NEW banking reforms could unlock up to £80 billion in additional finance for British businesses, the Treasury has said.

Ministers say changes to the UK’s ring-fencing regime will make it easier for major banks to support firms with lending, investment and financial products, while keeping protections for savers in place.

The reforms include a proposed new Growth Allowance, allowing large banks to use part of their balance sheets more flexibly to support businesses looking to expand.

Ring-fencing was introduced after the financial crisis to separate everyday banking services, such as retail and small business deposits, from riskier investment banking activity.

The Treasury says the core protections will remain, with ring-fenced banks continuing to operate separately from investment banking arms.

Economic Secretary to the Treasury and City Minister, Rachel Blake said: “Where financial systems are inefficient, we will change them.

“These reforms will ensure more financing flows into UK businesses, and we can support growth and create jobs across the country.

“This will unlock finance for growth while keeping the UK banking system resilient, competitive and fit for the future.”

The changes are set out in a new report, Safeguarding Stability, Enabling Growth, and will be taken forward through the forthcoming Enhancing Financial Services Bill.

The Prudential Regulation Authority will also be given more flexibility to update and tailor rules over time, rather than relying on detailed legislation.

The government says this should allow outdated requirements to be removed more quickly and help banks respond to changes in the financial system.

Banks may also be able to offer businesses a wider range of products, including improved hedging tools and greater access to programmes delivered through the British Business Bank and the National Wealth Fund.

Alex Depledge, Entrepreneurship Advisor to the Chancellor, said the reforms would help growing firms access capital at the point they need it most.

She said: “Too often, our fastest-growing firms hit a wall of unnecessary friction just as they start to scale.

“These changes will unlock more of the capital founders need to keep building in the UK, while maintaining the financial stability that underpins investor confidence.”

The government will consult on the detail of the changes before implementation.

CHIP SHOP owners in Pembrokeshire say soaring costs are forcing up prices, changing customer habits, and putting pressure on young staff facing questions from customers.

Speaking to the BBC this week, Rhys McLoughlin, co-owner of Môr Ffres in Dinas Cross, said he is installing self-service tills partly to protect staff from being put on the spot over rising prices.

Mr McLoughlin said cod, once his biggest seller, is being overtaken by cheaper options such as chicken chunks as families look for ways to keep costs down.

Prices keep rising

He said: “There are lots of questions being asked. Incoming prices are going up and up.

“We have no control over that, so either we work for no money, or we follow the price increase and pass it on.”

The average price of takeaway fish and chips rose to £11.17 in March, compared with £6.48 in 2019.

Mr McLoughlin warned that cod prices could rise further by September, saying: “If these prices continue to go up, who’s going to buy fish and chips for £21? Who can afford that?”

Staff under pressure

He said the planned digital kiosks would help manage queues in the small shop during the busy summer season, but would also reduce the pressure on young staff.

Mr McLoughlin said: “We have got young staff working here and sometimes this is their first stepping stone out of school.

“It’s no fun for a boy or girl to come to work to be asked pretty abrupt questions on the spot with 20 people in the chip shop.

“We have actually lost a few members of staff through that.”

Seaside favourite

In Saundersfoot, Sy Crockford, of Marina Fish & Chips, said keeping the traditional seaside meal affordable had become increasingly difficult.

He said cod alone had risen by around 50 per cent, adding: “One thing we don’t want to do is out-price fish and chips.

“It’s nostalgia, it’s romance, to come to the beach and have fish and chips. We definitely don’t want to outprice.”

Mr Crockford said cod and haddock were becoming “a luxury, not a necessity”, and suggested more sustainable and affordable fish options may become more common on chip shop menus.

Rural shops hit

At Cegin-24 in Crymych, owner Sioned Phillips said the price of a box of cod had risen from around £36 to between £50 and £60.

She said: “When I opened, it was £6.95 for a piece of cod. I’ve had to raise it to £9, and that’s being quite reasonable.

“If I wanted to make a normal amount of profit, it should be about £11 or £12 for a piece of cod.

“For me, in such a rural community area, to justify charging elderly people and local people so much for a piece of cod is absolutely ridiculous.”

Ms Phillips said some customers were still sticking with cod despite cheaper alternatives being offered, but were cutting back elsewhere by sharing portions of chips.

The National Federation of Fish Friers said cod price rises were linked to reduced quotas in the Barents Sea, sanctions on Russian fish, and wider cost pressures.

President Andrew Crook said many customers understood fish was a premium protein, but added that higher prices had affected visit frequency and footfall in many shops.

Annual report shows strong growth and major investment, but underlying figures reveal a more complex picture

THE PORT OF MILFORD HAVEN has reported another year of growth, investment and strong trading performance, with rising cargo volumes, record turnover and major spending on infrastructure across the Haven Waterway.

The Port’s 2025 Annual Report shows gross tonnage rose by 11%, while total cargo movements increased by 17% to 38.3 million tonnes.

Turnover also reached £45.2 million, up from £43.2 million in 2024, marking a fourth consecutive year of revenue growth.

The Port said service performance remained strong, with more than 98% service availability for customers using its pilotage services.

As one of Pembrokeshire’s most important economic institutions, the Port plays a central role in jobs, energy, tourism, marine safety and long-term investment across the Haven.

Dr Siân George, Chair of the Port of Milford Haven, said: “Our continued growth has been achieved not by chance, but through deliberate choices, and reflects our long-term perspective – one that prioritises our customers and our many stakeholders.

“As a trust port, we are committed to our mandate to ensure we hand on the Port in a better condition to future generations. We do this by placing responsible growth, environmental stewardship and prosperity for the communities who depend on the Waterway, at the forefront of our decision-making process.”

Tom Sawyer, CEO at the Port, added: “I would describe 2025 as another year of solid performance; one where our service delivery and business resilience continued to improve.

“We saw our fourth consecutive year of revenue growth and another year of strong profits. We thank our customers and Waterway communities and partners for their ongoing support, collaboration and challenge helping us to continually improve.

“And our thanks to our teams who have worked with an unerring focus on ensuring the Port of Milford Haven continues to deliver what our customers and communities deserve.”

Major investment

The Port continued a major investment programme during the year, spending £18 million in 2025 following £27.4 million in 2024.

Projects included a new pilot boat, upgrades to the Vessel Traffic Services command centre, refurbishment of marine facilities and further development at Milford Docks and Milford Waterfront.

The new 22-metre pilot boat, Llanion, completed sea trials and is expected to strengthen safety and resilience for vessel movements on the Waterway.

The Port also continued to position Pembroke Port for future floating offshore wind opportunities linked to the Celtic Freeport.

Supporters of that strategy argue that Milford Haven and Pembroke Dock could become central to the next generation of energy jobs, particularly if floating offshore wind develops at the scale hoped for by government and industry.

The Port also expanded its workforce, with 25 new employees joining in 2025 and four apprentices taken on, which it described as a record intake.

Its marine team has grown by 35% over five years.

Community role

The annual report highlights the Port’s role as a trust port, meaning it does not have shareholders and reinvests profits back into the business.

It says close to £500,000 was invested in community initiatives during the year.

These included water safety programmes, youth projects, support for Milford Youth Matters, the Torch Theatre, STEM opportunities for young women and local environmental work around the Haven Waterway.

Milford Waterfront also received recognition through a Tripadvisor Travellers’ Choice Award, while the Port said its hotels and tourism assets continued to support local jobs and visitor numbers.

The organisation was also recognised as one of the UK’s Best Workplaces for Women, an achievement in a sector that has historically been male dominated.

Profit picture

But the report also shows that, beneath the positive headline figures, the Port faces financial and environmental pressures.

Although turnover increased, operating profit fell from £6.8 million in 2024 to £5.2 million in 2025.

Profit before interest and tax rose to £6.9 million, but that figure was helped by a £1.7 million gain from the revaluation of investment properties.

The Port’s underlying profit measure, which strips out some accounting costs such as depreciation and amortisation, also fell from £11 million to £9.2 million.

That suggests the organisation is still profitable, but facing higher costs and tighter margins despite increased shipping activity.

Borrowing rises

Borrowing also rose sharply during the year.

The report shows total borrowings increased from £17.5 million to £25.2 million, while net debt rose from £15.3 million to £20.7 million.

Much of that increase appears to be linked to long-term capital investment, including marine infrastructure, dock improvements and hospitality assets.

Ports are expensive businesses to run and maintain, and major investment often requires borrowing.

However, because the Port is a trust port with responsibilities to the wider community, the level of borrowing is a legitimate matter for public scrutiny.

The Port says committed financing is in place until 2028 and points to strong operating cash flow and diversified income as evidence of resilience.

Emissions increase

The report also sets out the Port’s sustainability ambitions, including a target to cut total greenhouse gas emissions by 63% by 2035 and reach net zero by or before 2050.

It generated close to five gigawatt hours of renewable energy in 2025, avoiding almost 900 tonnes of carbon dioxide equivalent emissions.

But the report also shows direct emissions increased.

Scope 1 emissions rose from 1,340.39 tonnes of carbon dioxide equivalent in 2024 to 1,578.15 tonnes in 2025, largely due to diesel use.

Carbon intensity also rose from 31.03 to 34.94 tonnes of carbon dioxide equivalent per £1 million of turnover.

The figures underline the challenge facing the Port as it tries to balance growth in marine activity with its environmental ambitions.

Executive pay

Another figure likely to attract attention is senior remuneration.

The annual report shows the highest-paid director received £494,000 in 2025, compared with £271,000 in 2024.

The Port says the figure included a one-off compensatory award following benchmarking of senior executive pay.

There is no suggestion of wrongdoing, and the Port is entitled to argue that a nationally significant energy port requires experienced leadership.

But at a time when many local households and businesses are facing rising costs, executive pay at a trust port is a legitimate public-interest question.

Balanced picture

Overall, the Port of Milford Haven remains one of Pembrokeshire’s most important economic success stories.

The report shows a business that is growing, investing and planning for the future while maintaining a crucial role in UK energy infrastructure.

It also shows an organisation contributing to local skills, tourism, community projects and long-term regeneration.

But the annual report is not simply a success story.

It also shows falling operating profit, rising borrowing, increased direct emissions and a sharp rise in the remuneration of the highest-paid director.

Those issues do not cancel out the Port’s achievements.

But they do matter.

For a trust port serving Pembrokeshire and the wider national interest, scrutiny is not hostility. It is accountability.