Business
Welsh Businesses UK’s most confident in July, says Lloyds Bank
ACCORDING to the latest Business Barometer from Lloyds Bank Commercial Banking, business confidence in Wales matched the highest level of any UK nation or region in July.
Companies in Wales exhibited significant month-on-month improvement in confidence regarding their business prospects, with an increase of 24 points, reaching 62%. This, combined with a 14-point rise in economic optimism to 62%, resulted in a headline confidence reading of 62%—the highest level recorded in July, alongside the East Midlands.
Additionally, a net balance of 45% of businesses in the region anticipate increasing staff levels over the next year, marking a 29-point rise from the previous month.
Looking Ahead
In the next six months, Welsh businesses identified their primary growth targets as evolving their offerings, such as introducing new products or services (45%), investing in their teams through training (42%), and implementing new technology (38%).
The Business Barometer, which surveys 1,200 businesses monthly, serves as an early indicator of UK economic trends both regionally and nationwide.
National Picture
Overall UK business confidence increased by nine points in July, reaching a net balance of 50%, the same level as in May when confidence hit an eight-year high.
Businesses’ confidence in their own trading prospects climbed by 12 points to 56%, the highest reading since April 2017. Meanwhile, economic confidence rose by six points to 45%.
Sector Insights
All sector categories showed improvement this month. Retail confidence rose by 25 points to a post-pandemic high of 60%. Manufacturing trading prospects increased by nine points to a two-year high. The services sector saw a rise of 10 points to 56%, while construction experienced a modest increase of two points to 44%.
Expert Insights
Sam Noble, Regional Director for Wales at Lloyds Bank Commercial Banking, commented:
“Wales is now leading the UK in business confidence—a testament to the resilience and creativity of our country’s business community.
“Management teams will be looking to capitalise on this sentiment. As they do so, it’s critical that they keep tight control over working capital. This will ensure they are able to quickly seize new opportunities, whether that’s rapidly developing and launching new products or investing in new technology.”
Hann-Ju Ho, Senior Economist at Lloyds Bank Commercial Banking, added: “This month’s data shows that businesses are feeling more confident, buoyed by their positive trading prospects and economic outlook. Retail-focused businesses were the main drivers behind the positive rise in trading prospects, aligning with improvements in consumer confidence.
“With the data suggesting that businesses took a more cautious approach in June, next month will be one to watch to see if this renewed sense of optimism continues.”
Business
Ferry Terminal ‘extremely busy’ due to ongoing Holyhead closure
PEMBROKE DOCK Ferry Terminal has been experiencing significant congestion today as ferry services remain under immense pressure following the closure of Holyhead Port earlier this month.
The disruption, caused by storm damage, has rerouted ferry traffic through Pembrokeshire, leading to long queues and crowded facilities at the terminal.
The Herald can confirm that it has been very busy today with cars, lorries, and foot passengers queuing in large numbers. Staff are working tirelessly to manage the influx, directing vehicles and assisting passengers as they prepare to board the heavily booked ferries.
A spokesperson for the Port of Milford Haven said: “We are working closely with ferry operators and local authorities to ensure traffic flows as smoothly as possible, but the sheer volume of vehicles is causing unavoidable delays.”
Travelers are being urged to arrive early for their sailings and to remain patient as the terminal operates at full capacity.
Both Stena Line and Irish Ferries have increased capacity on their Pembrokeshire routes, deploying larger vessels, including the Stena Adventurer and the MV James Joyce, to handle the surge in demand.
From our position at the terminal, our photographer has captured photos showing long lines of vehicles, groups of foot passengers carrying luggage, and port staff coordinating efforts to ease congestion.
Authorities are advising non-essential travelers to consider rescheduling their journeys where possible and to monitor updates from ferry operators closely.
(Photos: Martin Cavaney/Herald)
Business
52 homes to be built in Roch as scheme gets final sign-off
THE FINAL stage of approval for a near-£10m Pembrokeshire residential development of 52 homes has been given the go-ahead.
Back in April, members of Pembrokeshire County Council’s planning committee backed an application by Wakefield Pembrokeshire Ltd for the development, which includes four one-bed affordable housing units, on land near Pilgrims Way, Roch.
18 objections to the scheme were received, raising concerns including an “inadequate” affordable housing level, it being a high density development for a rural area, a loss of green space, the size of some of the homes, and pressures on existing services and facilities, and fears it may lead to an increase in second homes.
Nolton & Roch Community Land Trust (N&RCLT) has raised its concerns about a lack of affordable homes at the development, calling for a 20 per cent affordable homes element, as recommended by policy.
An officer report for members, recommending conditional approval, said: “It is apparent that the proposed development is not fully policy compliant, insofar as it cannot deliver the indicative 20 per cent affordable housing sought [by policy].
“However, a substantial positive social impact will arise through the provision of housing, including four one-bed affordable housing units, in meeting identified needs for both market and affordable housing.
“Financial obligations identified to mitigate adverse impacts arising from the proposed development cannot be met in full. However, [policy] acknowledges that in such circumstances contributions may be prioritised on the basis of the individual circumstances of each case.”
Speaking at the meeting, agent Gethin Beynon said the project had a “significant economic value” of around £10m, and the local applicant had “a sense of stewardship to the local community,” offering affordable housing and community infrastructure towards highways and education.
Approval was delegated to the council’s head of planning to approve the application, subject to the completion of a Section 106 planning obligation, making community financial contributions.
The Section 106 agreement was recently agreed, with the application now formally approved.
Business
World of engineering and welding SPARCs interest in Ysgol Harri Tudur’s female learners
AN EVENT hosted by Ledwood Engineering gave girls from Year 8 and 9 at Ysgol Harri Tudur first-hand experience of the world of engineering recently.
Engineering is a booming sector in Pembrokeshire with a high demand for skilled workers in exciting career pathways associated with the development of low carbon and renewable energy industry and the Celtic Freeport.
The young women heard from industry experts on the importance of engineering in Pembrokeshire, and had hands on experience using a welding simulator, at the company’s Pembroke Dock site.
The learners are part of the County’s SPARC (Sustainable Power and Renewable Construction) initiative aimed as inspiring and empowering young females to consider careers in science, technology, engineering and mathematics (STEM) pathways where females are under-represented in the workforce.
SPARC is funded through an alliance comprising Blue Gem Wind, Ledwood Engineering, Port of Milford Haven, RWE Renewables, Pembrokeshire County Council, Pembrokeshire College and the Swansea Bay City Deal.
Mrs Laura Buckingham, SPARC practitioner at Ysgol Harri Tudur said: “Our learners had a fantastic experience at Ledwood Engineering. They were given lots of advice by industry experts on the different career options and pathways within the engineering sector.
“They appreciated the opportunity to ask their questions and found the session very informative. Having the chance to trial their welding skills on the simulator was an experience they continue to talk about and has definitely piqued their interest.”
Poppy Sawyer, Year 8 SPARC learner added: ‘It was a really good trip. Talking to the different people there has helped me know more about the jobs we could get which will be very useful when making choices for my future.”
“They helped us a lot by giving us lots of information. We were able to look around and try welding. It was really fun,” added Tianna Marshall, Year 8 SPARC learner.
The Regional Learning and Skills Partnership also launched its Explore Engineering interactive website at the event.
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