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Early pay a hindrance at Christmas, survey reveals

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moneyEMPLOYERS may have the best of intentions paying December wages early; however, eight out of 10 of Brits (81%) find this gesture of goodwill to be a hindrance not a help when it comes to their festive finances, and more than half (53%) of those paid earlier than usual in December struggle to meet their bills by mid-January. This is according to independent research announced this month by global information services company, Experian. More than a third (35%) of those surveyed over-spend at Christmas by an average of £207. And the research suggests that some of this over-spending may be a result of hidden costs prompting funds to be stretched to the limit. A quarter of people spend more than planned on food and drink (24%), heating and fuel (15%), Christmas cards and gift wrap (9%) and other hidden extras, such as batteries and chargers (12%), over the holidays. However, when it comes to looking at who the nation’s biggest festive overspenders are, 18 – 24-year-olds are top of the table.

This group over-spends by £589 at Christmas, compared to an average of £207 – suggesting the younger generation may be favouring generosity above prudence when it comes to their Christmas spending. When January comes around, half (49%) dip into their savings to cover the shortfall, and more than a third (36%) choose to use credit. However, among 18 – 24-year-olds, the trend is reversed, with a third (35%) dipping into savings and 45% using credit to bridge the gap and get them through until payday.

In a period when many of these young people are starting to build their credit profiles, it’s important that these younger spenders understand how financial decisions they make now might affect them in the future. Julie Doleman, Managing Director, Experian Consumer, commented: “Our findings today demonstrate the importance of budgeting; not just to cover the Christmas period, but right up until the end of January and beyond.

It’s easy to over-spend at Christmas, so it’s important to understand how your financial decisions can affect you in the long-run, especially if you plan on using credit to cover a shortfall in January. “Starting off on the right foot will help you get the most out of your New Year right from the beginning, allowing you to make progress towards achieving your goal – whether that’s saving for a big purchase or life event, or simply getting your finances under control.” Here are five simple tips from Experian to help people manage their spending over the Christmas period and get 2015 off to a bright start: 1. Brilliant Budgeting: Even if you’re doing it last minute, sit down and take stock of your finances in advance.

Make a realistic budget that covers everything from Christmas presents to January utility bills to bring you comfortably into the New Year until your next paycheque hits your bank account. 2. Understanding Overspending: The final weeks in the lead-up to Christmas are when you are most likely to lose sight of your budget. Be conscious of purchases such as food and fuel and hidden extras, which can build up quickly, leaving you with an unpleasant start to the New Year dealing with unexpected costs hidden in your festive spending. 3.

Use Credit Wisely: If you do use credit to spread the cost of Christmas, consider your options – for example, if you’re unlikely to be able to repay more than the minimum repayments in the New Year, it makes sense to use a 0% credit card rather than a store card or other credit card with a higher limit. 4. Know your limits: Try to use less than 25% of your credit limit on all of your cards – both individually and collectively. Keeping to within 25% of your limit will show lenders that you are not overly-reliant on credit and can manage your finances.

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Business

Major project to upgrade gas pipes in St Clears completed

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THE £300,000 investment work, which started in September, was essential to keep the gas flowing safely to heat and power local homes and businesses, keeping people warm for generations to come. It involved upgrading gas pipes in the Station Road area of the town and Wales & West Utilities worked closely with Carmarthenshire County Council to plan the scheme.

Wales & West Utilities Adam Smith managed this work. He said: “We’re happy to have finished this work and want to thank everyone who lives and works in the area for bearing with us while we completed this essential work.

“While most of the gas network is underground and out of sight, it plays a central role in the daily lives of people across St. Clears. Whether it’s heating your home, making the family dinner or having a hot bath, we understand how important it is for your gas supply to be safe and reliable and there when you need it.

“This work was essential to keep the gas flowing to local homes and businesses today, and to make sure the gas network is ready to transport hydrogen and biomethane, so we can all play our part in a green future.”

Wales & West Utilities, the gas emergency and pipeline service, brings energy to 7.5m people across the south west of England and Wales. If you smell gas, or suspect the presence of carbon monoxide, call us on 0800 111 999 straight away, and our engineers will be there to help any time of day or night.

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Cabinet Secretary for Economy says Tata chose to ignore multi-union report

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TATA STEEL has confirmed to the Welsh Government plans to close its two blast furnaces at Port Talbot, transitioning to electric arc furnace steelmaking as part of a £1.25bn strategy. This move is set to impact approximately 2,800 jobs, with major implications for the local community and wider Welsh economy.

Jeremy Miles MS, Cabinet Secretary for Economy, Energy and Welsh Language, expressed deep disappointment over the company’s decision to disregard the multi-union report’s recommendations for a more sustainable transition. This report, commissioned by the UK Steel committee, had advocated for measures that would reduce the environmental impact of steel production while considering the workforce’s welfare.

The phased closure will begin with Blast Furnace 5 in June, followed by Blast Furnace 4 and other heavy assets by September’s end. Over the next 18 months, the first wave of job reductions will take effect, beginning this July, with further losses anticipated at the Llanwern site over the next two to three years.

The Welsh Government has criticised the pace of the transition, suggesting that a more extended consultation period between Tata and the unions might have mitigated the scale of job losses. As the company prepares for a three-year transition period, it will rely heavily on steel imports to meet customer demands, a move that raises concerns about the future of local production capacity.

Miles underscored the strategic importance of the Welsh steel sector, not only for the local economy but also as a vital component of the UK’s industrial landscape. He urged Tata Steel to avoid compulsory redundancies and to collaborate closely with the Transition Board to provide the necessary support, including reskilling and employment opportunities for the affected workers.

The confirmation of the shift has prompted significant unrest among the workforce, with unions balloting for potential industrial action. Tata has set conditions on its voluntary redundancy packages, which are subject to ongoing negotiations along with future investment commitments.

The Welsh Government remains committed to supporting the steel industry, emphasizing the need for a clear and substantial investment vision that will ensure the sector’s sustainability and the prosperity of its workforce. The transition board has already initiated various support mechanisms, including job fairs, advisory sessions, and a comprehensive action plan to cushion the economic impact on the community.

This transition marks a challenging new chapter for Port Talbot and the entire Welsh steel industry, with long-term implications for the regional economy and its people.

Commenting, Welsh Conservative Shadow Economy Minister, Samuel Kurtz MS said: “The disappointment felt by those losing employment at Tata cannot be understated. We need to support our steelworkers, not just with warm words, but with skills, retraining and jobs.

“We have been clear that we want to see a blast furnace remain open in the transition to electric arc furnaces and we need to take full advantage of the opportunities that the new Celtic Freeport will bring.”

In a joint statement following their respective contributions in response to the statement, local Senedd Members for South Wales West, Tom Giffard MS and Dr Altaf Hussain MS added: “We need to support our communities in and around Port Talbot more than ever following the disheartening news from Tata.

“It is a matter of deep regret that the Labour Welsh Government have yet to put a single penny on the table to support the UK Conservative Government-funded transition board. We need more detail from Labour as to what they are actually doing to back the workforce.”

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Business

Women make better homeworkers than men, according to new survey

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A GROUNDBREAKING survey conducted by the team behind the British Business Excellence Awards (www.britishbusinessexcellenceawards.co.uk) have uncovered a significant trend in the remote work landscape: women are leading the charge as successful remote workers, surpassing men in both productivity and overall satisfaction with remote work arrangements.

The survey, encompassing more than 2,300 UK adults in full-time employment (a 50/50 split of men and women), revealed a striking trend: over two thirds of employees (69%) perceive female remote workers as more productive than their male counterparts. Contrary to traditional assumptions, women are not only adapting to remote work, but thriving in it.

Additionally, over three-quarters of women (76%) reported increased productivity since transitioning to remote work, compared to 54% of men. This shift in productivity is closely tied to work-life balance, with 72% of women indicating an improved balance since working remotely, compared to 58% of men.

Female remote workers also stood out in terms of approachability and support, with a staggering three-quarters of respondents (75%) perceiving female colleagues as more approachable in the virtual workspace. This accessibility and support contribute to a more cohesive and connected remote work environment.

In a reflection of the evolving priorities in the business world, over half of men (54%) and three-fifths of women (61%) believe that female remote workers are more progressive when it comes to sustainability and environmental initiatives. Women in remote roles were perceived as having a stronger focus on implementing sustainable practices and promoting eco-consciousness in their virtual teams.

Conversely, the survey highlighted a perception that male remote workers are more comfortable with embracing technology and artificial intelligence (AI), with 78% of men and 61% of women expressing this view. This suggests that male remote workers are seen as driving digital transformation and leveraging tech tools more readily in the virtual workspace.

Sarah Austin, Director of the Lloyds Bank British Business Excellence Awards, commented:

“These findings challenge traditional norms and underline the importance of fostering an inclusive work environment where all employees, especially women, can thrive. The data clearly shows that women bring unique strengths to remote work, contributing to higher productivity, improved work-life balance, and a focus on sustainability.

“The survey underscores the significant advantages of supporting and promoting women in remote work settings. As businesses continue to navigate the remote work landscape, understanding and leveraging the strengths of female remote workers can lead to enhanced productivity, employee satisfaction, and overall success.”

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