for the independent retail sector, not just in Wales but across the UK. My visit highlighted the importance of their postal service, banking hub and convenience shop. Providing these services under one roof is exactly the type of model that can sustain services in our rural, coastal communities. I look forward to working with them in the run-up to the election and beyond.”
Business
Welsh brewing sector secures funding for advanced brewer training
THE WELSH brewing industry is set for a major boost after funding was secured to roll out a new Level 4 Brewing Diploma across Wales.
The Welsh Government Drinks Cluster, working in partnership with FDQ and Medr Cymru, has backed the advanced qualification, which is aimed at developing highly skilled brewers and strengthening the industry’s long-term competitiveness.
Welcoming the move, Deputy First Minister and Cabinet Secretary for Climate Change and Rural Affairs Huw Irranca-Davies said the qualification would help secure the future of the sector.
He said: “The brewing sector forms an important part of Wales’ food and drink landscape, contributing to local economies, skills and innovation. Welsh breweries continue to demonstrate ambition, innovation and a commitment to quality, and this new qualification will give them the tools they need to keep building on that success.
“By supporting the introduction of the Level 4 Brewing Diploma, we are investing directly in the future of the industry, ensuring brewers can access the high-level technical training required to thrive in an increasingly competitive market.
“This training will help secure long-term growth, enhance skills across the sector, and further strengthen Wales’ reputation for producing exceptional beer. It is a significant and very welcome step forward for brewing in Wales.”
The diploma has been developed by FDQ, a specialist awarding organisation for the food and drink industry. The body provides accredited qualifications, apprenticeship assessments and training solutions, and is the only organisation in the UK with dedicated brewing apprenticeship expertise.
The Level 4 Brewing Diploma is the first advanced brewing qualification of its kind to be delivered through an awarding organisation operating in both Wales and England.
It has been designed to give learners a deeper understanding of brewing operations, quality control, process optimisation and technical decision-making. The course is intended for those already working in the brewing sector, as well as learners seeking advanced professional skills that meet industry standards and employer expectations.
To make sure the qualification reflected the needs of the Welsh brewing industry, a working group was formed involving five breweries of different sizes and production styles. Those involved were Felinfoel Brewery, Monty’s Brewery, Magic Dragon Brewery, Purple Moose Brewery and Wild Horse Brewing Co.
The group brought together a broad range of experience, from long-established family breweries to fast-growing modern craft producers.
Monty’s Brewery, a mid Wales craft brewery known for its award-winning ales, was among those involved in shaping the diploma.
Director Pamela Honeyman said: “We’re proud to have contributed to the development of this diploma. Access to advanced technical training is essential for driving quality, efficiency and innovation, and the Level 4 Brewing Diploma will give our team the opportunity to develop new skills and progress within the industry. It’s a hugely positive development for Welsh brewing.”
Llandudno-based Wild Horse Brewing Co, known for its modern and flavour-driven beers, also took part in the working group.
Managing director Dave Faragher said: “Being part of the working group has ensured the diploma reflects the realities of modern brewing. The opportunity for Welsh brewers to benefit from industry-led, practical and technical training is incredibly valuable. We’re delighted to have helped shape it and look forward to seeing the impact across the sector.”
The new qualification is intended to help tackle skills gaps and support employers looking to develop talent from within their businesses.
The diploma is now live, and Welsh brewers can apply immediately. The programme is open to breweries across Wales, with applicants able to apply for both a place on the diploma and funding support.
Matthew Bell, Head of Engagement at FDQ, said: “The launch of the Level 4 Brewing Diploma represents a significant advancement for skills development within the Welsh brewing industry. It has been designed by the industry to equip learners with the higher-level technical knowledge and practical competence required for roles such as head brewer and production lead, integrating comprehensive brewing science, operations management and sustainability principles into a regulated, workplace-focused framework.
“This diploma supports apprentices at a pivotal stage in their career, fostering both industry expertise and long-term professional progression.”
If you want, I can also turn this into a more Herald-style version with a stronger intro and tighter quotes.
Business
Fire damaged Newgale Duke of Edinburgh Inn plans refused
CHANGES to previously-approved plans to rebuild a fire-ravaged Pembrokeshire seaside pub have been refused, in part due to fears they could place a protected seabird species at “significant risk of injury or death”.
In an application to Pembrokeshire Coast National Park, Builders Crown Ltd, through agent A.D Architectural Design Consultants Ltd, sought a variation of a 2024-approved scheme for alterations and refurbishment works to the Duke of Edinburgh Inn, Newgale, following a severe fire earlier that year.
The amendments sought in the latest application included enlarging the first-floor level of accommodation and various changes to fenestration and external access.
The Duke of Edinburgh was severely damaged during a blaze in the early hours of January 16, 2024.
The fire burned through the roof of the two-storey building which consisted of the ground floor pub with accommodation above, causing significant damage.
It took fire crews from St Davids, Haverfordwest, Milford Haven and Fishguard crews around six hours to bring the blaze under control.

Local community council Nolton and Roch supported the proposed works to the pub approved in 2024, describing The Duke of Edinburgh as “synonymous to Newgale”.
Since that overall approval, the amendment scheme was submitted, but officers recommended those proposed changes be refused, saying they were “considered by officers to be unsympathetic to the landscape and seascape and would prove to be excessive in bulk due to the proposed first-floor balconies and other associated exterior alterations”.
A report added: “The increase in fenestration and the proposed glass frontage for The Duke of Edinburgh Inn would likely cause detrimental impacts on Manx Shearwater populations through excessive light pollution, potentially disorienting protected species and putting them at significant risk of injury or death. The proposed development is considered to have a significant adverse impact on design, scale, light pollution, and biodiversity.”
It said both the park’s ecologist and the Wildlife Trust of South and West Wales had “significant concerns” about the impact on the protested species, with artificial light “known to attract seabirds, potentially leading to grounding events,” adding: “The additional roof lights, the level of glazing, and the glass frontage of the proposed development are major concerns because they increase the amount of artificial light on the site.”
Skomer and Skokholm and Seas off Pembrokeshire Special Protection Area (SPA) and the Skomer Island and Middleholm SSSI and the Skokholm Island SSSI support the largest concentration of breeding seabirds in England and Wales and hold the largest breeding colony of Manx Shearwater on earth, approximately 60 per cent of the world population, the report said.
Fledgling Manx Shearwaters can be disorientated by excessive light pollution resulting in collisions with structures and the birds becoming grounded, which can result in a loss of life.
The amendment application was refused on the grounds “the excessive scale and elevated nature of the proposed fenestration will potentially cause significant light pollution that would have a detrimental impact on Manx Shearwater populations by disorienting them and putting them at significant risk of injury or death,” and the proposal “will have a significant overbearing impact on the visual amenity of this site and its surrounding landscape”.
Mid and West Fire and Rescue Service (MAWWFRS) immediately undertook a fire investigation to determine the cause of the 2024 fire, with no suspicious circumstances found.
Earlier this year, The Duke of Edinburgh Inn was placed on the market through estate agent Sidney Phillips with a guide price of £325,000.
-
Education7 days agoYsgol Henry Tudor reassures parents over Sikh ceremonial kirpan
-
Crime7 days agoTaylor wins appeal as Crown Court quashes ‘no insurance’ conviction
-
Crime7 days agoAppeal dismissed in blood sample case after court rejects PTSD defence
-
Local Government7 days agoPembrokeshire Coast National Park members salaries to rise
-
Business7 days agoPopular extreme sport off Pembrokeshire coast to become licenced activity
-
Charity4 days agoRSPCA calls for stronger animal welfare measures as Welsh Labour launches manifesto
-
Charity7 days agoFoley House to become cancer support centre in memory of Adam Evans-Thomas
-
Crime7 days agoFour men fined over illegal cockle gathering on the Burry Inlet










