Business
Wales bucks national trend with rising business confidence in June
BUSINESS confidence in Wales surged by six points to 43% in June, according to the latest Business Barometer from Lloyds Bank Commercial Banking. This is in stark contrast to the overall UK trend, where confidence fell.
Companies in Wales reported increased confidence in their own business prospects, with a three-point rise to 38%. Optimism in the broader economy climbed even higher, up nine points to 48%. This combined to give a headline confidence reading of 43%, up from 37% in May.
Growth Targets
Looking ahead, Welsh businesses have identified their key growth areas for the next six months. Nearly half (47%) are focusing on investing in their team through training. Additionally, 43% plan to evolve their offerings by introducing new products or services, and 26% are investing in sustainability initiatives.
The Business Barometer, which surveys 1,200 businesses monthly, offers early insights into economic trends both regionally and nationwide.
The National Picture
Across the UK, overall business confidence dipped by nine points in June, settling at a net balance of 41%. Despite this decline, confidence levels remained above the long-term average of 28%.
Businesses reported lower confidence in their trading prospects, which fell by 10 points to 44%. Economic optimism also decreased, down seven points to 39%. However, both figures remained relatively strong.
Yorkshire and the Humber led the way as the most confident UK region in June, with a confidence level of 48%, followed closely by the North East of England (47%) and the East Midlands (46%).
Sector Insights
June’s sector-specific results were mixed. Three of the four sectors experienced declines in trading prospects. Confidence in the construction sector fell by 16 points to 42%, retail dropped by 14 points to 35%, and services decreased by 11 points to 46%. Manufacturing was the exception, with a slight increase of two points to 51%.
Expert Commentary
Sam Noble, Regional Director for Wales at Lloyds Bank Commercial Banking, commented on the findings:
“This month’s Business Barometer shows that Wales is bucking the UK-wide trend. As businesses look to capitalise on greater confidence, it’s important that they keep a close eye on working capital. Rapid growth, which can come with new opportunities, may quickly tie up funds in working capital, restricting businesses’ financial flexibility. Identifying working capital pressure points in advance and using specialist tools like invoice finance or asset-based lending can unlock funds that can help fuel firms’ ambitions.”
Hann-Ju Ho, Senior Economist at Lloyds Bank Commercial Banking, added:
“These results suggest a slight drop in business confidence in June as firms’ trading outlook and economic optimism fell below levels seen in recent months. However, these results are still broadly in line with the positive readings we were seeing towards the start of the year. Fewer businesses indicated that their prices would increase in the next few months, which aligns with last week’s fall in inflation figures. Meanwhile, there was a mixed set of results across the sectors, with confidence falling in construction, retail, and services following last month’s increase.”
Wales continues to demonstrate resilience and optimism, standing out in a challenging economic landscape.
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.
-
News2 days ago
Ferry accident causes delay on new Dublin-Fishguard route
-
Top News6 days ago
Pembrokeshire man jailed after repeatedly punching pregnant wife
-
Education3 days ago
Home Education: Delays and missed opportunities risk further tragedy
-
Top News6 days ago
Police investigate dogs seen persistently chasing sheep on Pembrokeshire airfield
-
Top News6 days ago
Milford man dealt ‘persistent’ blows on girlfriend after urinating in flat
-
News7 days ago
Engine room fire caused by loose fuel pipe connection previously flagged
-
News6 days ago
Children seen kicking and ‘egging’ doors near Pembrokeshire train station in early hours
-
Business3 days ago
Pembrokeshire care home group hit by £150,000 budget blow