Business

New report from FSB sets out vision to transform British high streets

Published

9 months ago

September 2, 2024

THE UK’s biggest business group has unveiled a package of new measures to help transform life on our ever-evolving high streets for the millions of small firms based on them.

Supporting pop-ups and temporary use initiatives for new businesses, creating mobile phone-based loyalty programmes, and showcasing local high streets in major tourism campaigns are some of the recommendations set out to revive the UK’s village, town and city centres, in a landmark new report by the Federation of Small Businesses (FSB).

The Future of the High Street report, published this week, builds up a picture of life for small firms in and around the high street and sets out a plan to help transform them into places that meet future needs and support the next generation of entrepreneurs, which is essential for a thriving economy.

FSB is calling for a specialised fund to be created to support pop-ups, markets, and temporary use initiatives for first-time businesses to encourage new ventures and help them set up on the high street. With more than a third (39%) of high street small businesses saying the availability of affordable commercial space is important for the future of an area, ensuring temporary spaces are available will not only fill vacant sites but also provide opportunities for small firms eager to launch in a physical premises.

The report, which features in-depth analysis following a large-scale survey of small businesses, also suggests a specialised fund to support a mobile phone-based loyalty programme for high street firms, and launching community-specific online marketplaces to showcase local shops and services.

To bring in visitors and increase footfall, local high streets should be featured in domestic and international tourism campaigns. FSB is encouraging tourism groups like VisitBritain, VisitEngland and Local Visitor Economy Partnerships to showcase the unique character and offerings of local high streets across the UK in promotions and coordination of campaigns.

The research also found plummeting consumer spending (70%), falling footfall (47%) and crime or anti-social behaviour (47%) are the biggest risks to high streets according to the small firms based on them.

Over half of local businesses (57%) say a diverse range of independent businesses is one of the most important features for the long-term sustainability and future of their local high street.

Good transport links are also key for the future of the high street, according to almost half (43%) of small businesses based on them.
Around half (49%) of high street small businesses say parking facilities are managed poorly on their local high street.
Since the beginning of the Covid-19 pandemic, most local businesses saw a range of closures on their local high street, including: retail stores (72%), hospitality (69%), banks (58%), post offices (28%), and entertainment venues (20%).

Tina McKenzie, Policy and Advocacy Chair at the Federation of Small Businesses (FSB), said: “Our small businesses are an integral part of the high street and will be central in leading the transformation of their local economies. By providing the infrastructure, flexibility and digital connectivity that modern businesses demand, high streets will have the resources available to become resilient, dynamic hubs ready for the future.

“As well as core recommendations targeting fundamental issues for small firms on the high street, including business rates, transport and parking, this report also lays out innovative asks to ensure these businesses can survive into the future and ultimately help revive our town centres.

“High streets must be helped to evolve to keep pace with changes in consumer behaviour as well as how small firms want to work. One example of this is introducing loyalty schemes for high streets to encourage local businesses to collaborate and incentivise consumers to shop, eat, and drink locally.

“It’s been exciting to hear from many online small firms that want to take steps to open up in a bricks and mortar premises on the high street. These businesses need support to make that change – and should be given the flexibility to access pop-up and temporary units. Before the General Election, we were pleased to see Labour’s emphasis on improving life on the high street for small firms. It’s now time for the new Government as well as local authorities to put these plans into action and ensure that small firms on our high streets are fully supported.”

According to the report’s other findings, empty units are a major blight on shopping streets across the UK, with more than two thirds (69%) of local businesses reporting them on their nearby high street. FSB is asking for a band of on-site high street chiefs responsible for the growth and wellbeing of high streets across the country, creating promotion plans and monitoring vacant units within their area.

The research also highlights the need for well-maintained and accessible modern public toilets and family-friendly services like creche facilities, encouraging visitors to stay longer, upping footfall and supporting the local economy.

Business rates remain a huge burden on high street small businesses, with the current Small Business Rate Relief (SBRR) a key part of their survival. Almost half (49%) of high street small businesses say they would not survive without SBRR. The research also found that more than half (54%) of high street small businesses would invest in or grow their businesses if the SBRR threshold was increased from £12,000 of rateable value to £25,000. FSB believes this increase would be a crucial step in allowing small firms to further foster growth.

The report calls for a high street hop scheme providing free bus fares on key routes during peak shopping days to help increase footfall and support local businesses. Offering free parking on at least two Saturdays, plus two additional days a month, would increase footfall and support local businesses by making high streets more accessible.

Business

House prices stall across West Wales

Published

4 hours ago

May 17, 2025

Tom Sinclair

HOUSE prices in Pembrokeshire and Ceredigion have seen sharp fall in the first quarter of 2025.

The figures have been released by Principality Building Society in its Wales House Price Index for Q1 2025 (January – March), which demonstrates the rise and fall in house prices in each of the 22 local authorities in Wales.

Principality’s report shows that Pembrokeshire has recorded the largest annual drop in house prices in the region, decreasing by 4.8% to an average price of £238,730, though this figure is still higher than the national average.

In Ceredigion house prices saw a double-digit quarterly drop of 10.1% and 3.2% annual fall to an average price of £241,321. Despite a quarterly dip of 2.3%, the report presents a positive picture for Carmarthenshire with house prices up 2.7% from last year’s price to an average of £221,370.

On a national level, the average price of a home sold in Wales increased to £238,413 in the first quarter of 2025, up 2.2% on the previous quarter and 4.0% higher than the same period last year.

While affordability challenges remain, the steady rise in both prices and the number of transactions – which reached 10,000 in Q1 (up 20% on last year) – suggests buyer confidence is still growing, despite households continue to navigate cost-of-living pressures, an elevated rates environment and global economic uncertainty.

Overall, Principality Building Society research, based on HM Land Registry data, reveals that price declines in regional areas have eased over the past three quarters compared to the same period last year, offering some signs of stability for buyers and sellers in a shifting market.

Speaking about the Q1 House Price Index, Iain Mansfield, Chief Financial Officer at Principality Building Society, said:

“The housing market in Wales has had a positive start to 2025, with prices rising quarter on quarter at their fastest pace in over two years.

Despite a challenging economic backdrop, we’re seeing a year-on-year growth of transactions, spurred on by supply challenges and falling rates. Meanwhile, affordability remains a key factor shaping the market landscape.”

A key driver of the year-on-year transaction growth could be the ongoing supply issues with the last 25 years seeing a notable decline in house building in Wales.

Significant policy changes such as the extension of the Welsh Government’s Help to Buy scheme, second home tax adjustments, and plans to build more affordable housing aim to combat this challenge and curb investor activity.

Iain continues: “Across Westminster and Wales, housing is high on the agenda. Looking ahead, the UK Government remains publicly committed to extensive planning reforms – setting out an ambitious target to build 1.5 million homes over the next 5 years, representing a significant shift in the UK’s housing landscape.

“This, paired with the Welsh Government’s Help to Buy Wales extension and additional £10 million investment allocated to kickstart housing schemes across Wales signals a clear message that policymakers recognise the importance of housing to families and individuals across the country.

“Despite external pressures such as cost of living, inflation, and global economic pressures, the housing market in Wales is moving forward in a positive direction, with increased consumer confidence and areas of strong regional performance.

Principality Building Society is dedicated to working with housing associations and other developers to deliver sustainable housing solutions for communities across Wales as part of the solution; providing affordable, quality homes.”

Principality Building Society, a mutual organisation which is owned by Members, and not shareholders, aims to support and build a society of savers where everyone has a place to call home. For more information go to: www.principality.co.uk/mortgages/house-price-index.

Business

Fat Freddies reassures customers after technical hiccup at new Johnston venue

Published

17 hours ago

May 16, 2025

Tom Sinclair

FAT FREDDIES, the new family-run restaurant at the former Silverdale Inn in Johnston, has thanked customers for their overwhelming support after a temporary closure on Friday (May 16) due to teething problems with its order system.

The business, which launched earlier this week as part of a soft opening, faced technical issues with its till and printer setup, which led to confusion in the kitchen and order delays. The team made the decision to pause service mid-shift to investigate and fix the problems — and their honesty and transparency have earned them praise from loyal customers.

In a heartfelt social media post, the team wrote: “Even with additional staff, we were left with no choice but to end the mess that was building up and spend the afternoon problem-solving. Emotional and devastated, after a great opening week to be hit with these issues on our third day.”

Despite the setback, customers have rallied behind the business.

Jo Goldsmith commented: “We had a wonderful breakfast on Wednesday, absolutely delicious and fantastic service. Keep going!”

Roo Ash praised the team’s decision to take a break rather than “try to save a sinking boat,” adding: “You got this! Can’t wait to pop down!”

Another regular, Dianne Riddiford, was equally understanding: “Ahhh there’s always a few gremlins at the start. Enjoy the afternoon and we shall see you tomorrow morning.”

Emma Sutton said: “Sounds like you did the right thing, guys. Chin up, onwards and upwards.”

Even those who missed out are planning to return. Michael Butler said: “We came around 11am but were told the kitchen was closed due to catching up. We were gutted — will try come again.”

Fat Freddies confirmed they are now fully focused on getting everything operational again, with a larger team on hand for the weekend rush. The soft launch continues, with the owners saying the whole point was to iron out issues before a full-scale opening.

They added: “We’re gutted — but also so grateful for everyone’s support and understanding. We’ll be back stronger.”

Business

Sir Michael Moritz tops Welsh Rich List as Sunday Times reveals UK’s wealthiest in 2025

Published

24 hours ago

May 16, 2025

Tom Sinclair

Drop in UK billionaires but rising young fortunes for Wales

SIR MICHAEL MORITZ and his wife Harriet Heyman have retained their crown as the wealthiest individuals in Wales, topping the Welsh list in The Sunday Times Rich List 2025, which was published online today (Friday, May 16) and will appear in this Sunday’s print edition of The Sunday Times.

The Cardiff-born venture capitalist and his American novelist wife are worth an estimated £4.43 billion, despite a recent £168 million dip. They lead the list of the top 20 richest people in Wales, compiled as part of the newspaper’s annual 76-page special on Britain’s richest individuals and families.

***Douglas and Dame Mary Perkins, founders of the high-street opticians chain Specsavers***

Hot on their heels is tech entrepreneur Simon Nixon, with a fortune of £1.95 billion — up £70 million on last year. West Wales is also represented in the top ranks, with Douglas and Dame Mary Perkins, from Carmarthenshire, founders of the high-street opticians chain Specsavers, valued at £1.54 billion. The couple famously launched the company from a ping-pong table in their spare bedroom.

This year’s Rich List reveals the largest drop in UK billionaires in its 37-year history, with the number falling from a peak of 177 in 2022 to just 156 in 2025. The combined wealth of the 350 people featured is now £772.8 billion — a 3% decrease on last year.

While the overall number of billionaires is shrinking, there has been a surge in younger millionaires. For Wales, 39-year-old sports retail entrepreneur Alex Loven leads the under-40 category with an estimated wealth of £262 million. Entry to the 40 Under 40 section now requires a staggering £100 million — nearly double last year’s threshold.

Robert Watts, compiler of The Sunday Times Rich List, commented: “Our billionaire count is down, and the combined wealth of those who feature in our research is falling. We’re also seeing fewer of the world’s super-rich choosing to live in the UK. But at the same time, we’re still uncovering remarkable stories of self-made wealth — from new tech and AI ventures to everyday products like jogging bottoms and radiators.”

The list also highlights rising frustration among entrepreneurs and business leaders about the direction of economic policy. Watts noted that even long-standing British business owners and young tech innovators are warning of the effects of tax changes introduced in the 2024 Autumn Statement.

Among the familiar names still featured are Sir Elton John, Sir Mick Jagger, Sir Lewis Hamilton, and film director Sir Christopher Nolan. The entry level for the Rich List remains at £350 million.

The Rich List also includes The Sunday Times Giving List, which tracks philanthropic giving. This year, the 100 most generous individuals donated £3.7 billion to charity. Welsh businessman Steve Morgan alone contributed millions and called for “braver philanthropic giving to tackle systems, not symptoms.”

The top 5 richest in Wales (2025):

Sir Michael Moritz and Harriet Heyman – £4.43bn (venture capital and philanthropy)
Simon Nixon – £1.95bn (technology)
Douglas Perkins and family – £1.54bn (opticians – Specsavers)
Sir Terry Matthews – £1.34bn (telecoms)
David Sullivan and family – £1.12bn (property)

Top under 40 in Wales:

Alex Loven – £262m (sports retail)

The full list of the 350 richest individuals in Britain and further analysis is available online at: https://www.thetimes.com/sunday-times-rich-list
Source: The Sunday Times Rich List 2025