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Welsh Businesses UK’s most confident in July, says Lloyds Bank

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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

Pure West Radio brings festive cheer with ‘Pure X-Mas’ on DAB

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PEMBROKESHIRE residents can now enjoy the perfect festive soundtrack as Pure West Radio launches its dedicated Christmas station, “Pure X-Mas,” on DAB radio. Running from Saturday (Nov 30) to New Year’s Eve, the station promises nonstop Christmas music and holiday cheer for all listeners.

“Pure X-Mas” offers an exciting mix of timeless classics and modern holiday hits, creating a joyful atmosphere for decorating trees, wrapping presents, or simply enjoying the season.

Station Manager Toby Ellis said:
“This Christmas, we’re making it easier than ever for Pembrokeshire and beyond to tune into the magic of the season. Pure X-Mas on DAB is our gift to the community – a station entirely dedicated to spreading festive joy and creating lasting memories.”

Exclusively available on DAB, “Pure X-Mas” guarantees crystal-clear sound and easy access for listeners across North and South Pembrokeshire. Simply tune your DAB radio to Pure West Radio’s dedicated Christmas station and immerse yourself in the spirit of the season.

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Business

Decision on Trewern Farm building plans delayed until 2025

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A CALL to let a 950-herd north Pembrokeshire dairy farm to keep a farm shed built without permission a decade ago which was expected to be approved has instead been put on temporary hold, national park planners heard.

In an application recommended for conditional approval at Pembrokeshire Coast National Park’s development management committee meeting of December 4, Trewern Farms Ltd is seeking permission for the retention of the agricultural building and lay down area at Trewern Farm, Felindre Farchog.

The application is part of a wider complex planning history associated with the site.

A report for Park planners says: “Trewern Farm is operated as a zero grazing style dairy farm with 304 hectares located on two separate parcels of land, one at Trewern with the remainder being at Penpedwast, adjacent to Castell Henllys. The farm has a dairy herd of approximately 950 cows.

“Trewern Farm has expanded significantly over recent years with many of the buildings and structures on site having been erected without the prior benefit of planning permission, and having since been regularised through a combination of retrospective applications and certificates of lawfulness.

“The building subject of this application is believed to have been constructed in 2014. The site currently comprises an agricultural shed immediately adjoining another shed and is used for cubicle housing.

“A slurry lagoon, silage clamps and 12 of the newer agricultural buildings are now lawful as Certificates of Lawfulness were granted for these whilst the Authority was awaiting an Environmental Impact Assessment to be submitted by the applicants for the 2015 planning application to regularise the unauthorised buildings.

“However, this is the last of the outstanding agricultural buildings which are not lawful, and an enforcement notice was served in May 2018 requiring its removal. This notice was appealed in November 2019 and is currently being held in abeyance by the Planning Inspectorate.”

It says the building referred to in the application “is described as being designed to house cattle in a series of cubicles, and forms part of a longer set of buildings running along the southern section of the farming complex,” adding: “The livestock numbers are not proposed for increase as a result of this application but will be as secured [by a planning consent] restricted to no more than 960 milking cows with 1020 maximum excluding calves.”

Local community council Nevern has said it has “grave concerns” about the application, asking, amongst other things, how the 960 cattle limit will be policed and the important woodland will be protected.

At the December 4 meeting, planners were told the application would be deferred to a future meeting as not all received documentation had been published on the national park’s planning website.

The application is expected to return to the January meeting, committee chair Madelin Havard offering her apologies to the applicant for the delay.

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New chair for Celtic Freeport as project moves from development to delivery

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THE UK and Welsh Governments welcomed Ed Tomp as the newly appointed permanent Chair of the Celtic Freeport, marking the project’s transition from the development to the delivery phase. 

Ed Tomp assumed his role on 1 December 2024 and will lead this vital re-industrialisation and regeneration project. The Celtic Freeport is set to attract £8.4bn of private and public investment, deliver 11,500 new jobs and add £8.1bn of economic value (GVA).  This vision is underpinned by investment incentives for businesses setting up new operations in designated development zones – tax sites – in Neath Port Talbot and Pembrokeshire.

From 26 November 2024 until 30 September 2034, businesses investing in Celtic Freeport’s tax sites can access a suite of incentives. These include no Business Rates for the first five years, significant reductions in national insurance contributions and enhanced capital allowances including extended full capital expensing, to support their investment decisions.

The Celtic Freeport is a public-private consortium including Associated British Ports, Neath Port Talbot Council, Pembrokeshire County Council and the Port of Milford Haven, alongside renewables developers, energy companies, industrial complexes, innovation assets, academic institutions and education providers. The Celtic Freeport covers the ports of Milford Haven and Port Talbot and spans clean energy developments and innovation assets, fuel terminals, a power station and heavy engineering across South-West Wales.

Deputy Leader Cllr Paul Miller, cabinet member for Place, the Region and Climate Change, said: “The Celtic Freeport opening for business is tremendous news for our region.

“The scale of the opportunity ahead for the Milford Haven Waterway and for Pembrokeshire is enormous and we are determined to ensure we maximise the opportunity this coming energy revolution offers to grow the Pembrokeshire economy, to secure investment and to create and sustain good jobs.

“We want to ensure that the incentives from the Celtic Freeport benefits the people from the communities within the waterway and across Pembrokeshire. I am confident that it will play a significant role in driving inclusive economic prosperity across the county.

“Together, with our partners, we can start the work to create meaningful investment for the people of Pembrokeshire, which will be transformational for our communities and businesses.”

Ed Tomp, Chair of the Celtic Freeport, added: “This week marks an important moment as we move from the development to delivery phase. Boosted by a suite of investment incentives, Celtic Freeport’s development plan will march forward to support existing industry to decarbonise, while creating an ecosystem between Pembrokeshire and Neath Port Talbot where green industries like sustainable fuels, hydrogen and floating offshore wind can prosper.”

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