Business
Wales bucks national trend with rising business confidence in June
BUSINESS confidence in Wales surged by six points to 43% in June, according to the latest Business Barometer from Lloyds Bank Commercial Banking. This is in stark contrast to the overall UK trend, where confidence fell.
Companies in Wales reported increased confidence in their own business prospects, with a three-point rise to 38%. Optimism in the broader economy climbed even higher, up nine points to 48%. This combined to give a headline confidence reading of 43%, up from 37% in May.
Growth Targets
Looking ahead, Welsh businesses have identified their key growth areas for the next six months. Nearly half (47%) are focusing on investing in their team through training. Additionally, 43% plan to evolve their offerings by introducing new products or services, and 26% are investing in sustainability initiatives.
The Business Barometer, which surveys 1,200 businesses monthly, offers early insights into economic trends both regionally and nationwide.
The National Picture
Across the UK, overall business confidence dipped by nine points in June, settling at a net balance of 41%. Despite this decline, confidence levels remained above the long-term average of 28%.
Businesses reported lower confidence in their trading prospects, which fell by 10 points to 44%. Economic optimism also decreased, down seven points to 39%. However, both figures remained relatively strong.
Yorkshire and the Humber led the way as the most confident UK region in June, with a confidence level of 48%, followed closely by the North East of England (47%) and the East Midlands (46%).
Sector Insights
June’s sector-specific results were mixed. Three of the four sectors experienced declines in trading prospects. Confidence in the construction sector fell by 16 points to 42%, retail dropped by 14 points to 35%, and services decreased by 11 points to 46%. Manufacturing was the exception, with a slight increase of two points to 51%.
Expert Commentary
Sam Noble, Regional Director for Wales at Lloyds Bank Commercial Banking, commented on the findings:
“This month’s Business Barometer shows that Wales is bucking the UK-wide trend. As businesses look to capitalise on greater confidence, it’s important that they keep a close eye on working capital. Rapid growth, which can come with new opportunities, may quickly tie up funds in working capital, restricting businesses’ financial flexibility. Identifying working capital pressure points in advance and using specialist tools like invoice finance or asset-based lending can unlock funds that can help fuel firms’ ambitions.”
Hann-Ju Ho, Senior Economist at Lloyds Bank Commercial Banking, added:
“These results suggest a slight drop in business confidence in June as firms’ trading outlook and economic optimism fell below levels seen in recent months. However, these results are still broadly in line with the positive readings we were seeing towards the start of the year. Fewer businesses indicated that their prices would increase in the next few months, which aligns with last week’s fall in inflation figures. Meanwhile, there was a mixed set of results across the sectors, with confidence falling in construction, retail, and services following last month’s increase.”
Wales continues to demonstrate resilience and optimism, standing out in a challenging economic landscape.
CARDIGAN Curiosities has won the St David’s Day shop window award for the Cardigan division, an accolade presented by Menter Iaith Ceredigion.
High Street businesses and Guildhall shops embraced the festivities, decorating their windows in a vibrant display to celebrate the national day of Wales and the arrival of spring. The event, which highlighted the Welsh language, saw enthusiastic participation from across Ceredigion.
To mark the occasion and show appreciation for the community, Cardigan Curiosities is offering the chance to win an exclusive piece of local artwork. The prize is a one-of-a-kind watercolour painting of the nave of St David’s Cathedral, created by a Pembrokeshire artist. The framed artwork measures 74×95 cm.
To enter the competition, participants must:
- Visit the Cardigan Curiosities Facebook or Instagram page
- Like the competition post
- Comment with their favourite Welsh word
The winner will be drawn on March 20 by “Ddraig Goch” from inside a dragon egg, with the announcement made that evening on social media.
For those interested in viewing the artwork or the decorated shop window, Cardigan Curiosities is located at 32A Cardigan High Street and is open Thursday to Sunday, from 10:00am to 5:00pm.
CREATIVE WEST WALES and Pembrokeshire’s Business Team will join forces at a drop in session this month to celebrate and support the region’s amazing creative industries.
Established companies, freelancers or those considering a new start-up, are invited to visit the Bridge Innovation Centre, Pembroke Dock on Friday, 28th March, 9am to 12pm to find out what business support is available from a range of organisations including Pembrokeshire County Council, Business Wales, FSB and Visit Pembrokeshire.
A networking session will offer a chance to meet fellow creatives, explore potential collaborations, and meet representatives from Yr Egin, Creative Wales and the Creative West Wales Network to find out more about assistance available for talented people in the West Wales area, especially those in the music, screen, gaming, publishing and animation sectors.
Pembrokeshire County Council’s Creative Industries Officer Anwen Baldwin said: “There is a wealth of creative talent in this area which should be celebrated and supported.
“We host a popular Business Drop In event on the last Friday of each month. It’s great to be able to focus on the creative industries this month and offer an opportunity to find out more about what support is available, discuss challenges and network with other local people from these sectors.”
If you would like to showcase your work during this event please email anwen.baldwin@pembrokeshire.gov.uk
Refreshments available, register via Eventbrite Digwyddiad Galw Heibio i Fusnesau / Drop In Business Support & Networking Tickets, Multiple Dates | Eventbrite
CELTIC FREEPORT AT MILFORD HAVEN AND PORT TALBOT TO DRIVE UK ECONOMIC GROWTH MISSION
THE CELTIC FREEPORT has been officially launched, bringing significant inward investment to South West Wales and taking a major step towards creating thousands of new jobs, the Welsh Government announced this week.
It also re-affirmed its commitment to £26 million of UK Government investment.
The freeport, covering the ports of Milford Haven and Port Talbot, is set to play a crucial role in the UK’s clean energy future. It spans multiple industries, including clean energy developments, fuel terminals, power generation, heavy engineering, and the steel sector.
Businesses operating within the freeport area will benefit from substantial UK and Welsh Government tax breaks and customs exemptions to encourage investment. The initiative is expected to attract £8.4 billion in private and public investment, generate 11,500 new jobs, and contribute £8.1 billion in economic value (GVA) to the region.
The freeport was launched at an event in Cardiff, attended by Secretary of State for Wales Jo Stevens and Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning.
“Significant step towards a renewable energy superpower”
Jo Stevens, Secretary of State for Wales, said: “This Government has a Plan for Change focused on delivering economic growth and ensuring the UK becomes a renewable energy superpower. This announcement is a significant step towards achieving those ambitions.
“The Celtic Freeport will create up to 11,500 well-paid, highly skilled jobs and could leverage up to £8.4 billion in investment.
“The UK Government has committed £26 million to the freeport, alongside significant incentives from both the UK and Welsh Governments. I am very pleased to see two governments working in partnership to deliver for the people of Wales.”*
“A vital cog in the UK’s low-carbon economy”
Rebecca Evans, Welsh Government Cabinet Secretary for Economy, Energy and Planning, said: “The official opening of the Celtic Freeport sends another clear signal to the world that the industrial heartlands of South Wales are a vital cog in the UK’s low-carbon economy.
“We are already seeing real enthusiasm across the region and beyond to capitalise on the skills and job opportunities that this new industrial age will provide. The Welsh Government will be at Celtic’s side, offering major tax reliefs to attract business investment.
“The Freeport will also be able to use future non-domestic rates revenues to fund vital infrastructure and skills projects, benefiting Port Talbot and Milford Haven for generations to come.”
Freeport projects already making progress
Following the successful launch, Luciana Ciubotariu, CEO of Celtic Freeport, highlighted the rapid progress of key projects: “The Celtic Freeport is making significant strides forward with milestones such as planning consents for LanzaTech’s sustainable aviation fuel production plants, RWE’s Pembroke Green Hydrogen plant, and the launch of the Milford Haven CO₂ Project.
“Other major developments include H2 Energy and Trafigura’s West Wales Hydrogen project securing a hydrogen CfD, Haush establishing a green energy HQ, and the approval of wind turbine developments to expand Dragon Energy’s Renewables Park.
“These initiatives, alongside investments in battery energy storage by RWE and port infrastructure at Port Talbot, are accelerating South Wales’ reindustrialisation and driving a decarbonised economy rich in evolving and new industries.”
A cleaner, greener future
The Celtic Freeport aims to establish a green investment and innovation corridor, driving inward investment, skills development, and national decarbonisation. Key focus areas include:
- Floating offshore wind (FLOW) in the Celtic Sea
- Hydrogen economy and sustainable fuels
- Carbon capture and storage
- Cleaner steel production
- Low-carbon logistics
As one of 12 Freeports across the UK, the Celtic Freeport will play a pivotal role in the UK Government’s Growth Mission, supporting the transition to green industries and creating thousands of high-quality jobs for local communities.
(Cover image: Secretary of State for Wales Jo Stevens – Speaking at the Celtic Freeport event in Cardiff)
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