September Edition - Business News Wales by businessnewswales

Amplifying Wales’ Leading B2B Brands

Reaching over 15,000 Welsh decision makers – Every day

Gemma Casey Editor, Business News Wales

The Power of Entrepreneurial and Government Collaboration

At Business News Wales, we recognise the vital role entrepreneurs can play in shaping not only the business landscape but also in supporting government policy through evidencebased insights and sharing their realworld experiences.

Entrepreneurs have firsthand knowledge of the challenges and opportunities that drive their industries, and their input could be crucial in steering policies that will have a lasting impact on the Welsh economy.

In today’s fast-paced economic environment, it is more important than ever to put business leaders at the heart of policy development.

Their on-the-ground experience gives them a unique perspective on what works and what doesn’t. By integrating entrepreneurial expertise into the policy-making process, we can create more practical, effective solutions that address the real needs of businesses and communities alike.

At Business News Wales, our mission is to amplify these entrepreneurial voices and ensure they are heard by policymakers. Through thought leadership, interviews, and collaborative forums, we provide a platform where business leaders can contribute their insights, helping to shape policies that are forward-thinking and grounded in real-world experience.

Business News Wales

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Economy & Infrastructure 7

A Bright Horizon with Challenges –Prospects for the Welsh Economy with Professor Brian Morgan

Growth, Prosperity and Why SME Success is Key with Ben Francis

New UK Government Economic Outlook Impact for Wales

Wales’ Political Shifts and Economic Challenges with insights from Guto Harri

Finance & Investment 13

Collaboration & Connectivity –The Jewel in Our Financial Services Crown

Chartered Accountants Are at the Heart of Financial Services in Wales

Open Banking and Innovation in Payments

The Welsh Not-for-Profit Leading the Way in Financial Inclusion

The Domino Effect – Wales’ Potential in Financial Services with Oliver Phillips

Wales Thrives on a Well-Connected Financial Ecosystem with Rhian Elston

Overview of the Financial Services Sector in Wales

Wales is Punching Above its Weight in Financial Services with Haydn Thomas

Why Finance Holds the Key to Growth for Food and Drink Producers

Wales Needs a Pioneering Approach to Food Security

The True Cost of Our Food

‘Dynamic’ Welsh Wine Industry Targets Tenfold Growth

Our Approach to Food Security and Supply Chain Resilience with Ffion Moseley

Why Food and Drink Needs More Joined-up Thinking with Harry Cobbold

Industry Outlook for the Food & Drink Sector in Wales

The Food and Drinks Industry Needs a Boost in Consumer Confidence with Linda Grant Public Sector

Integrating Governance for Greater Impact with Kellie Beirne

What are Corporate Joint Committees?

Understanding the Role of Corporate Joint Committees

A New Era of Collaboration by Innovating Local Governance with Alwen Williams

Reaching over 15,000 Welsh decision makers – Every

Property 43

The Rise of Data Centres in Wales

Revitalising Town Centres – The Case for Permitted Development Rights in Wales

Wales’ Commercial Property Market Can Be Optimistic

Finding Positive Change Amid the Commercial Office Space Doldrums with Phil Jardine

Navigating the New Landscape of Commercial Property with James Crawford

The Commercial Property Landscape in Wales

Insights into Cardiff’s Commercial Office Market Post-Covid with Chris Sutton

Innovation & Technology 55

Integrating Security into HealthTech Product Development

We Need to Do More to Protect the Health Service from Cyber Attacks

Simple Housekeeping Can Protect Healthcare Systems From Cyber Failures

The Vital Role of Cybersecurity in Healthcare Innovation with Pete Burnap

Cybersecurity is Not an IT Problem, it’s a Leadership Issue with Angharad Watson

Cybersecurity in Healthcare

Cybersecurity in Healthcare Needs to be Taken Seriously with Richard Rees

Tourism

& Hospitality 65

Co-ordination and Collaboration are Key to Wales’ Tourism Industry

Welsh Water Recreation Hubs Attract Almost 1m Visitors

Wales ‘Needs More Support’ to Build Back Tourism Levels

Hospitality Has ‘Incredible Capacity’ to Contribute to Economic Growth

Tourism is Having to Weather Many Storms with Frankie Hobro

Tourism Needs a Return to Public and Private Sector Collaboration with Jim Jones

Industry Outlook for the Tourism & Hospitality Sector

A Summer Season of Low Bookings and Economic Uncertainty with Lisa Francis

Green Economy

Morlais – Making the Most of Business Opportunities in the Tidal Energy Sector

Ambitious Marine Energy Developments in Anglesey: The Morlais Project with John Idris Jones

The Promising Future of Marine Energy in Wales with Tom Hill

Deploying Floating Offshore Wind Test and Demo Projects in the Celtic Sea What Lessons Can we Learn from Kincardine?

Understanding Job Creation within Wales’ Marine Energy Sector

‘Call to Action’ to Position Wales as Global Leader in Marine Energy as Sector Delivers £30m to Economy

An Overview of the Marine Energy Sector in Wales

Unleashing the Potential of Pembrokeshire: A New Era in Marine Energy with Jay Sheppard Skills Wales

New Research Shows Growing Parental Support for School Leaver Apprenticeships Over University

Work Start Scheme Helps Aspiring Engineer Towards Dream Role

The Important Contributions School Leavers Make to Businesses

Scheme Aims to Spark Interest in Careers in Semiconductors and Electronics

Bridging the Gap Between Education and the World of Work with Sharon James-Evans

Addressing Regional Disparities and Career Guidance Across Wales with Jane Lewis

Developing a Career Roadmap for Young People

Reimagining Career Pathways for Young People in Wales with Wyn Prichard

Cardiff Business

University Connection Key to Cardiff Growth

Cardiff Business Club – How Connection and Innovation Can Boost Business Growth

Cardiff’s Commercial Office Market Post-Covid

Cardiff’s Infrastructure Evolution – The Metro and Beyond

Contents.

Business News Wales

Tec Marina, Terra Nova Way, Penarth Marina, Penarth,

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029 20376 122

Cardiff’s Economic Landscape – Resilience and Growth with Ken Poole

Why Cardiff is the Natural Home for Start-Up and Scale-Up Innovation with Louise Harris

The Challenges and Opportunities for Cardiff’s Regional Economy

A Capital City’s Blueprint for Economic Success with Chris Sutton

North Wales Business 115

M-SParc’s Contribution to the Anglesey Economy

Wylfa Would Reinforce Anglesey’s ‘Energy Island’ Reputation

Denbighshire Sees Uplift in Tourism Figures for 2023

New Ynys Môn Business-toBusiness Networking Event Launches

Harnessing Anglesey’s Natural Heritage for a Prosperous Future with Dylan Williams

Why Anglesey’s Communities Are Our Greatest Asset with Dyfed Jones

An Overview of Anglesey’s Economic Potential

Anglesey’s Industrial Renaissance is Already Happening with Huw Brassington

Newport Business 127

How Events Can Be a Force for Good

Newport’s Future in the Industrial Property Market

‘Reimagined’ Shopping Centre Welcomes Surge in New Tenants

Newport Can Become a Byword for Innovation

Newport Port Pioneering a Green Future for Economic Growth with Ashley Curnow

Promising Future for Wales’ Fastest Growing City with Baroness Debbie Wilcox

Challenges and Opportunities for Newport’s Regional Economy

Newport’s Economic Outlook – A Turning Point for Growth and Innovation with Kevin Ward

Economy & Infrastructure Discover.

New UK Government Economic Outlook Impact for Wales

A Bright Horizon with Challenges – Prospects for the Welsh Economy

Professor Brian Morgan Professor, Cardiff Metropolitan University

The UK economy has been grappling with a series of entrenched challenges. Chief among these are poor planning mechanisms, which have stifled growth and development.

The lack of both business and public investment has led to significant shortfalls in crucial areas like infrastructure, housing, and energy. As a result, the UK's housing stock is woefully inadequate.

If we had been increasing our housing supply at the rate of other European countries, we would currently have 4 million more houses. This shortfall is a pressing issue that underscores the broader economic difficulties we face. These challenges are mirrored in Wales, where the need for strategic investment and planning is just as critical.

Despite these formidable obstacles, I am optimistic about the future prospects of the Welsh economy. The past few years have been turbulent, but there are signs of stabilisation. Looking ahead, I believe we can achieve steady growth in the range of 1.5% to 2% over the next few years. This growth is contingent upon addressing the fundamental issues that have hampered progress.

Effective planning is the cornerstone of sustainable development. For too long, the UK has been hampered by cumbersome planning processes that delay projects and inflate costs. Streamlining these mechanisms is essential to unlocking potential growth. In Wales, improved planning

can facilitate the development of much-needed infrastructure, including roads, public transportation, and broadband connectivity.

These investments are not merely about physical structures; they are about creating an environment conducive to business growth and improving the quality of life for residents.

The housing crisis in the UK is acute, and Wales is not immune to this challenge. With a shortfall of homes, urgent action is needed to increase housing supply. This requires not only investment but also innovative approaches to construction and development. In Wales, we have the opportunity to lead the way in developing sustainable, affordable housing that meets the needs of our diverse population. By addressing the housing shortage, we can ensure that our communities thrive and that everyone has access to safe, comfortable living conditions.

Energy infrastructure is another critical area where investment has lagged. Transitioning to sustainable energy sources is not only vital for meeting our environmental commitments but also for ensuring energy security and affordability. Wales has abundant natural resources, including wind and tidal power, that can be harnessed

to build a robust renewable energy sector. Investing in these technologies will create jobs, reduce our carbon footprint, and position Wales as a leader in sustainable energy.

Trydan Gwyrdd Cymru has now been established to accelerate the development of renewable energy projects, particularly onshore wind and this can only be a good thing for Wales.

At the heart of these issues is the need for substantial investment. Both public and private sectors must commit to investing in the future of our economy. Attracting business investment requires a stable economic environment, clear policy direction, and incentives that encourage innovation and growth.

Despite the challenges, I am optimistic about the prospects for Wales. The economy has stabilised, and we are poised for growth.

A new First Minister and a government that prioritises these critical areas can make a significant difference and if we can monitor and adapt to developments in the broader UK economy, I am confident that Wales will emerge stronger and more resilient.

Growth, Prosperity and Why SME Success is Key

Ben Francis Policy Chair, FSB Wales

Discover.

Growth – this is the by-word for the new UK Government, which has pledged to put sustainable and inclusive economic growth at the heart of their plans for government.

But what does this mean for the Welsh economy and for small businesses and the self-employed in Wales?

Generally, a growing economy comes with improving economic conditions including faster wage growth, increasing employment and stronger public finances. A commitment to growth is therefore welcomed, as is the focus set by Wales’ new First Minister Eluned Morgan on prioritising the Welsh economy to spread prosperity.

Growth is measured in the UK using Gross Domestic Product (GDP), which the Institute for Fiscal Studies describes as “the flow of income generated in a country in a given year”. Whilst there are questions about whether GDP is the most useful metric for measuring the standard of living, it is key to understanding the UK Government's approach to the public finances as they have set themselves a target of getting debt falling as a percentage of GDP.

This means that lower GDP leads to less money for the Chancellor. All eyes are therefore on the Autumn Budget where the Chancellor Rachel Reeves will set out departmental budgets for this financial year and the next, and to the Spending Review in Spring 2025 which will set the budgets for the following three years.

Where the Chancellor decides to allocate money and how she decides to raise money will have significant implications both for the financial environment in which small businesses operate and for the Welsh Government’s budget, with the latter being decided by the level of spending in Westminster.

Both governments have been quick to set the narrative that they are operating with limited resources. The Chancellor has laid the groundwork for a difficult budget in the Autumn, warning of a £22 billion hole in the public finances. Wales’ First Minister has warned that the public finances are in a dire state, requiring tough decisions.

There are huge pressures on public finances but to become a high-growth, productive economy, the UK needs successful businesses and new, innovative companies.

That means that to achieve the target of a sustained improvement in growth, businesses must be given the right conditions to flourish. This includes boosting exports, improving connectivity and investing in skills.

The Federation of Small Businesses’ manifesto for the General Election set out a blueprint for how the UK Government could support SMEs' capacity and capabilities for sustainable growth, starting with creating the right tax environment. Increasing the VAT threshold to £100,000, uprating it in line with inflation and introducing a smoothing mechanism for businesses as they grow above this threshold would remove a major barrier for growth for small businesses and recent startups.

There are also legislative measures the UK Government could take to help small firms. They could clamp down on big businesses with poor payment practices towards their smaller suppliers and improve small businesses’ ability to access finance by addressing regulatory gaps on personal guarantees.

1 Polling conducted by Survation, 1062 adults living in Wales, July 5-19th 2021

To deliver on the UK Government's growth mission and the Welsh Government’s commitment to boosting economic prosperity, strengthening Welsh SMEs' capacity and capabilities for sustainable growth will be key because when small businesses succeed, it is good for jobs, good for communities and good for the whole economy.

2 https://www.theccc.org.uk/wp-content/uploads/2019/05/ Net-Zero-Technical-report-CCC.pdf

3 RUK project intelligence

4 ibid

by Carwyn Jones

Hosted

Guests Include:

Ben Cottam

FSB Wales

Professor Brian Morgan Cardiff Met

Tegid Roberts

Banc Cambria

Project

Wales’ Political Shifts and Economic Challenges: Insights

from Guto Harri

Business News Wales Managing Director, Mark Powney interviews Guto Harri, a former Director of Communications at 10 Downing Street and seasoned journalist, to discuss the implications of Labour governments currently in power in both the UK and Wales.

He reflects on the historical tensions between Conservative UK governments and Welsh Labour governments, devolution in Wales, and the role of economic growth in improving Wales' standards.

Harri emphasises the need for better coordination between governments, the importance of wealth creation, and the necessity for government officials to understand business dynamics.

Podcast - Economy & Infrastructure

Wales’ Political Shifts and Economic Challenges: Interview with Guto Harri

Hosted by Mark Powney,

Managing Director, Business News Wales

He advocates for more involvement of business leaders in policymaking to rejuvenate the Welsh economy.

Amplifying Wales’ Leading B2B Brands

Reaching over 15,000 Welsh decision makers – Every day

A Look at Financial Services in Wales

Wales has a strong – and growing – reputation for financial services.

According to TheCityUK, Wales has 64,000 employees in financial and related professional services. It says the industry contributes more than 15% of city GVA in Cardiff and Swansea.

From titans such as Admiral, Go.Compare, Confused.com and Starling to significant players such as Hodge Bank and an ever-growing but hugely significant pool of fintech and insurtech start-ups, Wales is firmly on the map for the financial sector.

So what is it about the Welsh ecosystem which sets us apart? And how do we foster it so that we continue to support the financial sector and see it increase its contribution to the Welsh economy?

Consider the nature of the business ecosystem in Wales – particularly South Wales, which currently dominates when it comes to financial services.

Even in comparison to Bristol, which is similar in size, our ecosystem seems small and compact and is easy to navigate. London, with its vast expanse

and numerous financial hubs, lacks the cohesive ecosystem that Wales enjoys. While London has many strengths, a unified financial ecosystem isn’t one of them due to its sheer scale and disparate nature.

One of the most notable advantages of the Welsh financial ecosystem is the ease with which one can connect with key individuals. Finding the right person to speak to is relatively straightforward in Wales, a stark contrast to the complexity of networking in London.

It is this connectivity which does much to fuel growth and innovation. We need to nurture the strength of our local connections and our supportive ecosystem.

The collaborative model in Wales is particularly impressive. Despite potential overlaps in services, Walesbased professionals tend to be

concerned with supporting Welsh businesses first and foremost. Industry introductions and recommendations are all part of the way we do business.

This spirit of collaboration is a massive strength. The familiarity among professionals, the shared events, and the long-standing relationships all contribute to a supportive environment where businesses can thrive.

The fact that the Welsh ecosystem is built on collaboration and connectivity really is the jewel in our crown.

As the sector continues to grow, as new start-ups come along and others scale, as businesses are attracted here from elsewhere, keeping our focus keenly on collaboration and connectivity will help us continue to have that edge.

Inform.

Robert Lloyd Griffiths OBE

Director, ICAEW in Wales

Robert Lloyd Griffiths OBE is Director of ICAEW in Wales. He was previously National Director for the Institute of Directors in Wales and was appointed by The Minister for Business and the Economy as Chair of the Welsh Government’s Independent Strategic Board overseeing Business Support in Wales. He also previously chaired the Welsh Government’s Micro Business Task and Finish Group. A frequent guest speaker, facilitator and media commentator Robert has a degree in Banking and Finance from Cardiff Business School, where he is now a member of the International Advisory Board. He was awarded an OBE in the 2014 Queen’s Birthday Honours for services to the economy and for voluntary services in Wales.

Chartered Accountants Are at the Heart of Financial Services in Wales

Chartered Accountants are at the very heart of both the financial services sector and our communities here in Wales.

Founded in 1880, ICAEW represents more than 208,000 members and students around the world, with 3,500 based in Wales. We have a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor around 11,500 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.

In Wales, our members are trusted business leaders and advisors who are a force for positive change.

Of course, they are responsible for ensuring financial propriety and good governance but they also have the skills and knowledge that are helping to build a sustainable, accountable and fair economy that creates opportunity for all.

From farming in rural Wales to fastgrowth technology companies in our city centres, Chartered Accountants are supporting and advising businesses of all sizes and in all sectors on matters ranging from financial reporting and compliance to corporate finance, business recovery and insolvency. You simply can’t start-up, scale or exit a business without the help of a Chartered Accountant.

In fact, our demographic make-up and micro-economy in Wales means that our members can be far more than just service providers. They are often among the most trusted members of local communities and hold longterm professional relationships with both business owners and their families. Of course, the figures and spreadsheets are an important part of the job but accountants also bring sound commercial experience and acumen, frequently adopting a coaching and advisory role. These positive working relationships benefit individual businesses, the local and wider community and therefore society at large.

It is therefore more important than ever that we maintain a talent pipeline to ensure the future of the profession. The industry is not unique in its talentsourcing challenges which is why we are working hard to promote accountancy as an attractive and rewarding career route. We’ve got to adapt to ensure that we can continue to serve the needs of businesses by staying ahead of societal changes and reflect a more diverse and inclusive workforce.

Perception, purpose, diversity and development all matter in bringing the best people to the profession if we are going to combat the skills shortage. That’s what will help to ensure prosperous communities and a resilient economy that is productive, highly skilled, sustainable, innovative, resilient and trustworthy.

Inform.

Richard Koch Policy Director

Open Banking Limited

Open banking, where customers can consent to share their account data with trusted third parties to find costeffective products and services, helps to put consumers back in control of their own finances.

Open Banking Limited (OBL) took part in this year’s Credit Week in Wales, the largest gathering of credit professionals in Europe. Here, a wide range of industry experts and firms discussed innovations in the credit sector, and OBL outlined how open banking technology can support the financially vulnerable and those traditionally underserved by financial services.

Welsh fintech is thriving

Wales was a fitting location for this year’s summit. Its fintech sector is thriving, with data from Fintech Wales revealing that financial and related professional services employ around 64,000 people, an increase from 55,000 last year. Alongside a flourishing ecosystem of fintech start-ups, leading digital banks such as Monzo and Starling have large offices in Cardiff, bringing jobs and investment to the region.

Although inflation has fallen to its lowest in almost three years, costof-living pressures remain. A total of 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. While open banking is not a silver bullet, there are numerous ways in which this financial innovation

Open Banking and Innovation in Payments

Against the backdrop of increases to the cost-of-living, the concept of ‘fintech for good’ has never been more important.

can help support both consumers and businesses.

One example is by opening up access to fairer credit for financially vulnerable people. Open banking allows current account data to be used in conjunction with credit bureau data so lenders can make better informed decisions about customers’ affordability. This supports individuals with a ‘thin credit file’ who may otherwise be excluded from borrowing.

Plend is one alternative lender that uses open banking data when it assesses loan applications. This enables a broader audience to access credit, at more competitive rates, which they may be denied using traditional loan criteria. Plend aims to make loan repayments ‘truly tailored’ to each customer, and to help customers missing payments, or who are in financial difficulty, get back on track.

Welsh community finance

Plend also works with several community development finance institutions (CDFIs) in Wales and the South-West of England. These include social enterprise Lendology, which offers lending to local authority homeowners; Purple Shoots, which offers microfinance for small businesses and social enterprises; and Robert Owen Community Banking, a not-for-profit that provides loans for businesses, homes and community initiatives in Wales. By providing its open banking technology to these CDFIs, they

can extend loans to a broader range of individuals, many of whom would be locked out of affordable credit.

Fliss Berridge, Co-founder of Ordo, said:

“The way we live, work and earn has changed since the 1960s when the Direct Debit and cards were introduced. They were a convenience revolution then, but now they’re slow, rigid and expensive. In a dynamic and constantly switched-on world where everything in people’s lives can be checked and turned on or off with the click of an app, payments and billing needs to step up to help people manage their money better. We love working with our credit and lending clients and utility partners because we see the difference having low-cost, secure and flexible payment capability, informed by banking information and AI, makes.”

Credit is a vital tool to enable people to manage their finances. Innovation in the fintech industry demonstrates new and potentially fairer and more effective ways of providing credit, and other financial services. Many of these also expand access to financial services, focusing on fairness and affordability, helping to deliver a public good, both in Wales, and across the wider economy.

Inform.

The Welsh Not-for-Profit Leading the Way in Financial Inclusion

A Welsh not-for-profit organisation is leading the way in providing start-up finance and business support to communities who may otherwise be financially excluded.

Assadaqaat Community Finance (ACF) provides interest-free finance alongside targeted training, advice and mentoring to underserved communities, especially those from Black, Asian and minority ethnic communities as well as migrant communities including refugees and asylum seekers.

The Cardiff-based organisation has received financial contributions from Welsh Government, NatWest, Cardiff University, WCVA, BAWSO and other key benefactors to run and deliver the ACF Women Entrepreneurship Programme. This flagship entrepreneurship programme enables women to build their confidence and access entrepreneurial skills, training advice, mentoring and interest free finance required to start their own micro, small and medium enterprises.

More than 3,000 women have engaged with ACF to date, with around 1,000 completing the ACF Women Entrepreneurship Programme and 125 women in the process of setting up their own businesses.

As well as its focus on Welsh communities, ACF has also run similar entrepreneurship programmes in Ghana, Saudi Arabia, and Pakistan. It has now been approached by organisations in England, Scotland, Ireland and Lesotho who are keen to replicate the ACF approach.

Akmal Hanuk, founder and CEO of ACF, said:

“ACF is needed primarily because of the market failure of our major financial organisations to address the challenges

and barriers faced by our communities to access finance for starting their own businesses. Essentially, these financial institutions have an eligibility criterion which many women and young people and many of those from Black and minority ethnic communities simply cannot meet.

“ACF helps these individuals to start their own businesses, which in turn enables them to then be financially included into the system.”

‘Assadaqaat’ can be translated from Arabic as ‘benevolence’, ‘philanthropy’, ‘compassion’ and ‘empathy’. As well as receiving grant funding, ACF works with a broad base of benefactors including individual donors, public, private and corporate donors and foundations to access funds which are then used to offer interest-free finance to individuals from less privileged communities to start their own business. The repayment of the capital is mutually agreed, based on the affordability, without any element of interest. This helps the new business enterprise to sustain and grow.

“We are pioneering a whole new inclusive business support system,” said Akmal. “The ACF innovative financial model is powered by the generosity – or philanthropy – of the ‘haves’ of society. We connect the ‘haves’ with the ‘have nots’, and by

offering targeted professional support to people who are less privileged, who are underrepresented and vulnerable, we are able to transform the ‘beneficiaries of today’ into the ‘benefactors of tomorrow’.

“Our ACF financial model enables the individuals to start their own enterprises and to consider self-employment and entrepreneurship as a viable option, which then allows them to financially empower themselves.”

Akmal said he believed that the model had flourished in Wales due to an inherent culture of support.

“We are leading the international sector in this area,” he said. “I think the ACF model works in Wales because of that culture of support that we have from our mining days. My inspiration has been Aneurin Bevan who set up the NHS in terms of offering support at the time of need, taking away any worry about the money required for treating a health condition. At ACF we have adapted this principle to address the challenges of the financial well-being of our citizens, who can access this business and financial support to start their micro, small and medium enterprises without the worry of access to finance. Our initiative contributes towards achieving the objectives of our Future Generations Act in Wales.

“The ACF model is a global proposition and contributes towards the United Nations Sustainable Development Goals (SDGs). With our headquarters in Wales, our plans are to initiate and replicate this financial model across the world. The key reason of this growing demand is due to the social and economic inequality and divide we see in our cities and towns everywhere.”

Akmal said he believed the ACF initiative offers a comprehensive and equitable solution to address critical global challenges such as financial exclusion, economic and social inequality and poverty eradication, and said this could be achieved by collaboration across all sectors.

“ACF is keen to work with key stakeholders in the business and finance ecosystem and offer expertise in engaging diverse communities and developing appropriate financial products based on understanding of the cultural, social and religious sensitivities,” he said. “Working in collaboration with the corporate sector, the private sector and the public sector, ACF can scale up our proposition and offer support to wider communities nationally and globally – ones which are currently underserved by the major financial institutions in the country.”

The Domino Effect – Wales’ Potential in Financial Services

Oliver Phillips Director, Gambit Corporate Finance

My career to date has spanned both the insurance and financial services sectors and includes 13 years in the City of London working for various Lloyd’s of London insurance syndicates and carriers.

This means I have witnessed firsthand the evolution and potential of regional financial hubs.

Reflecting on my experience, particularly during my tenure at Brit Insurance, it's clear that the efforts to decentralise from London to cities like Cardiff are bearing fruit.

Ten years ago, Brit was approached by Cardiff County Council with a proposition to relocate our headquarters from London to Cardiff. This initiative was part of Cardiff’s broader, proactive strategy to attract insurance companies to the region. Today, Cardiff’s strong reputation in the insurance sector and its burgeoning insurtech and fintech industries are testaments to these efforts.

The latest data from Gambit Corporate Finance highlights the vibrancy of the fintech sector in South Wales, which supports 16,000 people and saw more than £53 million invested between 2022 and 2023.

This substantial investment highlights the region’s growing importance as a financial services hub. Companies like Confused.com, Admiral, and Compare the Market are well-established in Cardiff, with Admiral holding the distinction of being Wales' only FTSE 100 headquartered company.

This is a significant milestone – but there is potential for more such companies to be based in Wales. The presence of these companies creates a domino effect, fostering an ecosystem that attracts additional firms to Cardiff and Swansea. This clustering effect is crucial for building a robust financial services sector. South Wales is already punching above its weight in many respects, but there is still more that can be done to further develop the market here.

Encouraging more companies to establish their headquarters in South Wales will not only enhance the region’s economic profile but also create more jobs and opportunities for local talent. The momentum is building, and with continued support from local authorities and investment in infrastructure, South Wales can become an even more significant player in the UK’s financial services sector.

Reflecting on my experience, particularly during my tenure at Brit Insurance, it's clear that the efforts to decentralise from London to cities like Cardiff are bearing fruit.

Discover.

Wales Thrives on a Well-Connected Financial Ecosystem

Rhian Elston Investment Director, Development Bank of Wales

When I reflect on the journey of the Development Bank of Wales, the growth we’ve experienced strikes me as nothing short of remarkable.

Since our transformation into the Development Bank, our team has grown by approximately 90%, expanding to around 280 employees. This growth is built on a number of successes, so it’s only right that we look to export our expertise and embrace collaboration wherever we can.

One of the pivotal moments in our journey was the decision to extend our knowledge and fund management activities beyond Wales. Establishing FW Capital across the border was a significant step, bringing numerous benefits. Not only has it become a profitable entity for the Development Bank, bringing money back to Wales, but it has also provided us with invaluable insights into the broader financial landscape.

This exposure to what’s happening elsewhere has been instrumental in driving opportunities such as delivering some of the British Business Bank’s funding directly in Wales.

We also have a strong track record of successes investing in the next wave of high-impact businesses. For instance, Admiral, a prominent Welsh company, has a venture arm that invests in innovative companies like Wagonex, which is revolutionising car ownership through a subscription model. Admiral’s investment alongside the Development Bank of Wales exemplifies the strength of our financial services ecosystem and our collaborative efforts to nurture Welsh businesses.

Another shining example is the formation of an angel syndicate by an individual with extensive experience in financial services. This syndicate comprises like-minded individuals eager to invest in fintech businesses, demonstrating the ongoing commitment to supporting local enterprises. Such initiatives are vital for inspiring ambition and providing the knowledge and resources necessary for businesses to grow.

One of Wales’ greatest strengths is its well-connected financial ecosystem. Compared to other parts of the UK, the ability to access the right people quickly is a significant advantage. Whether it’s engaging with the Welsh Government or connecting with industry experts, the ease of

communication and collaboration is unparalleled. This connectivity ensures that we can swiftly align with Government priorities and effectively support SMEs in navigating the complex finance market.

In recent months, the landscape has become more intricate with new offerings entering the finance market. However, our strength lies in our ability to manage and explain these changes to SMEs, who are often preoccupied with running and growing their businesses. Being able to get the right people involved quickly and efficiently is crucial, and it’s something we excel at in Wales.

Being able to get the right people involved quickly and efficiently is crucial, and it’s something we excel at in Wales.

1 Polling conducted by Survation, 1062 adults living in Wales, July 5-19th 2021

2 https://www.theccc.org.uk/wp-content/uploads/2019/05/ Net-Zero-Technical-report-CCC.pdf

3 RUK project intelligence 4 ibid

Services Sector in Wales

Hosted by Gemma Casey, Editor Business News Wales

Guests

Haydn Thomas

Discover.

Wales is Punching Above its Weight in Financial Services

Haydn Thomas CEO, The Cornerstone Finance Group

When discussing financial services within the UK, it's undeniable that London stands at the forefront, followed by Birmingham and Manchester.

However, there’s a third tier of cities where Cardiff proudly holds its ground alongside Glasgow, Edinburgh, and Leeds. In this league, Cardiff distinguishes itself with particular strengths in insurance and mortgage intermediation.

At The Cornerstone Finance Group, we can clearly see how Cardiff excels in this sector. We’ve chosen to headquarter our business here in Cardiff, where we currently employ 30 staff. This core team supports more than 150 appointed representatives spread across the UK – a number which is quickly growing. They bring with them knowledge and experience on everything from commercial property finance to mortgages, protection and insurance.

We chose Cardiff because we knew we had access to the knowledge, skills and, crucially, the experience we needed on our doorstep. In this respect Cornerstone is a great example of both the capability and the reach of Welsh financial services.

Additionally, South Wales is home to some key players in banking. Hodge Bank, for instance, has made significant inroads within specific markets, particularly buy-to-let,

positioning itself robustly. Similarly, the Principality Building Society is a strong brand that extends its influence beyond Wales, reinforcing the region’s financial clout.

The Development Bank of Wales, through FW Capital, also exemplifies this outward-looking approach, making substantial impacts across the UK. This ability to reach beyond Welsh borders is crucial for the sector. It highlights the importance of not being insular but rather, offering something of national – even international – relevance.

A prime example of this outwardlooking success is Gambit Corporate Finance. Their work reflects the strength of Welsh financial services and the importance of fostering connections beyond our regional borders. These connections and the reputation they build are vital for the continued growth and recognition of our financial services sector.

In essence, the strength of Wales in financial services lies in our ability to punch above our weight. We may not match London, Birmingham, or Manchester in size, but in terms of capability and reach, we stand strong.

By fostering key industries like insurance and mortgage intermediation and ensuring our financial institutions are outward-looking, we continue to build a sector that is dynamic, robust, and nationally significant.

We chose Cardiff because we knew we had access to the knowledge, skills and, crucially, the experience we needed on our doorstep.

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Food & Drink

Industry Insights from the Food & Drink Industry in Wales

For food and drink producers the journey to growth and sustainability is tied to the availability and management of finance, particularly working capital.

This financial lifeline enables these businesses to meet daily operational needs, invest in expansion, and ultimately drive profitability. However, navigating the financial landscape has become increasingly challenging, especially in the aftermath of the Covid-19 pandemic.

According to a survey by the Food and Drink Federation (FDF), 29% of food producers find the cost of financing challenging, while approximately 1213% struggle with accessing finance. This is against a backdrop of costs for food and drink manufacturers having risen 9.2% up to March this year.

During the pandemic, many food and drink producers benefited from Government-backed loans, which provided much-needed support to weather the economic storm. These loans were crucial in maintaining operations and preventing widespread business failures. However, as these loans are now being repaid, businesses face a new reality. Companies that previously operated debt-free are now grappling with the additional burden of repayment, making it more difficult to secure further debt or investment, particularly in a high interest rate environment.

Working capital is the engine that powers day-to-day operations, ensuring that businesses can pay for ingredients, labour, and other inputs while waiting for revenue from sales. Effective cash flow management is critical. Producers must maintain robust financial housekeeping to ensure they have sufficient working capital to fund immediate expansions and fulfill new orders.

Automation and strategic investments are increasingly seen as long-term solutions to enhance efficiency and reduce costs. By investing in technology, businesses can streamline production processes, reduce labour costs, and improve overall profitability. However, such investments require upfront capital, further highlighting the need for accessible financing options.

A key aspect of financial management is understanding and mitigating risks. Food and drink producers must analyse their customer base and product lines to identify the most profitable segments. By focusing on high-margin products and optimising their SKU (Stock Keeping Unit) mix, businesses can drive profitability and strengthen their financial position.

For food and drink producers, building a financially sustainable business is also essential for maintaining strong relationships with wholesalers and retailers.

These partners rely on stable and reliable producers to ensure a consistent supply of products. Financial instability can disrupt these relationships, leading to costly switches between suppliers. Therefore, investment strategies must be viewed holistically, encompassing everything from cash flow and working capital management to long-term capital investments.

As businesses continue to recover and evolve post-pandemic, understanding and managing these financial elements will be critical to their success. With the right financial strategies in place, food and drink producers can navigate the challenges of today and seize the opportunities of tomorrow, ensuring a robust and thriving industry.

Podcast - Food & Drink Wales

Wales Needs a Pioneering Approach to Food Security

Interview with Derek Walker Future Generations Commissioner for Wales

Derek Walker Future Generations Commissioner for Wales

Wales Needs a Pioneering Approach to Food Security

Wales needs to take a pioneering approach to guarantee that it will have enough food in future.

Derek Walker, Future Generations Commissioner for Wales, brought together stakeholders at an event called Food Shocks: Is Wales Prepared for an Uncertain Food Future?

It examined how Wales can be protected from future food shortages and extreme price rises in an unstable global food system.

Business News Wales spoke to the Commissioner to ask him who needs to create a food security strategy and the implications it might have for health, the environment and the economy.

Inform.

Angie Kirby

Advocacy and Outreach Officer, Size of Wales.

Angie Kirby is the Advocacy Outreach Officer at Size of Wales, a Welsh charity working to make Wales part of the global solution to climate change. Angie works on the Deforestation Free Nation campaign, which aims to help the public sector, schools, businesses, farms and communities to reduce their tropical forest footprint overseas.

The True Cost of Our Food

Since 2021 the UK has experienced a cost-of-living crisis that has forced many to make changes to their buying habits.

At the same time, we face a climate and nature crisis driven by over-consumption and a global economy largely based on the unsustainable extraction of natural resources. Seventy-three per cent of all tropical deforestation is caused by the production of just a few agricultural products, including beef from South America, soy for animal feed, palm oil, coffee and cacao. We have to transition to a greener economy, yet making ethical choices is difficult when budgets are tight and prices are still rising.

Everyone should

have access to healthy, nutritious food, ideally produced locally and sustainably.

However, the reality is that often the most affordable food for many is cheaply produced, causing damage to habitats and communities through poor production practices and resulting in poorer outcomes for human health.

For example, chicken reared in intensive poultry units (IPUs) relies on the importation of soy and palmbased animal feed, which is having devastating consequences for tropical forests and people, such as the Guarani Indigenous People in Brazil. In Wales, the poultry sector consumes nearly half of all soy imported for animal feed. Whereas organically certified chicken, which significantly reduces social and environmental harms, is prohibitively expensive for many.

The responsibility for making ethical choices is often placed on the consumer, but the political context here is key. It is crucial that farmers are incentivised to adopt more regenerative farming practices via the Sustainable Farming Scheme and a level-playing field is created that promotes ethical production – one that isn’t undermined by cheap imports from countries with lower environmental standards.

Palm oil is another commodity that exemplifies this tension. It is often used as a bulking agent to replace more costly ingredients, keeping manufacturing costs down, and is found in over 50% of packaged food products. With a growing national debate on the health impacts of ultra-processed food (UPF) it is becoming impossible to ignore the stark injustice of our food system –the most affordable food for many is the least nutritious and calorie dense, resulting in rising rates of childhood obesity, type 2 diabetes and other dietrelated diseases. How can it be that the most environmentally and healthdamaging food is the most affordable option, when the cost to human and planetary health is so high?

Food is critical to our survival and nature is critical for the provision of our food. Collectively, we must start valuing our deep dependence on nature, from the food on our plates to the air we breathe.

Inform.

Ambitious growth plans for the Welsh wine industry aim to see its value increased tenfold to reach £100 million by 2035.

The sector has already seen a huge increase in the volume of wine produced in Wales, as well as a raft of international awards won by wines from around the country.

Lauren Smith is a Category and Cluster Manager at Levercliff, a food and drink category consultancy which runs the Welsh Government’s Drinks Cluster.

“The future for the Welsh wine industry looks really bright thanks to pioneering vineyard owners, the great fruit which is grown in Wales, and very distinctive microclimates and landscapes,” said Lauren.

“We have close to 50 vineyards registered in Wales, and we have new vineyards coming on board all the time. Data from the Food Standards Agency in 2022 shows an increase of 115% in the total volume of wine produced in Wales versus the previous year, which is significant growth.

“The vision for Welsh wine is that Wales will be a dynamic and sustainable wine region.”

At the heart of this vision is the Welsh Wine Strategy, which is industry-led and therefore crafted by the vineyards for the vineyards in collaboration with the Welsh Government Drinks Cluster. It serves as a roadmap not only for expanding production but also for enhancing the quality and recognition of Welsh wines.

“We're really looking at exclusive, niche and ultimately high-quality wines,” Lauren said.

The strategy’s focus on sustainability and innovation is expected to develop a unique Welsh wine identity, fostering a strong, cohesive brand presence both online and in the global market.

Welsh vineyards are increasingly recognised for their quality, as evidenced by their success in prestigious international competitions. Producers such as White Castle Vineyard and Montgomery Vineyard have won accolades at the Decanter World Wine Awards and the International Wine Challenge. Ancre Hill Estates’ 2013 Blanc de Blancs was hailed as the best white sparkling wine in the world at the Bollicine del Mondo, beating renowned French champagnes.

The strategy also highlights the significant potential for Wales of ‘wine tourism’. Lauren described how tastings, tours, and events will draw visitors to Wales.

Skills development and innovation is also core to the strategy.

“We're doing a lot of work with the Welsh Government Skills Programme and other bodies to make sure that we can build on that,” said Lauren.

The commitment to upskilling and branding is crucial, as it ensures the industry can maintain its momentum and adapt to changing market dynamics.

Working together is also key to seeing the industry flourish, said Lauren. At a recent Welsh Wine Week trade tasting in Cardiff, several attendees were impressed with the collegiate nature of the sector in Wales, she said.

“Ultimately we all want to see the industry flourish so working together is the best way we can do that,” said Lauren.

“I think going forward we're going to see more innovation from the producers, increasing numbers of high-quality wines, and see the industry go from strength to strength as more people visit us.”

Our Approach to Food Security and Supply Chain Resilience

Ffion Moseley

Chartered Accountant, Castell Howell Foods

Food security and supply chain resilience have become pressing issues, increasingly spotlighted by recent geopolitical events.

As a food producer and wholesaler managing the import of 14,000 product lines – approximately 20% of which are sourced internationally – the impact of global events on our operations has been brought into sharp focus.

The remaining 80% of our products come from within the UK. But this doesn’t insulate us entirely from the turbulence affecting supply chains worldwide.

Our experience highlights the profound impact of external factors on the timing and reliability of deliveries. Geopolitical tensions, regulatory shifts, and climatic changes all converge to create a challenging environment for food producers.

For instance, Brexit has brought about significant changes in regulations, paperwork, and border controls, requiring us to adapt swiftly to new norms. Navigating these complexities has demanded flexibility and resilience from our entire team.

A cornerstone of our strategy has been a strong focus on local procurement, particularly of Welsh beef. By sourcing locally, we mitigate some of the risks associated with international supply chains. Dealing with local farmers

ensures more predictable transport logistics and fewer disruptions.

This localised approach has proved successful, as it reduces our dependency on longer, more vulnerable supply routes and fosters stronger relationships with local producers.

However, even within the UK, we face challenges beyond our control. Climate change has had a tangible impact on agricultural production. Extreme weather conditions affect the availability of key produce items. For example, recent shortages in parsnips were directly linked to adverse weather.

Such events highlight the fragility of our food systems and the need for adaptive strategies.

To manage these risks, we have implemented measures to ensure supply continuity. Diversifying our supplier base, both locally and internationally, helps us spread the risk and maintain a steady flow of products. This approach allows us to offer alternatives to our customers

when specific items are in short supply.

However, this requires constant vigilance and the ability to respond quickly to changing circumstances.

Internally, our team is regularly updated on supply chain issues, allowing us to make informed decisions and communicate effectively with our customers. This transparency is crucial in maintaining trust and managing expectations. Every day brings new challenges, but our commitment to adaptability and proactive planning helps us navigate this complex landscape.

Food security and supply chain resilience needs to be at the forefront of what we do as an industry. As we continue to face global uncertainties, we must prioritise these issues to ensure the stability and reliability of food supplies.

Collaborative efforts between producers, suppliers, and policymakers are essential to building more resilient food systems.

Discover.

Why Food and Drink Needs More Joined-up Thinking

Harry Cobbold Public Affairs Manager, Food and Drink Federation

When I reflect on the journey of the Development Bank of Wales, the growth we’ve experienced strikes me as nothing short of remarkable.

The past few years have seen a significant decline in investment within the sector, with a staggering 30% drop since 2019. This decline stands in stark contrast to the relatively modest 5% reduction observed in other manufacturing sectors.

A primary driver behind this trend is the wave of regulatory changes emanating from both devolved and national governments. Among these changes, deposit return schemes (DRS) and extended producer responsibility (EPR) schemes have emerged as pivotal factors influencing business dynamics.

Industry is fully supportive of both EPR and DRS, but the implementation of recycling and deposit return schemes varies across the devolved nations, creating a complex and uncertain landscape for businesses operating within the UK. Deposit return schemes are designed to incentivise the return of beverage containers, thereby promoting recycling, ensuring that a drinks bottle can become a drinks bottle again, whilst also having the added benefit of reducing litter. The Welsh Government remains committed to including glass in their scheme and believe that this decision does not invoke the Internal Markets

Act despite the UK Government intervening in Scotland halting the inclusion of glass in the proposed Scottish scheme.

Our members have consistently championed the environmental benefits of regulatory alignment and interoperability relating to the Deposit Return Scheme. The call for a harmonised approach to policies like DRS is not just about simplifying compliance, it's about fostering an environment where businesses can confidently invest and plan for the future.

The differing policies across borders and the interpretation of the Internal Markets Act pose a significant challenge for businesses. The border between Wales and England means that consumers often purchase products in one and consume them in another. This cross-border patchwork of regulations complicates and adds expense to the logistics and compliance requirements for businesses and can mean that drinks containers are not collected and recycled.

The current regulatory ambiguity stifles investment and undermines industry confidence. Businesses need a clear and consistent policy

framework to make informed decisions about resource allocation, innovation, and expansion.

The alignment—or lack thereof— between different nations policies can exacerbate these challenges, creating an uneven playing field and inhibiting cohesive industry growth.

The divergent approaches to deposit return schemes highlight the need for greater regulatory coherence. Businesses are calling for clarity and stability in government and until such alignment is achieved, the industry will continue to grapple with the uncertainties that hinder its potential.

1 Polling conducted by Survation, 1062 adults living in Wales, July 5-19th 2021

2 https://www.theccc.org.uk/wp-content/uploads/2019/05/ Net-Zero-Technical-report-CCC.pdf

We are hopeful that the new Government in Westminster will help facilitate this alignment through a mission led approach to government and with closer working with devolved governments – to bring certainty and clarity around government policy and regulatory changes.

3 RUK project intelligence

4 ibid

Discover.

Podcast - Food & Drink Wales

Episode 1 - Industry Outlook for the Food & Drink Sector in Wales

Hosted by Gemma Casey, Editor Business News Wales

Guests Include:

Linda Grant BIC Innovation

Harry Cobbold Food and Drink Federation

Ffion Moseley

Castell Howell Foods

Discover.

The Food and Drinks Industry Needs a Boost in Consumer Confidence

Linda Grant Managing Director, BIC Innovation

The food and drinks industry, like many sectors, has faced a turbulent few years, weathering the storms of economic uncertainty, pandemic disruptions, and a persistent cost-of-living crisis.

While there are glimmers of hope on the horizon, the impact of consumer confidence on business confidence remains a critical factor in determining the industry's future trajectory.

Business confidence within the food and drinks sector is a complex mosaic influenced by multiple variables.

At its core, this confidence is a reflection of how businesses perceive their ability to thrive in the current economic climate. However, to truly understand business confidence, we must also consider consumer confidence. After all, these businesses are intricately connected to consumers, either directly through sales or indirectly via wholesalers and retailers.

In recent months, we've witnessed a gradual easing of inflationary pressures. Inflation has indeed come down from the alarming highs of the past year, providing some respite to businesses and consumers alike. However, it's essential to recognise that a reduction in inflation does not

equate to lower prices. The prices of goods and services, including food and drinks, remain elevated compared to pre-crisis levels. This nuanced reality means that while inflation has slowed, the financial strain on consumers persists.

Research from various sources suggests a cautiously optimistic outlook for consumer confidence in the coming year. Predictions indicate that consumer sentiment is likely to improve compared to last year, driven by a combination of factors such as stabilising economic conditions and anticipated wage growth. However, it's crucial to note that the cost-ofliving crisis continues to impact many families. This ongoing squeeze on household budgets directly influences consumer spending behaviour, which in turn affects business performance.

The relationship between consumer confidence and business confidence is symbiotic. As consumers feel the pinch, their spending habits become more conservative, prompting businesses to adapt their strategies accordingly. For the food and drinks industry, this often means focusing on value propositions, innovative product offerings, and efficient supply chain management to maintain

competitiveness and customer loyalty. Despite the challenges, there is a palpable appetite for investment within the industry.

Businesses are keen to innovate, expand, and capture new market opportunities. However, this eagerness is tempered by a degree of caution. With market conditions remaining uncertain, businesses are meticulously evaluating their investment decisions to ensure they align with long-term growth objectives.

The goal is to make smart, strategic investments that will yield sustainable returns, rather than taking unnecessary risks in a volatile market.

Businesses are acutely aware of the need to stay attuned to consumer trends and preferences. Health and wellness, sustainability, and convenience are some of the key trends shaping the food and drinks landscape. Companies that can align their offerings with these evolving consumer demands are likely to see greater success in the coming years.

1 Polling conducted by Survation, 1062 adults living in Wales, July 5-19th 2021

2 https://www.theccc.org.uk/wp-content/uploads/2019/05/ Net-Zero-Technical-report-CCC.pdf

3 RUK project intelligence

4 ibid

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Public Sector

Understanding the Role of Corporate Joint Committees

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Integrating Governance for Greater Impact

Kellie Beirne Chief Executive, Cardiff Capital Region

The establishment of Corporate Joint Committees (CJCs) marks a significant step forward in how we approach regional governance and public investment in Wales, and nowhere is this more evident than in the Cardiff Capital Region.

Since the adoption of the regulations in 2021, our CJC has been actively shaping the future of our region by fulfilling its three main statutory duties: promoting economic wellbeing, developing comprehensive transport plans, and advancing strategic planning.

For us in the Cardiff Capital Region, the role of the CJC has been instrumental in breathing new life into these duties.

Looking ahead, our city deal, our initiatives with the Shared Prosperity Fund, and our upcoming work with the investment fund are all geared towards fulfilling our duty to enhance economic well-being.

We have managed the Cardiff Capital Region City Deal and our CJC as separate entities, but over the past 12 to 18 months, we have been diligently working to merge them into a unified model for delivering regional public investment.

We've moved nearly 50 staff to the new corporate legal entity and have been diligently setting up the policies, procedures, and mechanisms needed to meet our legal and corporate responsibilities. This includes commitments to

wellbeing, biodiversity, the Welsh language, public sector equality, and child poverty.

Our focus has been on building a solid foundation so that we can achieve more powerful outcomes.

One of our most exciting projects to date is the acquisition of the former Aberthaw Power Station, a key strategic asset that we aim to transform into a new green energy hub. This initiative highlights the vast potential of CJCs. With the ability to borrow, acquire assets, and raise taxes, we have a unique opportunity to leverage our financial resources and make transformative investments that support our long-term vision for the region.

Setting up our CJC has always been about unlocking value and realising the potential to do more. Through an evergreen approach, making investments that are repaid and reinvested, we’re creating a cycle of continuous improvement and opportunity.

For us, the value of the CJC is clear, and it is underpinned by three core drivers beyond the statutory duties.

First, enhancing regional governance. We are focused on ensuring that the Cardiff Capital Region can clearly articulate what makes it unique and leverage its strengths. It’s not about trying to be all things to all people, it’s about recognising where scale and critical mass provide a competitive advantage.

Second, advancing policymaking. There’s enormous value in developing a modern industrial strategy that goes beyond traditional industrialisation. It’s about place-making, fostering new industries, reducing poverty, and creating local growth strategies around key sectors and clusters.

Lastly, creating a robust investment framework. Making our region investable requires more than just attracting foreign direct investment. It’s about understanding our financial position, leveraging our balance sheet, and exploring all avenues for investment, from the UK Infrastructure Bank to potential taxraising powers through investment zones and business rates.

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What are Corporate Joint Committees?

Corporate Joint Committees, or CJCs for short, are regional corporate bodies, with broadly similar powers and duties to local authorities. They’ll also have similar governance and administrative structures, but will have a level of discretion on constitutional and operational arrangements.

CJCs can employ staff directly, hold assets and manage finances in the same way a local authority would. They’re required by law to appoint a Chief Executive, a Finance Officer and a Monitoring Officer.

CJCs are made up of the local authorities named in the Regulations that establish them, and membership is made up of the executive leaders of the local authorities within that region (that is the elected council leaders).

National park authorities are also included where one sits wholly or partially within a CJC area.

There are two ways to establish a CJC:

• two or more local authorities can make a request to form one; or

• Welsh Ministers can instigate it.

In February 2021, the Welsh Ministers laid Regulations establishing four CJCs which, together, cover all of Wales:

The North Wales Corporate Joint Committee

The North Wales Corporate Joint Committee Regulations 2021 include the following county and county borough councils: Gwynedd, Anglesey, Conwy, Denbighshire, Flintshire and Wrexham

The Mid Wales Corporate Joint Committee

The Mid Wales Corporate Joint Committee Regulations 2021 include the following county councils: Ceredigion and Powys

The South West Wales Corporate Joint Committee

The South West Wales Corporate Joint Committee Regulations 2021 include the following county and county borough councils: Pembrokeshire, Carmarthenshire, Swansea and Neath Port Talbot

The South East Wales Corporate Joint Committee

The South East Wales Corporate Joint Committee Regulations 2021 include the following county and county borough councils: Bridgend, Vale of Glamorgan, Rhondda Cynon Taf, Merthyr Tydfil, Caerphilly, Blaenau Gwent, Torfaen, Monmouthshire, Newport and Cardiff.

What can CJCs do?

The four CJCs are responsible for strategic development planning, regional transport planning and promoting the economic well-being of their area. The Welsh Ministers could specify functions on CJCs that relate to improving education, but this has not currently been specified within the Regulations.

Strategic Development Plans

Welsh planning law establishes a framework for local planning authorities to bring forward Strategic Development Plans (SDPs). The aim being to deal more effectively with regional cross-boundary issues such as housing and transport, and provide a strategic approach to planning at a greater scale than individual local development plans (LDPs).

CJCs are responsible for preparing the SDPs. Local planning authorities will still prepare LDPs, but these will be more focused in nature.

Transport functions

CJCs are also responsible for developing Regional Transport Plans. These plans will replace local transport plans previously prepared by individual authorities.

The Transport (Wales) Act 2006 enabled establishment of Joint Transport Authorities (JTAs). The proposed JTAs would have had their own governance arrangements and constitution, and have powers to develop regional transport strategies within a broader national context. The Local Government and Elections (Wales) Act 2021 repealed the specific provisions in the 2006 Act to establish JTAs, and for these functions to be incorporated within the new CJCs.

Episode 1 - Understanding the Role of Corporate Joint Committees

Hosted by Carwyn Jones

Guests Include:

Kellie Beirne

Cardiff Capital Region

Alwen Williams Ambition North Wales

A New Era of Collaboration by Innovating Local Governance

Alwen Williams

Interim Chief Executive, North Wales Corporate Joint Committee

The establishment of Corporate Joint Committees (CJC) represents a significant evolution in local governance in Wales, particularly for us in North Wales.

A CJC is a new regional local government entity, legally constituted under the same laws and regulations as any other public body in Wales. Our North Wales CJC includes representatives from the six constituent councils of Conwy, Denbighshire, Flintshire, Gwynedd, Isle of Anglesey, and Wrexham, as well as Eryri National Park for planning matters.

In essence, it is a newly formed local government entity at a regional level with distinct responsibilities and objectives.

In North Wales, the CJC has two primary statutory duties, to develop a Regional Transport Plan and a Strategic Development Plan. These plans are essential for spatial planning at a strategic level, ensuring that our transport infrastructure and land use are aligned with the needs of our communities and the broader region.

In addition to these statutory duties, the CJC has a mandate to promote economic well-being. This focus on economic well-being is crucial as it ensures that we are doing everything possible to support and enhance

regional economic development. This means working with our constituent Councils, who retain their economic well-being powers, to agree how we add real value at the regional level.

There is also a strong sense of regional development in our approach, within transport, land use, and economic growth, all intersecting like a well-designed Venn diagram. These components create a cohesive system that aim to ensure that North Wales is well-positioned to provide the skills, employability, and economic opportunities needed for a prosperous future.

One of the keys to the success of our Corporate Joint Committee will be its ability to facilitate collaborative decision-making across boundaries. Unlike a single council, which might be limited in its focus by its jurisdiction, the CJC allows us to, collectively, see beyond these boundaries and recognise that the economy operates on a much broader scale, encompassing a wide range of stakeholders.

The unique strengths of our CJC is its ability to co-opt members, bringing in diverse perspectives and expertise to enhance our strategic planning. This inclusivity provides a tremendous

opportunity to shape our region’s future at a more comprehensive level.

While collaboration is a term often used in public policy, doing it well requires significant effort and commitment, particularly within a political context where decisions are often driven by the need to deliver value to specific areas.

However, the power of our CJC in North Wales lies in its ability to bring together these interconnected parts of the system, facilitating dialogue and establishing shared priorities. This collaborative approach allows us to leverage our collective resources more effectively, ultimately providing better frontline services for our public service users.

By working together, we can ensure that we all collectively deliver lasting benefits for the people and communities of North Wales.

Amplifying Wales’ Leading B2B Brands

Reaching over 15,000 Welsh decision makers – Every day

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Property

The

Commercial

Property Landscape in Wales

The Rise of Data Centres in Wales

Inform.

The commercial property landscape in Wales is experiencing a significant transformation with the growth of data centres.

This sector, often heralded as the backbone of the digital economy, is expanding rapidly, bringing with it both opportunities and challenges. Key developments in Newport, Bridgend, with further interest elsewhere, are positioning Wales as a vital hub for data infrastructure.

Recent high-profile acquisitions and projects highlight the importance and potential of data centres in Wales:

Microsoft's Newport Data Centre: Microsoft has acquired the former Quinn Radiators factory on Imperial Park, a 1.1 million sq ft building on 40 acres. Microsoft are to develop a stateof-the-art data centre, which secured planning permission in July 2024 for 750,000 sq ft across data halls. This move by a global tech giant highlights Newport's strategic significance in the digital landscape and builds on the data cluster in the area.

Vantage's Acquisition in Bridgend: Vantage Data Centers has acquired the former Ford site in Bridgend. This former engine plant totalled around 1.7 million sq ft on a total site of around 150 acres although the brownfield area is smaller. Again, this site is poised to become a key data centre, supporting the increasing demand for digital services.

There is interest elsewhere in South Wales with the planning register suggesting a potential project at Bro Tathan in the Vale of Glamorgan.

Wales is strategically located between data clusters in London and the Republic of Ireland and with proximity to the transatlantic data which land in Devon and The Gower. Access to digital fibre spines and grid connections are key locational criteria.

Data centres have evolved through three significant waves:

1990s – Web.com Era: The first wave of data centres emerged with the rise of the internet, supporting web hosting and the burgeoning online economy.

Past Decade – Cloud Computing: The second wave was driven by the exponential growth of cloud computing, with data centres becoming essential for hosting vast amounts of data and applications for businesses and consumers alike.

Present – AI and Advanced Technologies: We are into the third wave, propelled by artificial intelligence (AI) and other advanced technologies. This wave is generating unprecedented demand for data storage and processing capabilities, necessitating the expansion of data centre infrastructure.

While data centres are crucial for supporting the digital economy, they have faced criticism for not creating enough jobs and for their high energy consumption. However, both of these concerns are being addressed.

The

data centre industry is evolving,

with

significant refit

cycle creating more job opportunities. The construction, maintenance, and upgrade of these facilities require skilled labour, contributing to local employment.

Advances in photonics technology will see the use of wavelengths of light rather

than electrons to transfer data more quickly. Transitioning from electronbased to photon-based systems improves bandwith and operational efficiency but also reduces the need for extensive air conditioning and improves energy efficiency. These improvements are critical as the industry strives to minimise its environmental footprint.

Data centres are more than just large facilities housing servers. They are integral to the digital infrastructure that supports everything from online shopping and streaming services to complex AI computations and big data analytics. As such, the growth of data centres in Wales represents a strategic investment in the future of the region's economy with the added benefit that fixed capital invested in Wales anchors the digital infrastructure in place.

These centres attract technology companies, stimulate local economies, and enhance the digital capabilities of the region. They also play a crucial role in ensuring data sovereignty and security, which are increasingly important in today's interconnected world.

The future looks bright for the data centre market in Wales. As the demand for digital services continues to grow, so too will the need for robust and scalable data infrastructure. The opportunity is there for Welsh Government to create a data centre strategy.

The developments in Newport and Bridgend are just the beginning, with more projects likely to follow if Wales capitalises on its strategic advantages and encourages this investment.

Revitalising Town Centres – The Case for Permitted Development Rights in Wales

The commercial property landscape in Wales is at a pivotal juncture, and it's clear that thoughtful, forward-looking policies are needed to drive progress and rejuvenation.

The new UK Government has outlined its intention to liberalise and reform the existing planning regime hence bringing forward more quickly urgently required and critical developments.

Planning in Wales, however, is a devolved issue and what happens in England will not affect directly what happens in Wales.

One critical area that requires attention is the concept of permitted development rights and how the Welsh Government can facilitate positive change in the commercial property market.

First and foremost, we need a clear, shared vision for the future of Wales' commercial and residential property landscape. This vision should be communicated effectively from the top levels of government down to local authorities. A unified approach ensures that everyone understands the goals and the steps needed to achieve them. A well-articulated vision can serve as a roadmap, guiding policy decisions and fostering coordinated efforts across various sectors.

Permitted development rights (PDR) have been a game-changer in other parts of the UK, particularly in England. These rights allow for the conversion of existing office buildings into residential accommodation without the need for full planning permission. This policy has been in place in England for more than a decade, facilitating the transformation

of underutilised commercial spaces into much-needed housing, often directly impacting the life and appeal of struggling city and town centres.

Unfortunately, Wales has not yet adopted this approach. Given the current housing demand, particularly in town centres, implementing PDR in Wales could be a crucial step forward. By allowing more flexibility in how commercial properties can be repurposed, we can breathe new life into our town centres, attracting residents and stimulating economic activity.

Bringing people back into town centres has a ripple effect of benefits. Increased residential occupancy leads to higher foot traffic, which in turn supports local businesses, from retail shops to restaurants and services. A vibrant town centre becomes a hub of activity, fostering a sense of community and economic dynamism.

Furthermore, repurposing existing buildings is a more sustainable approach than building new structures from scratch. It reduces the environmental impact of construction and makes better use of the resources we already have. This kind of adaptive reuse can preserve the architectural heritage of our towns while meeting contemporary needs. How many empty buildings and empty floors above shops are there and what difference would it make were they to be full of people?

To improve the commercial property landscape in Wales, the Welsh Government needs to take several key steps:

• Introduce PDR to enable the conversion of commercial properties into residential units, particularly in urban centres. This policy has proven effective in other regions and could significantly boost housing supply and town centre vitality in Wales.

• Reform the planning system to make it more efficient and responsive to the needs of developers and communities. A more streamlined process can reduce the time and cost associated with obtaining planning permission, encouraging investment and development.

• Offer grants, tax breaks, or other financial incentives to developers who undertake projects that align with the vision for revitalising town centres. These incentives can make challenging projects more viable and attractive.

• Promote mixed-use developments that combine residential, commercial, and recreational spaces. These developments can create safer, more welcoming, more dynamic and resilient communities, where people can live, work, and play in proximity.

• Ensure that local authorities have the resources and guidance they need to implement policies effectively. This includes training, funding, and access to best practices from other regions.

• Foster a collaborative approach by engaging with developers, businesses, community groups, and residents. Their input can help shape policies that are practical and broadly supported.

The commercial property landscape in Wales holds great potential for transformation. By adopting permitted development rights and implementing supportive Government policies we can create vibrant, sustainable town centres that meet the needs of both residents and businesses. Why do we need to go to Milan, Seville or any number of other European cities to enjoy this kind of living?

The commercial property market in Wales is in a period of significant transition.

The sector, like many others, is navigating the aftershocks of several recent economic and social upheavals. From the enduring impacts of the pandemic to the reverberations of political shifts, the market is experiencing a profound transformation.

The pandemic forced a swift and significant shift in the way businesses operate. Remote working became the norm, leaving office spaces largely underutilised. Now, as we transition to a post-pandemic world, companies are re-evaluating their need for physical office spaces.

Hybrid working models, which blend remote and in-office work, have become increasingly popular, resulting in a reduced demand for traditional office spaces. This change has been slow but steady, with businesses gradually adjusting to new operational norms.

The commercial property market in Wales is also feeling the impacts of broader economic and political events. Interest rates, in particular, have seen

a marked increase – albeit the most recent movement has been downward. Rises beginning in December 2021 had a twofold effect on the commercial property market. Firstly, higher interest rates have increased the cost of borrowing for property companies. This has put a strain on those with existing loans and made new investments more expensive. Secondly, the investment landscape has had to adapt to this higher rate environment, leading to more cautious and strategic investment decisions.

The demand across various commercial property sectors has been uneven. The office sector has been particularly hard hit, with demand remaining patchy and sporadic. Many businesses are downsizing their office spaces or opting for flexible leasing arrangements as they continue to navigate post-pandemic working practices.

In contrast, the industrial sector is experiencing far better prospects. The rise of e-commerce and the need for logistics and distribution centres have

driven demand for industrial spaces. Warehouses and distribution hubs are in high demand as businesses strive to optimise their supply chains and meet the growing online shopping trend.

The retail and leisure sectors are also part of this complex landscape. Retail spaces have been under pressure, with changing consumer habits and the rise of online shopping impacting traditional brick-and-mortar stores. However, there is a sense of cautious optimism as businesses innovate and adapt to new consumer preferences. Leisure spaces, too, are adjusting as the public's appetite for experiences and social activities gradually returns.

While the current state of the commercial property market in Wales presents challenges, there are reasons for optimism. The industrial sector's strong performance is a positive indicator, and the gradual adaptation to new working and consumer habits suggests that other sectors will find their footing in due course.

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Finding Positive Change Amid the Commercial Office Space Doldrums

Phil Jardine Partner, Blake Morgan

Things in the commercial office space sector feel like they're stuck in the doldrums.

We've witnessed a profound clash, not just in the technical sense of supply versus demand but in a deeper cultural sense that has emerged since the pandemic.

Words like “hybrid” and “flexible” are tossed around with ease, yet they underscore a massive transformation that has reshaped the market over the past four years. This transformation, though accelerated by the pandemic, has been simmering for much longer.

The result? A landscape dotted with empty office spaces, landlords eager to fill them, and tenants grappling with uncertainty about their actual needs. The shift to hybrid and flexible working models has created a challenging scenario where demand for office space is not what it used to be.

Nothing has been helped by the naïve mantra from parts of Government commanding a preference for working from home without realising the waste it has induced amongst its own stock and the perhaps unintended consequences of its effect on the town and city centre office markets, let alone the culture around teams within businesses. Words and examples are important.

However, amid this apparent gloom, there are glimmers of positive change and opportunity.

The pandemic forced businesses to rethink their operational models almost overnight. The swift transition to remote work revealed that many tasks could be performed just as efficiently, if not more so, outside the traditional office environment. This revelation has led to a cultural shift, where employees now value flexibility and work-life balance more than ever before.

In this new world, the demand for office space has not disappeared but transformed.

Businesses are still coming forward, but with more cautious, tentative steps. They want smaller spaces, shorter lease terms, and the flexibility to scale up or down as needed. This shift in demand is not a sign of decline but rather an evolution towards a more dynamic and adaptable approach to workspace management.

Landlords, too, are adapting. The challenge of filling vacant spaces has prompted innovative solutions. Some are reconfiguring their properties to offer more flexible leasing options, including co-working spaces and short-term rentals. Others are investing in technology and amenities that cater to the needs of a hybrid workforce, such as advanced

conferencing facilities and wellness areas.

The market's slow adjustment to these new realities may seem like a drawback, but it also presents an opportunity. By embracing flexibility as a core strength, both landlords and tenants can navigate this transitional phase more effectively. Landlords who can offer adaptable, high-quality spaces will likely attract tenants looking for environments that support their evolving work practices.

What we're witnessing is not the demise of the commercial office space but its reinvention.

The demand is shifting towards spaces that foster collaboration, creativity, and well-being. Offices are no longer just places to work but environments that enhance productivity and employee satisfaction. We can only hope that more people return to enjoy the benefits of these smaller but better environments.

Despite the current challenges, there is reason for optimism. This evolution, while slow, is paving the way for a more resilient and adaptable market.

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Navigating the New Landscape of Commercial Property

James Crawford CEO, Johnsey Estates

As commercial property owners, I can say with confidence that the landscape has fundamentally changed, and it isn't what it once was.

Gone are the days of large, longterm lettings dominating our portfolio. Today, we're witnessing a significant shift in occupier behaviour and demand that requires an agile approach to managing and leasing our properties.

Many of our occupiers, when faced with a lease event such as a renewal or the opportunity to break a lease, are seizing the chance to right size their operations. This often means taking up less space, a trend that reflects the broader changes in how businesses are utilising office space.

The demand for flexibility has become a central theme. Traditional longterm leases are becoming a rarity, as occupiers now seek the ability to adjust their space requirements more frequently. Occupier break clauses are being included as standard, providing regular opportunities for businesses to reassess and modify their space needs.

In response to these changing demands, we've seen a substantial increase in smaller lettings and a growing interest in flexible office solutions. The growth in serviced or flexi offices has been enormous. These spaces offer occupiers the freedom to come and go as they

please, with all-inclusive rents that cover everything from utilities to maintenance. This model caters perfectly to the modern occupier who values flexibility and simplicity over the traditional, rigid leasing structures.

At Johnsey Estates, we've developed flexible office solutions that align with these evolving needs. Our approach allows occupiers to scale their space up or down with minimal hassle, offering a level of adaptability that is now essential in the commercial property market.

This shift towards flexibility is a direct response to the changing business environment, where agility and responsiveness are key to success.

The economic model of commercial property leasing has also undergone a transformation. The days of property owners insisting on rents that increase every five years, along with additional occupation costs through service charges, are disappearing. Occupiers are no longer willing to commit to these terms, and the market has had to adapt accordingly.

Today, inclusive rent models are becoming the norm. These models provide greater transparency and predictability for occupiers, who

appreciate knowing exactly what their occupancy costs will be without the burden of additional charges. This shift benefits both parties, fostering a more straightforward and cooperative partnership between owner and occupier.

In general terms, there is also an acknowledgment that the market may be oversupplied with office space. With the changing dynamics of work, particularly the increase in remote and hybrid working, the demand for traditional office space has declined. This oversupply necessitates a rethinking of how office space is repurposed, marketed and utilised.

As property owners, we need to be proactive in repurposing and reimagining our properties to meet the current needs of businesses. This might involve converting traditional office spaces into flexible workspaces, co-working areas, or even mixed-use developments that can better serve the community and generate sustainable income while concentrating on key growth sectors

Podcast - Property Wales

Episode 1 - The Commercial Property Landscape in Wales

Hosted by Carwyn Jones PLAY EPISODE

Guests Include:

Chris Sutton Sutton Consulting James Crawford Johnsey Estates

Philip Jardine Blake Morgan

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Insights into Cardiff’s Commercial Office Market Post-Covid

Chris Sutton Director, Sutton Consulting

Cardiff is a strong and vibrant capital city, being the political, commercial, administrative and cultural centre for the whole of Wales.

Since devolution the city has been a ‘jobs engine’ notably in financial and professional services alongside public sector and traditional city centre jobs.

However, the landscape has shifted dramatically in recent years, particularly in the wake of Covid-19. Post-pandemic changes to working practices have led to less footfall, impacting retailers, bars and restaurants.

Looking back, the period from 2011 was a golden era for Cardiff's office developers. That year saw Admiral's move to David Street, which marked the beginning of a construction boom that saw over more than 1.5 million square feet of office space built in central Cardiff.

This included landmark projects such as Central Square which now houses the BBC Wales headquarters and the UK Government hub and Capital Quarter, south of the railway mainline. The skyline was dotted with cranes, thanks to the efforts of dominant local developers Rightacres and JR Smart, who significantly contributed to the city's vibrant office market pipeline.

The long-term average take-up has been around 500,000 sq ft per annum, but this dipped post-Covid. The good news is that, in Q1 2024, take-up was

back to 113,000 sq ft, according to agents Avison Young. This marks a return to somewhere near long-term trend, although many occupiers are reassessing their floorplate requirements. Many occupiers are seeking to reduce their overall size requirement but moving up the quality threshold to Grade A accommodation with internal collaboration space.

Even before the pandemic, technology was reshaping the nature of office demand. Tools like Zoom and Microsoft Teams have accelerated these trends, facilitating remote work and reducing the necessity for traditional office space. The Welsh Government's target of ‘30% remote working’, introduced just prior to Covid-19, has further compounded this shift towards hybrid working models. The post-Covid era has seen businesses re-evaluating their office space needs, with many opting for more flexible, hybrid work arrangements.

As we emerge from the pandemic and its aftermath, the central Cardiff office market is just starting to show signs of recovery. The market is still below its long-term average however the changing nature of office demand is creating churn and a shift to modern, fit for purpose floorspace.

The stock of existing Grade A office space in Cardiff is being absorbed, but there is a looming challenge. Today's businesses are increasingly disinterested in older, 1970s-style office blocks, such as those found on Newport Road. There is a clear preference for modern, adaptable workspaces that cater to the evolving demands of the contemporary workforce and a clear shift to the central business district now established around Cardiff Central railway station. The roll-out of the South Wales Metro has improved this hub & spoke mass transit system which supports the city centre.

The future of Cardiff's commercial office market hinges on its ability to adapt to these changing dynamics. The era of large-scale, speculative office developments may be on hold until rents increase to improve viability, but there is still a need for high-quality, flexible office spaces, increasingly including incubation space. Developers and landlords must focus on refurbishing and modernising existing properties to meet current sustainability standards and expectations.

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Innovation & Technology

Cybersecurity in Healthcare

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Gethin Roberts

Managing Director

Iterate

But this oversight can lead to vulnerabilities which prove very costly and challenging to address later on.

At Iterate, we emphasise the importance of incorporating cybersecurity considerations from the very beginning of the product development process.

This proactive approach not only protects patient data but also enhances the overall reliability and trustworthiness of the healthcare technology.

A recent project we undertook highlights the critical importance of early cybersecurity integration. We were developing a device for rapid sepsis diagnosis, a tool that could potentially save lives by providing quick and accurate results. However, the device needed to handle sensitive patient data, which necessitated a robust cybersecurity framework.

From the initial stages of creating the product specification and design concepts, we worked closely with our client to address potential security threats. We needed to understand the electronic architecture and how it could be exploited by malicious actors. This early focus on security ensured that the device was designed with data protection in mind, minimising the risk of any data breaches.

In the case of our sepsis diagnosis device, we aimed to minimise the amount of patient data handled directly by the device. Instead, we focused on securely transmitting data from the device to a central storage unit within the NHS.

Integrating Security into HealthTech Product Development

When it comes to product development, particularly in health technology, cybersecurity is often an afterthought.

This approach reduced the potential points of vulnerability and ensured that sensitive data was managed within a controlled environment.

Understanding the electronic architecture of the product is crucial.

This involves specifying the electronic hardware and determining what data needs to be captured and how it will be communicated. By carefully planning the data flow and incorporating encryption and other security measures, we can protect the data throughout its lifecycle.

Often, our clients may not initially consider the security implications of their product. It is our responsibility to guide them through this process, ensuring that cybersecurity is a fundamental part of the product design. This collaboration helps create a more secure product that meets both functional and security requirements.

One of the primary challenges we face is the client's initial lack of focus

on cybersecurity. Many healthcare companies come from a medical background rather than a technological one, and their expertise lies in clinical practice rather than IT security. To address this, we provide education and support, helping clients understand the importance of cybersecurity and how it can be integrated into their product development processes.

By considering cybersecurity at the outset of product development, we can “bake in” security features that protect patient data and enhance the product's overall safety and efficacy. This proactive approach reduces the risk of costly security breaches and ensures that new health technologies can be trusted by both healthcare providers and patients.

If you’d like to know more about getting your team skilled in cyber, take a look at Cyber Innovation Hub’s short, hands on upskilling courses

https://cyberinnovationhub.wales/ training/training-and-skills/

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Jonathan Stock Chief Information Risk Officer, PureCyber

Not only is there a chance to access sensitive data, but there is also a chance to cause as much disruption as possible, an attractive concept to cyber criminals. Disruption within the health sector can translate into longer wait times, treatment cancellations, and even lost lives.

Recent incidents highlight how vulnerable the healthcare industry, and the technology businesses that support the sector, are to cyber threats, making robust security measures imperative.

The data managed by the health sector, such as sensitive medical records, is widely known to be particularly attractive to malicious parties, but gaining access to medical research and intellectual property is also a highly lucrative area for attackers. These assets will generate exceptionally high value on the dark web, hence the reason why the industry is so highly targeted.

Ransomware continues to be one of the most formidable threats to the healthcare industry. The disruptive nature of these attacks can potentially cripple healthcare systems, delaying critical medical services and putting lives at risk. The infamous WannaCry attack in 2017, which affected thousands of NHS sites after a vulnerability in an outdated version of Windows was exploited by attackers, is a stark reminder of the havoc ransomware can cause when systems are not kept up to date.

Healthcare is a highly interconnected industry, with numerous suppliers and partners. This interconnectedness

We Need to Do More to Protect the Health Service from Cyber Attacks

The healthcare sector is, and always will be, a prime target for cybercriminals.

extends the attack surface, creating additional vulnerabilities. This was the situation in June this year when the Synnovis cyber-attack demonstrated the disruption that ransomware can have against the healthcare sector with several major London hospitals declaring major incidents.

Phishing attacks still pose a serious threat to the healthcare industry and are typically the point of entry for most cyber-attacks. Criminals often exploit human error to gain access to sensitive information. In the healthcare sector, where staff may not always have extensive cybersecurity training, phishing can be an effective means of breaching defences.

To address these challenges, the healthcare industry needs to adopt a strong approach to cyber security. However, this also has its inherent challenges.

One of the main improvements is that healthcare organisations must prioritise the modernisation of IT infrastructure. Investing in up-to-date systems that are less vulnerable to attacks is crucial. Sadly, there are financial and resource constraints which are always valid concerns, however, the cost of a major cyber incident far outweighs the investment in preventive measures. If the modernisation of the IT infrastructure cannot be achieved,

then a risk mitigation tactic must be adopted, where vulnerable systems and applications are isolated from the main network, while also being kept internally facing with limited reach to the wider internet, and have additional security controls in place.

Secondly, cyber security training for healthcare staff is essential. By raising awareness and providing comprehensive training, organisations can significantly reduce the risk of phishing attacks and other human errorrelated vulnerabilities.

Thirdly, healthcare organisations should collaborate with their suppliers to ensure they meet the necessary security requirements. If that’s not possible, then the risks of those suppliers need to be understood and addressed formally so that there is visibility over any weaknesses within the supply chain process.

Lastly, continuous monitoring and improvement of cyber security measures are important. The cyber threat landscape is constantly evolving, and healthcare organisations must stay ahead of the curve and remain informed about latest threats and best practices. Introducing regular security audits and penetration testing as critical aspects of your operational policies will help to maintain a strong security posture.

If you’d like to know more about getting your team skilled in cyber, take a look at Cyber Innovation Hub’s short, hands on upskilling courses

Simple Housekeeping Can Protect Healthcare Systems From Cyber Failures

The issue surrounding Crowdstrike cybersecurity software demonstrated how an IT update can cause havoc. It shows how vital our computer systems are to the everyday operation of systems we all rely on.

Inform.

Rachael Medhurst

Senior Lecturer in Digital Forensics and Cyber Security

University

of South Wales

One glitch in the update caused worldwide problems, hitting, among others, trains, shops, airports and pharmacies – with airlines forced to cancel flights and some GP surgeries in Britain affected.

While this technology was introduced to enhance efficiency, it is only when things go wrong, and the failures impact millions of people, that we ask serious questions about how good the systems really are.

Although the Crowdstrike problem wasn’t a criminal issue, it did show how a problem with vital computer systems – either through criminal intent or expert oversight – can have a major impact.

For our health systems, making sure they are free of problems is vitally important, and one that needs to be taken incredibly seriously by those who operate them.

As one commentator noted about our increasingly connected world: “The Internet of Things (IoT) is integrated with medical devices, enabling improved patient comfort, cost-effective medical solutions, quick hospital treatments, and even more personalised healthcare.”

Great as this is, this connectedness also causes many concerns, which were put into sharp focus by a statistic which was recently revealed by a systems expert.

According to Yaroslav Goortovoi, a Technical Writer at software specialist Altoros, 46% of medical IoT devices have a vulnerability.

This means that almost half of the machines which we may rely on for our medical safety could be at risk

from hackers, who could access our data, impact our wellbeing, or affect the operation of our healthcare systems.

It would be great if this 46% figure just painted a picture of a worse-case scenario – but, unfortunately, we have seen what impact that malign influences can have on healthcare systems.

In May 2017, in what is known as the WannaCry attack, major issues were caused by a ransomware attack on the NHS – when a criminal group encrypted healthcare systems and files, then demanded a ransom in exchange for details of how to return the systems to normal functioning.

This impacted more than 80 of the UK’s NHS Trusts and involved the failure to carry out a software update, which was then used by hackers as a way to get into the systems.

According to an NHS spokesperson “due to the unpatched operating system, this has infected more than 230,000 computers in at least 150 countries”. It led to an estimated cost of £92 million to fully recover.

The need for those operating in the healthcare sector to take systems security seriously is there for all to see, but some research has suggested that the warnings are not heeded.

Statistics from software industry specialists Capterra found that less than half (43%) of health practices say they always change default passwords on connected medical devices, and less than a third (32%) always update them when a patch is available.

These figures highlight that there is large part of the healthcare sector that is not actioning basic security recommendations, which ultimately leads to increased vulnerabilities and susceptibility to cyber-related attacks.

The Vital Role of Cybersecurity in Healthcare Innovation

Pete Burnap Director, Cyber Innovation Hub

Healthtech innovators operate in a rigorously controlled environment where stringent regulations are the norm.

Products must navigate a labyrinth of approvals from global regulators. Just as patient safety is a top priority, so must cybersecurity be not just an afterthought but more a central component of product development.

Healthcare is increasingly reliant on digital technologies, which makes it a prime target for cyber threats. The nature of cloud storage, where much of today’s data is securely held, requires nuanced understanding and robust protections. The way data is stored, accessed, and managed in the cloud must align with stringent security standards to protect sensitive patient information from breaches and unauthorised access.

The movement of people and the exchange of information across systems further complicate the cybersecurity landscape in healthcare. As healthcare professionals and patients interact across multiple platforms and devices, the potential for security vulnerabilities increases.

It is here that cybersecurity protocols are crucial. They ensure that data integrity and privacy are maintained, thereby supporting the trust that is essential for effective healthcare delivery.

The innovation surrounding new health technologies must be supported by equally innovative cybersecurity strategies. When cybersecurity is integrated at the outset of the product development process, it allows innovators to design solutions that inherently protect users and data. This proactive approach means that security measures are built into the foundation of the product, rather than being tacked on as an afterthought.

For health tech firms, knowing where your data resides, how it is protected, and the risks associated with its exposure is paramount. This knowledge isn't just about compliance with regulations. It's about building a sustainable, trust-based relationship with end users.

A lapse in security can have devastating consequences, not only in terms of financial loss but also through damage to reputation and trust, which are significantly harder to restore.

In our role at the Cyber Innovation Hub, we emphasise the importance of this integrated approach.

We advise health tech companies to consider these aspects from the very beginning of their product development journey. Adopting this mindset ensures that innovation and security grow hand in hand without compromise.

This approach doesn't just safeguard the technology and the data it handles; it also protects the very people who depend on it.

If you’d like to know more about getting your team skilled in cyber, take a look at Cyber Innovation Hub’s short, hands on upskilling courses, and if you would like to know more about immersive testing of your networks and devices, check out the Cyber Innovation Hub testbed facilities

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Cybersecurity is Not an IT Problem, it’s a Leadership Issue

Angharad Watson Manager, Digital Transformation Innovation Institute, Cardiff University

In the digital age, cybersecurity is a fundamental aspect of any business operation, and this is especially true for the healthcare sector.

Yet, despite its critical nature, many businesses still perceive it as the sole responsibility of the IT department.

This mindset is outdated and dangerous. Cybersecurity is a business-wide concern, and the ultimate responsibility lies with the highest levels of leadership. If a breach occurs, it is not the head of IT but the CEO who will be in the spotlight.

Healthcare presents unique cybersecurity challenges. Many companies in this sector come from a medical technology or clinical practice background rather than an IT or cybersecurity background. This often means that their primary expertise lies in medical advancements rather than in securing the digital infrastructure that supports these advancements.

Consequently, amassing the right cybersecurity expertise within these companies is crucial.

The healthcare system, particularly within the NHS, is a vast and complex network of legacy systems. Integrating new technologies into this ecosystem while ensuring the security and integrity of data is a formidable task. The need to share data for operational efficiency must be balanced against the imperative to protect this data from cyber threats.

One of the key messages we emphasise to companies is that cybersecurity is not just an IT issue; it is a leadership issue. The person ultimately responsible for cybersecurity is the one who will face the consequences in the public eye if a breach occurs. This reality

should prompt CEOs and other senior leaders to take a more active role in understanding and overseeing their organisation’s cybersecurity posture.

Cybersecurity in healthcare is a complex challenge that requires a comprehensive, organisation-wide approach. Leaders must recognise their role in cybersecurity and work to build the necessary expertise and infrastructure to protect their data and systems.

by Carwyn Jones

Hosted

Cybersecurity in Healthcare Needs to be Taken Seriously

Richard Rees Chief Finance Officer, Creo Medical

The healthcare sector is undergoing a massive transformation, moving from traditional, centralised systems to a more complex, interconnected web of remote working, cloudbased services, and a plethora of connected devices.

This evolution has exponentially increased the scope and scale of cybersecurity challenges. As such, healthcare needs to be considered just as vulnerable as the rest of our critical national infrastructure – and protecting it needs to be taken just as seriously.

Healthcare has evolved from a simple, location-based service model to a highly distributed system. In the past, a company operated from a single location, with employees working onsite using secure systems. Today, the landscape is vastly different. Remote working, home offices, and the myriad of connected devices that employees carry have expanded the boundaries of the workplace.

Data no longer resides in one secure location – it flows seamlessly into the cloud, accessible from anywhere.

At Creo Medical, our technology is embedded in hospitals, interacting with patient data through sophisticated software. This includes robotic systems that collect procedural data and advanced AI algorithms that learn and improve based on realworld usage. The sheer number of people and organisations connected to these systems, combined with the

continuous connection of devices, creates an expansive and complex ecosystem of risk.

The healthcare sector deals with an enormous volume of highly sensitive data. Patient information, procedural data, and AI learning data are all invaluable and require stringent protection. A breach can lead to severe reputational damage for hospitals, patients, and the companies involved.

Intellectual property (IP) in healthcare technology is extremely valuable. Developing new technologies and treatments is a time-consuming and highly regulated process, creating significant barriers to entry. Consequently, the IP generated in this sector is a prime target for theft and exploitation. Protecting

this IP is crucial, yet challenging, especially when the primary focus is on improving patient outcomes.

Protecting sensitive data, securing intellectual property, and maintaining robust cybersecurity practices are critical to safeguarding the industry.

As we continue to innovate and improve patient care, cybersecurity must remain a top priority.

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Tourism & Hospitality Industry Outlook

by Gemma Casey, Business News Wales

Hosted

With tourism and hospitality businesses going through a challenging summer, industry leaders are calling for more co-ordination and collaboration to capitalise on what Wales has to offer.

Speaking to Business News Wales on the Tourism Wales podcast, Jim Jones, CEO of North Wales Tourism, described a “flat” season for members, saying advance bookings had been slow and business generally was showing no growth.

Lisa Francis, Policy Advocate with Wales Tourism Alliance, said businesses were seeing a significant drop in operating profit, leading to a real fear that they won't be able to reinvest for the future.

She described the situation as “really serious” and said the industry was static.

Lisa and Jim highlighted Welsh Government policies including the regulatory change which mandates that furnished holiday lets and selfcatering properties must be let for at least 182 days per year to qualify for non-domestic rating.

Failing to meet this threshold subjects property owners to council tax, with premiums in some areas reaching up to 300%.

This policy, designed when the Welsh Government was in a co-operation agreement with Plaid Cymru, aims to increase housing availability by discouraging second home ownership.

Lisa said that threshold may not be a problem for some operators in ‘honeypot’ areas such as Tenby, Beaumaris or Abersoch, but she said that in more remote areas it was proving a difficult target to reach.

She said:

“It's having an effect on the people who provide services to those businesses. So

painters, decorators, small shops, cafes and restaurants, attraction providers. That is a very serious impact that we're seeing right now and it's very worrying.

“We would like to see a reversal of that policy. I'm hoping that the new Government at Westminster might influence the Welsh Government.”

Zoe Hawkins, Chief Executive of Mid Wales Tourism, said the perception was that many of the policies and regulations were coming from different departments of Welsh Government, adding that the industry wanted to see better communication and co-ordination between government departments to avoid unintended consequences.

Skills training was another area of concern for the podcast guests, who said that it was exacerbating problems with recruitment and retention.

Frankie Hobro, Director at Anglesey Sea Zoo, said:

“In Europe it's a huge privilege to work in the industry. And here in the UK, we've always struggled with that. People want the service, but a lot of them don't want to actually work in the industry.”

Infrastructure was also identified as an issue, with Jim saying that even when North Wales Tourism had successfully upskilled and placed candidates in roles sometimes transport was an issue.

Zoe highlighted that when she lived in Australia hospitality businesses in rural

locations had organised minibuses for staff. She suggested that Welsh tourism businesses could look elsewhere for examples of best practice which could be adopted.

She added:

“This is our industry, with real people and real families. We all live, work, and raise our kids in the region. We need to work together better as an industry and a nation to find solutions and balance and not have these unintended consequences.”

Jim said:

“No-one else has got what we've got in Wales. We've looked at other places, and seriously, from our heritage here to our outdoors, from the unique attractions, world class, world first attractions as well, no-one's got what we've got.

“What we need to do is to package that up as a nation, and go out there and promote it the same way as Ireland do, internationally. And that way it will help our economy.”

The profile of Wales as whole could be boosted if tourism businesses, association, local authorities, Visit Wales and Welsh Government all pulled together and became more joined up, said Zoe.

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Welsh Water Recreation Hubs Attract Almost 1m Visitors

Welsh Water’s five health, wellbeing and recreation hubs attracted almost a million visitors last year.

The water company runs five visitor attractions with the aim of “reconnecting you with the outdoors, water and environment”.

They include Elan Valley in Mid Wales, a 72 square-mile site which combines Victorian dams, reservoirs and a visitor centre. Elan Valley is an International Dark Sky Park.

Llyn Brenig in North Wales is a forested site with a trout fishery, cycle hire, adventure playground, visitor centre and café. Llyn Brenig is also home to rare nesting ospreys that can be seen from April to the end of August. It has 23km of shoreline stretching around one of the largest areas of inland water in Wales.

Llandegfedd Lake in Usk includes water sports, fishing, walking and wildlife watching, and has a restaurant and café.

Llys-y-Frân in Pembrokeshire reopened in June 2021 after an extensive refurbishment. It now offers a visitor centre, café, mountain biking, walking

trails, water and land activities, fishing, adventure playground, and a cycle hub with 14km of cycle trails.

The newest visitor attraction is Lisvane and Llanishen Reservoirs in north Cardiff, which is a natural resource of significant ecological value and encompasses two Sites of Special Scientific Interest (SSSI) for waxcap fungi and overwintering birds.

A watersports programme there includes open-water swimming, sailing, canoeing, kayaking and paddleboarding. The site also includes a visitor centre and cafe.

Between April 2023 and the end of March this year the five attractions saw 940,000 visitors.

Sally Walters, Visitor Attraction Marketing Manager for Welsh Water, said:

“Our sites are very well used for health and wellbeing, for water sports and

just generally for the community to get involved in what we do on the sites.

“As a public body Welsh Water is bound by the Wellbeing of Future Generations Act, and we need to comply with The Water Industry Act 1991, which requires us to ensure the water and land is made available in the best manner for recreational purposes.

“Our visitor centres play an important role in allowing us to connect with our communities, and they enable us to demonstrate our social value.

“Any income generated at the sites goes straight back into running them for the benefit of the communities around them.”

The visitor attractions are also used by businesses for staff volunteering days, which sees them get involved with environmental projects.

Left: Gareg Ddu Dam. Top Right: Llyn Brenig - boat and view of visitor centre. Lower Right: Llys-y-fran View of Lake.

Wales ‘Needs More Support’ to Build Back Tourism Levels

Welsh tourism needs a ‘strong foundation on which to re-build’ and recover visitor spending figures which have yet to get back to 2019 levels.

That’s the call from FSB Cymru, which says the sector is a ‘vital cornerstone of the Welsh economy’ which needs more support.

Figures published by the Welsh Government in the Wales Visitor Economy Profile shows that tourism industries accounted for 11.8% of employment (159,000) in Wales in 2022, an increase from 151,000 in 2020 (11.3% of employment in Wales).

The data also demonstrates that tourism-related industries contributed 5.1% to GVA in Wales in 2022 (£3.8 billion).

But Wales is the only UK nation to not recover visitor spending figures from 2019.

From January to December 2023, there were 2.96 billion leisure day trips of three hours or more taken in Great Britain by British residents with a total expenditure of £109.10 billion. Approximately 6% of all leisure day trips of three hours or more by British residents were taken in Wales, compared to 86% taken in England and 10% taken in Scotland. The share of total spend in Wales was 5%.

Wales received 892,000 visits in 2023, down 13% on 2019 but up 30% on 2022, whilst spend reached £458 million in 2023, down 11% on 2019, but up 16% on 2022. Wales remains the only UK nation to not recover spend figures from 2019.

In 2023, the UK received 38 million international visitors, who spent a total of £31.1 billion. However, only 892,000 international tourists visited Wales,

spending £458 million – approximately 1.5% of the total UK spend—while 3.99 million international tourists visited Scotland.

FSB Wales is calling on the Welsh Government to:

Restore Business Rates Relief: Restoring business rates relief for businesses in the leisure, retail and hospitality sector to 75% at the next budget would provide much-needed financial support to many businesses in the tourism sector, enabling them to invest, create jobs, and offer even better visitor experiences, says the FSB.

Enhance transport infrastructure: Investing in reliable and efficient transport links, including improved public transport options and strategic road upgrades, to create a seamless travel experience for visitors to all corners of Wales.

Harness the power of creativity: Wales has a vibrant and growing creative industries sector which is producing music, film, television, literature, and more. The FSB says these can be leveraged to strengthen the Welsh brand and develop unique tourism experiences that resonate with domestic and international visitors.

Ben Francis, Policy Chair of the Federation of Small Businesses in Wales (FSB), said:

“As we can see from the data, tourism is a vital cornerstone of the Welsh economy and a particularly important employer in rural areas.

“Small businesses play a key role in welcoming visitors to Wales, from accommodation providers to experience operators, restaurants to craft shops.

“Tourism is re-building following the twin challenges of the pandemic and cost-of-doing business crisis, however, with visitor spend yet to return to prepandemic levels, more must be done to support the sector and attract visitors to Wales.

“The Welsh Government can give the sector a strong foundation on which to re-build by restoring Business Rates Relief for the leisure, retail and hospitality sectors to 75%, empowering businesses to focus on investing for growth and creating jobs.

“Strategic investment in our transport infrastructure to create a seamless travel experience for visitors would ensure that the economic benefits are spread across Wales.

“In addition, improving the integration of our burgeoning Creative Industries sector into our branding of Wales will create a more distinctive and memorable brand for visitors.

“By implementing these recommendations, Wales can unlock the true potential of our tourism industry and help to drive our wider economic recovery.”

Hospitality Has ‘Incredible Capacity’ to Contribute to Economic Growth Inform.

Hospitality can contribute hugely to a national programme of economic growth through generating revenue and creating jobs if it’s given the support it needs.

Industry body UKHospitality Cymru wants to see strengthened partnership working with government to put the sector at the heart of a sustainable tourism strategy, as well as being offered targeted support to enable businesses to reinvest.

David Chapman, Executive Director of UKHospitality Cymru, said the industry was a “genuine economic driver all 12 months of the year” and had “incredible capacity” to generate income for the Treasury as well as to create jobs across Wales.

Whilst businesses continue to struggle with a challenging environment, David said he was hopeful that if the coming months saw growing consumer confidence, then increased spending would give hospitality firms the opportunity to start to reinvest.

Around 140,000 people in Wales work in the hospitality sector, with about another 40,000 jobs in the supply chain. Hospitality accounts for about 85% of the £6.2 billion visitor economy contribution to Welsh GDP.

David said:

“Hospitality is a genuine economic driver all 12 months of the year and part of the indigenous foundation industries that I believe should have more attention from governments at all levels, because of the incredible capacity that it has for generating income for government and also creating jobs in places in every single part of Wales.

“All governments are now banging the drum for economic growth and I'm really pleased to hear that. One of the big opportunities is for a partnership with government. If we're genuinely interested in economic growth we've got to find a way of helping the hospitality industry.”

He said that the hospitality industry in Wales was being particularly hard hit by the cost-of-living crisis, with people not going out as often as they used to, coupled with spending less when they did go out on meals, activities and so on. The weather over the summer months had also impacted consumer spending, he said, with people opting for shorter trips or trips abroad.

“We're desperately trying to make our businesses work,” said David. “We're finding that the margins that we need to do that, to be able to continue to employ people, to be able to reinvest in our businesses, are being squeezed and squeezed and we just can't pass it on to our customers because they're feeling the pressure as well.”

David called for support for the hospitality industry on business rates, saying that a reduction in business rate relief in Wales to 40%, compared with England where the relief was maintained at 75%, had had a big impact.

“We've estimated that in the average pub it will be the equivalent of £6,500 a year difference between our businesses and English businesses,” he said. “That causes a disparity between the competitiveness of our businesses and businesses across the border.”

David said reform of the business rates system was urgently needed, adding that adjusting the business rates multiplier for hospitality would help level the playing field against industries who pay less.

“I think we need to be recognised as a key industry which can play a part in economic growth. The fact is that if we are able to grow, to reinvest in businesses, to employ more people, then the economic benefit of that is that it goes back into the Exchequer through our taxes.”

Discover.

Tourism is Having to Weather Many Storms

Frankie Hobro Director, Anglesey Sea Zoo

As an all-weather attraction, Anglesey Sea Zoo has managed to sidestep some of the more severe impacts of this season's unpredictable weather.

While many outdoor attractions in Wales have struggled under grey skies and frequent rain, our indoor-focused offering has provided a refuge for visitors seeking reliable entertainment regardless of the weather. However, this advantage doesn't completely shield us from the broader challenges facing the tourism sector.

The erratic weather patterns we're experiencing are not just a seasonal hiccup but a symptom of a larger issue – global warming. This reality means that changeable weather is likely here to stay, and the tourism and hospitality industry must adapt. For attractions like ours, this might be a manageable adjustment, but for many others, it presents a significant hurdle.

This year started slowly for us and many other attractions. The uncertain economic climate, coupled with the residual effects of the pandemic, made for a worrying start to the season. Easter brought a slight boost, but the overall outlook remains cautious. The trend of people choosing to travel abroad for the first time in years means that domestic attractions are seeing reduced footfall.

The cost of doing business has skyrocketed, with operational expenses increasing by 2.5 to three times compared to previous years. This inflationary pressure is squeezing profit margins, making it challenging to achieve sufficient profitability, even if visitor numbers are relatively stable.

One of the most significant trends we've observed is a sharp decline in secondary spending. Visitors are now spending much less in our café, gift shop, and on additional activities like playing crazy golf. Previously, these secondary streams brought in as much revenue as ticket sales, but now, secondary spend has more than halved. This drop directly impacts our overall profitability, compounding the issues caused by rising costs.

Visitor habits are also shifting. Many people are cutting back on staycations and weekend getaways, opting instead for day trips. This change reduces the length of visits and, consequently, the amount spent at our attraction. This trend further diminishes the potential for secondary spending, making it harder to maintain revenue levels.

As we move forward, the tourism and hospitality sector must adapt to these new realities. For Anglesey Sea Zoo, this means continuing to offer a compelling indoor experience that can weather the unpredictability of the climate. Additionally, we need to innovate and find new ways to encourage spending during visits. This could involve enhancing the visitor experience, introducing new attractions, or creating unique offers that encourage longer stays and higher spending.

While the current market presents significant challenges, it also offers an opportunity for growth and innovation. By understanding and adapting to these changes, we can navigate this turbulent period and emerge stronger.

Tourism Needs a Return to Public and Private Sector Collaboration

Jim Jones CEO, North Wales Tourism

Discover.

In the digital age, cybersecurity is a fundamental aspect of any business operation, and this is especially true for the healthcare sector.

But I think it really is an accurate reflection of the current challenges facing our sector.

Take, for example, the case of our chairman, Glen Evans. Glen’s business is one of Conwy's largest employers, and at a recent conference he shared a stark scenario that resonated across the industry.

Glen's two large hotels in Betws-yCoed are emblematic of the broader issues confronting the tourism industry in North Wales.

In October 2022, Glen saw a staggering £450,000 increase in his energy costs. This kind of price surge is unsustainable for any business, let alone those in the hospitality sector, which was hit hardest during the lockdowns. Compounding this issue is wage inflation, which has been running between 15 to 20% due to a significant skills shortage. Despite a headcount of 172 staff pre-pandemic, Glen now operates with around 145, struggling to fill the remaining positions.

Food inflation and insurance costs have also soared by 15%, and supply chain disruptions have caused months-long delays in repairs and maintenance. This has led to heavy discounting during the reduced

off-season winter demand, further eroding profitability.

These financial strains are exacerbated by a raft of policies introduced by the Welsh Government, which seem counter-productive. The 182-day threshold for furnished holiday lets is a prime example. Intended to make more housing available, this policy fails to recognise that these properties are businesses, not second homes. The result is that many operators are unable to meet the threshold, subjecting them to hefty council tax premiums and threatening their viability.

The proposed tourism levy, planning changes under Article 4, and reduced business rates relief in Wales compared to England (40% versus 70%) add further burdens. Road and waste regulations also create additional costs and logistical challenges. These measures are hitting an industry already struggling to recover from the pandemic.

These issues are not isolated to Betws-y-Coed but are rampant across all areas of Wales.

Businesses are grappling with soaring costs, regulatory pressures, and a decline in winter demand, leading to heavy discounting and

reduced profitability. This situation is untenable for many, potentially leading to business closures and job losses, which would be devastating for our local communities.

Before the Covid-19 pandemic, we had a productive relationship with the Welsh Government and Visit Wales. We benefited from significant marketing support, which helped promote North Wales as a dynamic tourism destination. However, the recent spate of policies from the Welsh Government threatens to undo this progress. Instead of fostering recovery, these regulations are stifling growth and innovation in our sector.

We need a return to a collaborative approach, where the public and private sectors work together to support the tourism industry.

This includes reconsidering policies that hinder rather than help and providing tangible support to help businesses manage rising costs and navigate post-pandemic recovery.

Hosted by Gemma Casey, Editor, Business News

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A Summer Season of Low Bookings and Economic Uncertainty

Lisa Francis Policy Advocate, Wales Tourism Alliance

As we reach the height of the high season in Wales the feedback from the tourism sector paints a mixed picture.

Accommodation providers, for instance, are reporting an average occupancy rate of about 75%. This is a far cry from the fully booked status one might expect during this peak period. Several factors are contributing to this less-than-ideal situation, and it's worth examining them closely to understand the broader context.

One of the primary reasons for the lower occupancy rates is the poor weather that has plagued Wales recently. Bad weather can significantly impact tourist numbers, particularly for a region like Wales, where outdoor activities and natural beauty are key attractions. When the skies are grey and the rain is relentless, potential visitors often reconsider their plans, opting for sunnier destinations or postponing their trips altogether.

The broader economic climate is also playing a crucial role. The lingering effects of the Ukraine war, rising energy costs, and high fuel prices are creating a challenging environment for both businesses and consumers. These economic pressures mean that people have less disposable income to spend on holidays, leading to fewer bookings.

Moreover, the general sense of economic uncertainty is exacerbated

by the current political situation. An operator mentioned an interesting perspective: the timing of the General Election. The previous UK Government's decision to call an election now, rather than in the autumn, has been perceived by some as an indication that the economy is unlikely to improve in the near future. This perception may be causing potential tourists to hold back on making bookings, further impacting occupancy rates.

While the attractions sector might have a different experience, the accommodation providers are certainly feeling the pinch.

The combination of poor weather and economic concerns is creating a tough environment. Unlike in previous years, these providers are not turning away guests due to overbooking. Instead, they find themselves working hard to fill rooms and attract guests.

As we look ahead, it is essential for the tourism sector in Wales to adapt to these challenges. Diversifying the range of activities on offer, improving marketing strategies to highlight indoor attractions, and offering competitive pricing could help mitigate some of these issues. Additionally, lobbying for support from local and national governments to address the broader economic challenges could provide muchneeded relief.

While the current season is not living up to its full potential, understanding and addressing the underlying causes can help the tourism sector in Wales navigate these turbulent times.

By being proactive and adaptable, accommodation providers and tourism businesses can weather the storm and look forward to better days.

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Reaching over 15,000 Welsh decision makers – Every day

Image source: Morlais Substation: https://www.morlaisenergy.com/en/news/gallery/morlais-substation-2023-10-18

Morlais – Making the Most of Business Opportunities in the Tidal Energy Sector

The Morlais project represents a groundbreaking initiative in the marine energy sector, strategically located off the coast of Holyhead in Anglesey.

Spanning 35 square kilometres, this designated area of sea has been leased by Menter Môn Morlais Ltd. from the Crown Estate. The project aims to harness the immense potential of tidal stream energy, contributing significantly to the sustainable energy landscape of Wales and beyond.

In this panel discussion host Carwyn Jones talks to some of the key individuals managing and working on this innovative project. Guests include Gerallt Llewelyn Jones, Director, Menter Mon Morlais Ltd; Bethan Fraser Williams, Projects Director, Menter Môn; Chloe Jones, Supply Chain Project Officer, Menter Môn; and Osian Roberts, Commercial Manager, HydroWing.

Morlais has the potential to become one of the largest tidal stream energy sites in the world, with a maximum generating capacity of up to 240MW – enough for around 180,000 typical Welsh homes.

The scheme’s operating model is unique. It provides the infrastructure and necessary consents so that developers of tidal energy technology can deploy their devices in the sea with a reduced project time, cost and risk.

The Morlais landfall substation has been built and cabling to the grid connection is complete. The first turbines are expected to be deployed in the sea from 2026.

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Ambitious Marine Energy Developments in Anglesey: The Morlais Project

John Idris Jones Chair, Menter Môn Morlais Ltd

Anglesey's marine energy ambitions are rapidly taking shape, with Morlais at the heart of this transformation.

As chair of Menter Môn Morlais, I am proud to share the progress and future prospects of this pioneering initiative that promises to position Ynys Môn (Anglesey) as a leader in tidal stream energy.

Morlais is centred around a 35-square-kilometre area of sea off the coast near Holyhead, leased from the Crown Estate. This vast marine space has been earmarked for tidal stream energy development, capable of generating up to 240MW of electricity. In 2021, we achieved a significant milestone by obtaining a marine licence, allowing technology developers to deploy their devices in the water.

From 2021 to the end of 2023, we have invested approximately £35 million in essential infrastructure. This investment ensures that tidal stream developers can connect locally to the electricity network, facilitating the integration of renewable energy into the grid. These infrastructure developments are crucial for enabling the deployment and operation of tidal stream technologies.

To date, technology developers associated with Morlais have secured agreements to generate 28MW through Contracts for Difference (CfD) with the UK Government. These

agreements are pivotal in providing financial stability and incentives for developers to proceed with their projects. We anticipate that the first tidal stream devices will be deployed in the sea by 2026, marking the beginning of a new era for marine energy on Anglesey.

Our vision for Morlais is a long-term development strategy aimed at accelerating deployment.

By 2030 to 2034, we aim to generate 100MW of electricity, with a potential build-out to 240MW by the mid-2030s. Achieving these targets will depend on several key factors, including:

• Financing – Securing the necessary funding for developers to manufacture and deploy their devices is critical. We continue to work with stakeholders to ensure financial mechanisms are in place to support these efforts.

• Regulatory Approval – Ensuring that Natural Resources Wales is confident in the environmental impacts of these technologies. Continuous dialogue and collaboration with regulators are vital to address any

environmental concerns and obtain necessary approvals.

The success of the Morlais project also heavily relies on robust government policy and support.

Clear, consistent policies and financial incentives are required to foster confidence among investors and developers. We urge the UK government to continue backing marine energy projects, recognising their potential to contribute significantly to renewable energy targets and economic growth.

With sustained investment, regulatory support, and favourable government policies, we can realise the full potential of tidal stream energy.

The journey ahead is promising, and we are committed to making Anglesey a beacon of marine renewable energy innovation.

Discover.

The Promising Future of Marine Energy in Wales

Tom Hill Programme Manager, Marine Energy Wales.

For nearly a decade, Marine Energy Wales has been dedicated to establishing Wales as the premier destination for developing sustainable marine energy.

Our annual State of the Sector report is a testament to this commitment, providing a comprehensive overview of the industry’s progress and potential.

As we release this year’s report, the findings underscore an industry not only growing but thriving, with promising prospects on the horizon.

The State of the Sector report is a compilation of data and narratives. Each year, we reach out to our members, gathering detailed information on their expenditures in Wales. We analyse regional statistics, employment figures, and diversity metrics, presenting a holistic view of the industry's health. But the report is more than just numbers; it’s a story. We feature interviews with industry leaders, capturing the voices and visions of those driving marine energy forward.

This year's findings are particularly encouraging. The marine energy sector in Wales saw an expenditure of £29.9 million, marking it as the second-highest year of spending to date. This level of investment reflects a robust and growing industry, signalling continued confidence and

interest in Wales as a hub for marine renewable energy.

One of the most exciting aspects of our current landscape is the ripe opportunity for private investment. Projects with secured Contracts for Difference (CfDs) offer guaranteed prices, ensuring stable and attractive returns over the next 10-15 years. Investors who enter the market now stand to benefit significantly as these projects move from the planning stages to operational reality.

Many of these initiatives are at the cutting edge of technology, with the potential for global impact. Tidal stream devices developed and manufactured in Wales are not just for local deployment but can be exported worldwide. This positions Wales as a leader in the tidal stream sector, with the capacity to influence the global market significantly.

The recognition of Wales as a leader in marine energy is growing. Our innovative projects and the success of our developers in securing CfDs demonstrate our capability to not only develop but also commercialise marine energy technologies. This positions Wales as a strategic

player in the global marine energy market, offering a competitive edge to investors and stakeholders.

Looking forward, the marine energy sector in Wales is set to continue its upward trajectory.

With ongoing support from both public and private sectors, the foundations laid today will support sustainable growth and innovation for years to come.

The latest State of the Sector report highlights not only the significant achievements of the past year but also the vast potential that lies ahead. For investors, stakeholders, and the broader community, now is the time to engage, invest, and support this transformative industry.

For more detailed insights, download the full report from the Marine Energy Wales website

Inform.

Charlie Allen

Floating Offshore Wind Project Manager

Marine Energy Wales

Deploying Floating Offshore Wind Test and Demo Projects in the Celtic Sea What Lessons Can we Learn from Kincardine?

It was a calm and foggy morning the day I set off from Aberdeen Port to visit Kincardine floating offshore wind farm. Located 15km off the Scottish coast, it is the largest grid-connected floating offshore wind farm in the world.

Kincardine is a 50-megawatt (MW) project, with the potential to generate enough electricity to power 35,000 homes. The turbines float in waters 60 – 80 metres deep and the project has been fully operational since 2021. In comparison, some of the test and demonstration projects that could be built in the Celtic Sea are around 100 MW, with the potential to power over 93,000 homes per year.

Having travelled all the way from Pembrokeshire with my colleague, we were eager to see what something of this scale would look like in real life. Soon, through the sea fog, known locally as ‘haar’, we caught our first glimpse of the huge 9.5 MW turbines, standing at around 190m to the top of the highest blade.

Integrated onto floating platforms or foundations, these turbines are seriously impressive, and it is hard to comprehend the incredible amount of work that has gone into deploying these projects in Scottish Waters.

The success of the Kincardine project cannot be denied, and as Test & Demonstration projects should, it has provided several key lessons which I have outlined below. There is a lot we in Wales can learn.

Ports

Because of a lack of suitable port capabilities in the UK, the current

solution for major component repair and replacement on the Kincardine turbines is to disconnect them from their floating platforms and tow them from the wind farm site to the Port of Rotterdam. Once the exchange has taken place, the turbine is then towed back to site and connected, to start producing renewable energy again.

This process is extremely costly for the wind farm operator, Kincardine Offshore Wind Limited. They are currently working with local organisations and businesses to ensure that in future, this activity can be done in local ports or offshore at the wind farm site itself. Either would reduce the operation and maintenance costs, and avoid the complexities of disconnecting the turbines. Developing regional port facilities is crucial to driving down the costs of future floating offshore wind projects.

Supply chain

The foundations were built in Spain, and the wind turbines were integrated onto them at the Port of Rotterdam. The turbines were then towed to the wind farm site 15km off the coast of Scotland. All of this means there has been very little contribution from UK-based businesses within the Scottish and wider UK supply chain. We can learn a lesson from this.

Preparing local businesses for the future of offshore wind is essential to ensure social and economic benefits are maximised and local and UK businesses

have the opportunity to contribute to the deployment of wind farms here in the Celtic Sea.

Revenue support mechanism

The Kincardine project is supported by the UK Government’s previous revenue support mechanism, known as Renewable Obligation Certificates (ROCs). This mechanism encouraged the deployment of renewable energy generation projects during the early stages of technology development, when costs were high.

Kincardine and Hywind Tampen have been given the most support, both receiving 3.5 ROCs/MWh. This demonstrates that when the necessary and correct revenue support mechanism is in place, it is met with private investment, which in this case resulted in these innovative test and demonstration projects being deployed.

Closer to home, there are currently four test & demonstration projects in the Celtic Sea that have secured seabed exclusivity with The Crown Estate:

• Erebus, Blue Gem Wind (100 MW)

• Llyr 1 & 2, Floventis (200 MW)

• White Cross, Flotation Energy and Cobra JV (100 MW)

• Twin Hub, Hexicon (32 MW)

With a combined capacity of up to 432 MW, these projects have the potential to act as a catalyst for investment in port infrastructure and supply chains, preparing the region to maximise the benefit from the Round 5 pipeline of 4.5GW and the further 12GW of offshore wind which was earmarked by the UK Government in November 2023.

Given the correct support, some of these test and demonstration projects could be producing renewable electricity pre2030, providing significant supply chain

opportunities, thousands of jobs, and boosting the economy.

As more floating offshore wind projects become eligible to bid for a Contract for Difference (CfD) through achieving consent, competition for revenue support will only become fiercer. Celtic Sea Test and Demonstration projects are at risk of being sidelined in favour of larger eligible projects in other regions of the UK.

To avoid this, we must learn lessons from projects like Kincardine.

What’s next for the Celtic Sea?

The future of Celtic Sea test and demonstration floating offshore wind projects is uncertain. Government and industry must continue to work together to address the barriers these projects currently face.

The UK must maintain leadership in the offshore wind industry ensuring the timely delivery of future fixed and floating offshore wind projects in the UK necessary to meet the ambitious net zero targets, whilst boosting the economy, and strengthening our energy security. We believe a 3-pronged approach is necessary to unlock these vital projects, as outlined blow.

Bold and Determined Leadership

The UK Government, including Great British Energy, Welsh Government, and The Crown Estate should work together and take bold action to ensure these regional test and demonstration projects in the Celtic Sea and wider UK succeed.

Collaboration and radical intervention will see an environment where all clusters in the UK win, through the investment and development of port facilities and supply chain opportunities, resulting in well-paid jobs and creating lasting and shared prosperity for the nation.

Inform.

Mark Powney Managing Director Business News Wales

These technologies, while distinct, are poised to generate substantial employment and economic benefits, particularly in the regions of Anglesey and Pembrokeshire.

Tidal stream technology is making progress with its impressive local and regional content. Currently, up to 80% of the content is sourced from the UK, with 100% coming from Europe. This high local content surpasses that of the early offshore wind industry and promises concentrated benefits around deployment zones.

The Anglesey Freeport initiative is a possible game-changer, potentially attracting turbine manufacturers to the region. This could not only meet local demand but also position Wales as an export hub for tidal stream technology.

Efforts are also underway to encourage developers with Contracts for Difference (CfD) to relocate to Wales. Establishing manufacturing facilities in Holyhead and Pembroke Dock leverages the dual region's rich marine development history, creating jobs in manufacturing, assembly, and maintenance.

While the offshore wind supply chain is well-established in the UK and Europe, floating offshore wind presents new opportunities for Wales, particularly in manufacturing and environmental services.

There is significant potential for Wales to develop a local manufacturing

Understanding Job Creation within Wales’ Marine Energy Sector

Marine energy development in Wales offers significant job creation opportunities emerging from our tidal stream and floating offshore wind sectors.

base for floating foundations, substructures, moorings, and cables. These components are crucial for the installation and stability of floating offshore wind turbines.

The development of smart environmental services, including monitoring and impact assessments, offers further job opportunities. Companies specialising in these services can play a pivotal role in the sustainable deployment of offshore wind projects.

To maximise the benefits, a robust focus on skills development is essential. Key strategies include conducting roadshows across Wales to highlight job opportunities in the marine energy sector. Just as important will be to embrace diversity and inclusion, ensuring opportunities for women and underrepresented groups are available.

Providing clear pathways for young people to enter the marine renewable energy workforce is naturally high on the agenda, with the aim of fostering home-grown talent and retaining it within our regions.

The marine renewable energy ecosystem in Wales must become further well-connected, with clear communication about job opportunities.

It is essential that skills providers, educational institutions, and industry stakeholders accelerate collaboration to create a seamless pipeline from education to employment, based on a clear visible pipeline of opportunities.

By focusing on localised manufacturing, developer relocation, and comprehensive skills development, Wales can gain first mover advantage and position itself as a leader in marine renewable energy for decades to come.

‘Call to Action’ to Position Wales as Global Leader in Marine Energy as Sector Delivers £30m to Economy

Wales’ marine renewable energy sector delivered £29.9 million to the Welsh economy during the 2023 / 24 financial year.

Marine Energy Wales’ latest State of the Sector Report collates spending and economic data from its network of members, and highlights Wales’ progress and achievements within the industry over the past 12 months.

Tam Bardell, Chair of Marine Energy Wales, described this year’s report as a ‘call to action’.

This year’s figure shows a significant slowdown in spending compared to last year’s total of £103.4 million but, despite the retraction, it remains Wales’ second highest spend year to date.

The decline is thought to be down to the conclusion of European grant funding and the completion of major infrastructure buildouts such as Morlais on Anglesey, which heightened last year’s spend.

This year’s report shows tidal stream is by far the biggest contributor to date,

injecting £116.1 million into the Welsh economy since 2019. Much of this has been fuelled by the infrastructure buildout at Morlais on Anglesey and the activity of tidal kite developer Minesto.

One of the UK’s fasting growing industries, the marine renewable energy sector is proving to be having a significant impact on economic development and regeneration in Wales’ coastal communities, with Anglesey and Pembrokeshire at the forefront of marine energy development in Wales.

Anglesey is currently leading the way, with £103.8 million invested to date, followed closely by Pembrokeshire at £97 million.

The latest figures also show the sector sustains 429 full-time jobs in Wales, spanning a diverse range of roles, and an improving gender balance across the industry.

Inform.

Tam Bardell said:

“In North Wales, the fantastic progression at Morlais is ensuring we are already a major player in the tidal energy market, and as a nation we stand poised to support the roll out of floating offshore wind. But as an industry we must not lose our momentum.

“We have just over a decade to reach the Welsh Government’s target of meeting 100% of the country’s annual electricity needs from renewable energy by 2035, and while we have made some progress, currently generating around 59% from renewable sources according to the Energy Generation in Wales 2022 report, we still have a considerable journey ahead.

“Let us consider this report not just as a reflection of our achievements, but as a call to action to continue this trajectory and collectively do all we can to position Wales as a global leader in marine renewable energy generation.”

This year’s key findings are:

During the 2023/24 financial year, the marine renewable energy sector delivered £29.9 million to the Welsh economy – this is a slowdown in spending compared to last year, but still marks Wales’ second highest spend year to date.

The main reasons for this slowdown in spending are thought to be the conclusion of European grant

funding and the completion of major infrastructure buildouts which heightened last year’s spend.

Anglesey and Pembrokeshire are at the forefront of marine energy development in Wales, investing an impressive £103.8 million and £97 million respectively in the last five years. Swansea is also emerging as a key hotspot, with £39.2 million spent in the region on marine energy development to date.

The latest figures show the Welsh marine energy sector sustains 429 fulltime equivalent jobs, spanning a diverse range of roles.

Pembrokeshire tops the chart with the highest number of people employed in the sector, with 260 FTEs. This can be attributed to the county’s well-established supply chain which includes fabricators, engineers, and environmental consultants. Both Swansea and Anglesey also show a significant level of employment.

New data also sheds light on an improving gender balance across the industry, which Marine Energy Wales calls “a positive and necessary step forward”.

The sector’s growth prospects remain promising, says Marine Energy Wales, particularly for tidal stream and floating offshore wind (FLOW), where the

pipeline of future opportunities has continued to grow.

For FLOW – a projected £486 million spend is predicted over the next five years in Wales.

The sector needs continued and significant support from governmental policies, both in Wales and Westminster, and increased private sector investment to succeed and overcome the barriers it currently faces, but the report says Wales is poised for progression.

Anglesey is currently leading the way, with £103.8 million invested to date, followed closely by Pembrokeshire at £97 million.

The latest figures also show the sector sustains 429 full-time jobs in Wales, spanning a diverse range of roles, and an improving gender balance across the industry.

Podcast - Green Economy Wales

Episode 1 - An Overview of the Marine Energy Sector in Wales

Hosted by Carwyn Jones PLAY EPISODE

Guests Include:

Jay Sheppard

Marine Energy Wales

Tom Hill

Marine Energy

Wales

John Idris Jones

Menter Môn

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Unleashing the Potential of Pembrokeshire: A New Era in Marine Energy

Jay Sheppard Project Manager, Marine Energy Wales

The latest Marine Energy Wales State of the Sector report paints a vibrant picture of growth and innovation in Wales' marine renewable energy sector, with Anglesey and Pembrokeshire leading the charge.

I find it particularly exhilarating to witness the transformation of our coastal communities into hubs of cutting-edge renewable energy innovation. Two major infrastructure projects have been the bedrock of this development, the Morlais substation and testing zone in Anglesey, and the Pembroke Dock Marine project in Pembrokeshire.

Pembroke Dock Marine stands out as a monumental project redefining the economic and technological landscape of Pembrokeshire. This ambitious port redevelopment project encompasses four key sub-projects, each contributing uniquely to the marine energy sector.

Marine Energy Test Area (META): Owned and operated by Marine Energy Wales, META is a series of pre-consented zones and test sites. These areas allow developers to test marine energy technologies in real sea conditions, ensuring rigorous environmental and operational evaluations. META is not just limited to established technologies; it has also tested a plethora of innovative systems such as environmental monitoring equipment, scour protection solutions, advanced mooring systems and floating hydrogen production.

Pembroke Dock Port Redevelopments:

The redevelopment of Pembroke Port is central to accommodating the burgeoning marine energy industry. Key upgrades include a super-sized slipway, additional laydown space, new quayside berths as well as office and storage facilities. These enhancements are designed to support larger deployments and provide the necessary infrastructure for handling cutting-edge marine energy technologies.

Marine Energy Engineering Centre of Excellence (MEECE):

Managed by the Offshore Renewable Energy Catapult, MEECE is a beacon of innovation and research in Pembrokeshire. This centre supports various aspects of marine energy development, from early-stage innovation to full-scale testing and deployment. Its presence ensures that Pembrokeshire remains at the forefront of marine engineering advancements.

Pembrokeshire Demonstration Zone:

Developed by Celtic Sea Power, the Pembrokeshire Demonstration Zone is an offshore site providing connection infrastructure for offshore renewable energy projects. The Demonstration

Zone aims to develop the first multiconnector offshore substation and use this to support early FLOW and wave colocation projects.

The investments in Anglesey and Pembrokeshire are not just about infrastructure, they are about people and communities. In Pembrokeshire alone, the Pembroke Dock Marine project is driving significant economic growth, creating jobs, and providing new opportunities for the local workforce.

The development of these projects ensures that the benefits of the marine energy sector are felt locally, providing well-paid, green jobs and fostering skills development in coastal areas.

This wave of investment and innovation is particularly inspiring for someone like me, who grew up in Pembrokeshire when such opportunities were scarce.

The Pembroke Dock Marine project is not only revitalising our port but also signalling a future where our coastal communities can thrive sustainably.

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Skills Wales

The Emerging Workforce

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With A level results recently announced, new research* from leading business and financial adviser Grant Thornton UK LLP finds that there is a growing recognition of the benefits that school leaver apprenticeships can offer young people, with parents more likely to encourage their child to apply for an apprenticeship than to university after leaving school.

The research, which surveyed 2000 parents with children aged 12-21 and 2000 young people aged 16-21, from across the UK, explores changing attitudes to the routes available to young people after leaving school.

It finds that parents are more likely to encourage their child to apply for a school leaver apprenticeship (44%) than for university (40%). The main reasons parents gave for encouraging school leaver apprenticeships for their children are:

• Gain practical on the job experience (63%)

• Get paid while gaining a certified qualification (62%)

• No student debt (40%)

The research also reveals a significant shift in the perception of the value and necessity of a university degree. It finds that two thirds (66%) of parents believe that the cost of a university degree delivers less value than it used to, a substantial increase from 45% in 2018 research conducted by the firm**. Almost two thirds (60%) of young people also share this view. In fact, two thirds (67%) of the young people surveyed who hold a degree believe the cost delivers less value than it used to. Additionally, 42% of parents and 37% of the young people surveyed do not consider a university degree essential to securing a well-paid job.

This shift in parents’ attitudes may be due to the increasing awareness of the benefits offered from school leaver apprenticeships. The percentage of

parents who perceive school leaver apprenticeships as providing good career prospects has risen from 79% in 2018, to 84% in 2024. Nearly three quarters of young people (73%) also believe that school leaver apprenticeships offer good career prospects, with only 6% disagreeing.

The study confirms the influential role that parents can play in shaping young people’s post-school decisions. Over two-fifths (42%) of the young people respondents noted parents as the top source of influence in their career decisions. This was followed, quite significantly lower, by school/college careers service (28%) and teachers (25%).

Attitudes to apprenticeships are changing but improved careers advice still needed

While there is a growing recognition of the benefits a school leaver apprenticeship can offer, fewer of the young people surveyed have received good advice about this career path (57%) compared to a university degree (63%). Almost one in five (19%) do not believe they have received good careers advice about a school leaver apprenticeship.

Though the perception of the benefits of a school leaver apprenticeship is found to be improving, most of the young people surveyed still felt pressure to go to university, with parents and teachers noted as the top sources.

Of the young people surveyed, the majority are considering, or currently doing, a university degree (44%) citing

‘to further their education’ as the main reason for choosing this route. Just over one in five are considering or currently doing a school leaver apprenticeship (22%).

Rhian Owen, Partner for Grant Thornton UK LLP based in Cardiff, said:

“We can see from our research that there has been a shift in attitudes towards school leaver apprenticeships, with many young people and parents recognising the advantages that these programmes can offer. While Wales has many fantastic universities, this route is not right for everyone and many can find that the approach and learning style of a school leaver apprenticeship is a better fit for them.

“At Grant Thornton, we actively hire both graduates and school leaver apprentices and have long championed the benefits

of both."

"But as many young people and parents are still not aware that firms such as ours offer an apprenticeship programme, and many young people are not receiving good careers advice about this route, there is clearly more work to be done. Employers have a key role to play here, working with education providers in their local community to ensure that young people and their parents are provided with good advice, at the right time, about the different routes available to them after leaving school so they can make the right choice for them.”

Work Start Scheme Helps Aspiring Engineer Towards Dream Role

An aspiring engineer secured a placement which could lead to a permanent job thanks to an employment support scheme.

The Work Start Scheme is designed to provide people with invaluable work placement opportunities in a sector they are passionate in and it proved to be a turning point for Alex.

After gaining his Level 2 qualification in Engineering, he sought expert guidance from a Placement Officer, who helped Alex secure a 12-week placement in mechanics after demonstrating exceptional skills and dedication throughout his interview process. This has the possibility to be a permanent role once he completes the placement.

Alex said:

“I was unsure where to turn for career support after leaving education, but as soon as I heard about Working Denbighshire, I contacted them. The Work Start Scheme gave me the opportunity to gain knowledge and

skills to get into the job I wanted, and this experience will continue with me whilst I further progress in my career. I would recommend Working Denbighshire to anyone who like me, left school or education without the relevant experience and skills for your chosen career. They helped me a lot.”

Ross from Redstone Services, Ruthin, said:

“Alex has been with us for a few weeks now and has been helping around the workshop, learning the procedures and high level of detail we implement into our work. This is so we can get the vehicle fixed or serviced to the highest of standards. The Work Start Scheme has helped us with finding the right person for our business. I would recommend Working Denbighshire to any employers that need assistance with finding suitable employees.”

Racheal Sumner-Lewis, Employer & Training Relationships Manager, Working Denbighshire said:

‘’Alex came to us looking for a secure career in mechanics and we are delighted to have been able to support him with that. By offering customised support and ensuring they are matched to available placement opportunities, we are able to watch participants excel in their chosen career path. If you are in need of employment type support, please contact Working Denbighshire to see how we can help you.’’

Councillor Jason McLellan, Leader of the Council and Lead Member for Economic Growth & Tackling Deprivation said:

“Figuring out the next step after finishing schooling can be confusing for some. Working Denbighshire are there to ensure that school leavers get the help they need when they are taking the next step in their journey.”

The Work Start scheme provides work placement opportunities for Denbighshire residents aged 16 and over, to gain experience in a chosen job.

Working Denbighshire is part funded through the Welsh Government Communities for Work Plus Programme which supports those most disadvantaged in the labour market to overcome the barriers preventing them from gaining employment.

Richard Spear Managing Director ACT

Each year, many school leavers look to employment as their next steppingstone – moving away from education for the first time to the exciting world of work. This is a crucial period for organisations to seek out new talent, an opportunity to bring a ‘blank canvas’ into the industry and ensure the next generation of workers are given the most up-to-date and relevant training to your operations.

These new employees can be key to the development of your business. Not only do young staff help to bring a fresh perspective to operations, but they are also a fantastic long-term investment, learning their craft within the context of your company’s priorities and ethos.

And with nearly half of Welsh businesses currently reporting a skills gap, bringing in new talent to your sector has never been more vital. In fact, 75% of Welsh organisations that currently use apprenticeship programmes are expecting to increase or commit to the same number of learners over the next 12 months, highlighting the value placed on work-based learning as a means of cultivating new talent and addressing specific skill needs.

Many school leavers will be looking to enter employment through an apprenticeship scheme.

For them, apprenticeships are a great way to gain new skills, responsibilities and experiences while earning money at the same time.

The Important Contributions School Leavers Make to Businesses

August’s results days are some of the most important markers in the education calendar – but as a business leader, they should be important dates for you too.

For businesses, apprenticeships offer the opportunity to ‘grow your own’, instilling a strong ethos centred around your company and essentially moulding a worker from the very beginning.

According to Government statistics, 86 per cent of employers say apprenticeships have helped them develop skills relevant to their organisation.

More than three quarters of employers (76 per cent) have reported improved productivity through apprenticeships, while 74 per cent saw an improvement in the quality of their product or service.

Understandably, attracting new talent can feel like a daunting prospect but so too is trying to find your first job. As such, companies should recognise the importance and privilege of giving a young worker their initial opportunity and the support needed to ensure they thrive in the role.

ACT, along with its sister company ALS, are leading training providers currently working with more than 600 employers – including The British Heart Foundation, Legal and General and NHS health boards – to provide apprenticeships that work for both employer and employee.

If you are keen to find out how hiring an apprentice could work for you, find more details and contact ACT here.

Scheme Aims to Spark Interest in Careers in Semiconductors and Electronics

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More than 200 school students have attended workshops at Welsh universities to learn about the opportunities of studying and working in the field of electronics.

Organised by Compound Semiconductor Applications (CSA) Catapult and the UK Electronics Skills Foundation (UKESF), the workshops are part of a larger project — Spark their imagination; power their future — funded by Innovate UK. It aims to encourage more young people in Wales to start a career in the electronics industry, to increase the diversity of people entering the electronics industry and offers financial support to those that have secured a place at university.

The workshops have taken place at University of Wales Trinity St David, Bangor University, Swansea University, Cardiff University and the University of South Wales.

At the workshops, students were welcomed by Stewart Edmondson, CEO of the UKESF, who explained that semiconductors and compound semiconductors are the technology that make day-to-day devices work.

Students heard keynote talks from leading academics who spoke about their route into engineering and the different roles they’ve had throughout their careers. The academics also gave the students an insight into how exciting and rewarding it is studying electronics at university.

Students also visited the state-of-theart labs and measured the movement of light, built circuits and learned about simulation design.

Throughout the workshops, academics explained how semiconductors

underpin a wide range of technologies and will enable future applications.

Semiconductors and compound semiconductors are in smartphones and games consoles as well as robotics and artificial intelligence.

They will help develop electric cars, renewable energy and secure communications.

With those applications comes a wealth of career opportunities and the students heard how the UKESF can support electronics students through their degrees.

Through Spark their imagination; power their future, CSA Catapult continues its work to make opportunities in the electronics industry as visible and accessible as possible, to inspire, train and develop the next generation of engineers.

As part of the project, 24 bursaries of £2,500 have been awarded to students set to study electronics-related courses at university in September.

Free school resources to help teachers explain and promote electronics have also been sent to 40 schools in 34 different towns and cities across Wales.

Alex Leadley, Skills Academy manager at CSA Catapult said:

“The purpose of this programme is to inspire the next generation of engineers and raise the profile of our industry. We

are facing a workforce shortage, so we need to have interventions in place which will educate and inform young people about the opportunities that are available to them.

“This project addresses that, but also offers information and resources to teachers and schools, careers information and opportunities to hear from industry as well as education, and crucially, it offers financial support to learners who want to go on to further study.

“This multi-faceted approach will hopefully be a strong foundation for Wales to build upon and be an excellent case study for what could be implemented across the UK.”

Stewart Edmondson, chief executive officer of the UKESF said:

“I’ve been so pleased with the enormous interest in our collaborative Spark their Imagination programme this year.

“These in-person workshops have been great.  The host universities have all been fantastically supportive and helped us deliver successful events.  As well as the students themselves, it has been so valuable to involve teachers as their participation means that we should be able to sustain engagement in semiconductors at Welsh schools and colleges.”

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Bridging the Gap Between Education and the World of Work

Sharon James-Evans Principal, Cardiff & Vale College

As the Principal of Cardiff & Vale College, one of my core responsibilities is supporting young people as they transition from education into the workforce.

The challenges are varied and can have deep implications for how we prepare our students for the future. For example, there can be geographic disparities in opportunities, a lack of understanding about vocational education and a lack of engagement with career advisors.

In Wales, the geographic location of learners significantly impacts their access to educational and employment opportunities. For students in more remote areas, the distance from major educational institutions and employment centres can be a real barrier, limiting their exposure to diverse career paths and advanced educational opportunities.

At Cardiff & Vale College, many young learners arrive with limited knowledge of the vocational education options available to them. There is a prevalent misconception among students, and

often their parents, that vocational education does not lead to as prosperous career paths as academic routes.

The transition from school to further education or the workforce necessitates robust career guidance, helping students to understand the relevance of different educational pathways to real-world employment opportunities. They often do not see the practical applications of their studies or how they translate into viable careers. That’s why it is so important that all education providers, including schools, work together to develop a seamless and equal approach to qualifications and skills that creates opportunities for all.

Of course, skills such as communication, teamwork, problemsolving, and adaptability are crucial for success in any job market. We

must make sure that today’s young people have the skills that employers need and that they need to succeed in the world of work. This gap underscores the need for educational institutions to integrate employability skills training as a core part of their curriculum.

To address these challenges, Cardiff & Vale College is committed to reeducating young people about the myriad opportunities available beyond traditional university pathways. We emphasise the value of apprenticeships and direct entry into the workforce as viable and valuable options.

Moreover, we are enhancing our focus on developing a curriculum that builds essential employability skills, preparing students not just to enter the workforce, but to excel in it.

Addressing the Challenges Young People Face as they Transition from Higher Education

with Sharon James-Evans, hosted by Carwyn Jones,

Podcast - Skills Wales

Addressing Regional Disparities and Career Guidance Across Wales

Jane Lewis

Regional Partnership Manager

South West Wales RLSP

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In Wales, we face unique challenges in aligning the educational provision with the actual needs of local employers. The situation is further complicated by geographic disparities, which affect not only the delivery of training but also the confidence and career direction of young people leaving school. These challenges require a concerted effort to ensure that every young person has the opportunity to thrive in the modern workforce.

One of the primary issues we encounter is the sporadic nature of training provision relative to the needs of employers. Often, the training available in certain regions does not align with local demand, which means that employers struggle to find candidates with the right skills, and young people miss opportunities to engage in fulfilling careers close to home. This misalignment is particularly problematic in rural and remote areas, where access to diverse training programs and job opportunities is more limited than in urban centres.

The lack of comprehensive career guidance in schools is a significant factor contributing to the uncertainty and lack of confidence among young people. Many students are

Podcast - Skills Wales

pushed toward university education not because it suits their skills or interests, but because it is perceived as the ‘default’ or ‘prestigious’ path. Without proper guidance to explore other viable career options, such as apprenticeships or direct entry into the workforce, students may end up pursuing paths that do not align with their personal or professional goals.

This lack of direction often results in students leaving university prematurely, which can lead to a lack of work experience and, crucially, a lack of work ethic, qualities highly valued by employers. The feedback from employers consistently highlights a gap in workplace readiness among young people, which underscores the need for better preparatory education in schools.

To address these issues, we must first improve the connection between schools, colleges, and local businesses. By fostering partnerships that allow for a more dynamic flow of information about workforce needs, we can tailor educational programs to better meet these demands.

Moreover, expanding the reach and availability of varied training opportunities, especially in underserved areas, is essential. We need to leverage technology and online learning platforms to ensure that high-quality training is accessible to all, regardless of their geographic location.

The challenges we face in Wales are indeed daunting, but they are not insurmountable.

Addressing Regional Disparities and Career Guidance accross Wales

1 Polling conducted by Survation, 1062 adults living in Wales, July 5-19th 2021

2 https://www.theccc.org.uk/wp-content/uploads/2019/05/ Net-Zero-Technical-report-CCC.pdf

3 RUK project intelligence 4 ibid

with Jane Lewis, hosted by Carwyn Jones, PLAY EPISODE

Reimagining Career Pathways for Young People in Wales

Wyn Prichard Chair, Skills.Wales

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Addressing the fragmented landscape of career provision for school leavers in Wales is a pressing issue. While we have all the necessary components, educational institutions, training programs, and career services are not currently functioning as a cohesive unit.

One of the primary challenges we face is the pace at which careers and industry requirements evolve. This dynamism requires our supporting organisations to update their understanding of industry needs continually. Without this constant refresh, our career advice and educational programs risk becoming outdated, leaving young people illprepared for the workforce.

Traditionally, there has been a strong emphasis on university education as the primary route to a successful career. However, not all school leavers are suited to or interested in a university environment. With emerging sectors, particularly in renewables and energy, new career opportunities are available that do not necessarily require a university degree. These roles often offer professional routes with accreditation and direct industry engagement.

Feedback from employers consistently highlights a gap between the skills taught in colleges and the competencies required in the workplace. While our colleges are proficient at equipping students with technical skills, there is a crucial need to make these skills directly applicable and relevant to industry needs. Closing this gap means enhancing our curriculum to include more practical, industry-specific experiences, ensuring that graduates are not just skilled but also industrycompetent.

The solution lies in creating better synergy among employers, educational institutions, and young individuals. We need to align qualifications more closely with what is usable and valuable in the workplace. This approach not only makes our young people more employable but also provides

industries with graduates who can contribute more effectively from the start.

At Skills.Wales, we are committed to facilitating these connections, enhancing the dialogue between all stakeholders, and ensuring that the career pathways available to young people in Wales are as robust, relevant, and rewarding as possible.

By doing so, we not only improve the prospects for our youth but also strengthen the overall economic opportunity for our businesses in Wales.

Reimagining Career Pathways for Young People in Wales

with Wyn Prichard, hosted by Carwyn Jones

Podcast - Skills Wales

Amplifying Wales’ Leading B2B Brands

Reaching over 15,000 Welsh decision makers – Every day

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Cardiff Business

An Overview of Cardiff’s Economic Progress

University Connection Key to Cardiff Growth

Cardiff is the fastest growing core city in the UK, with the Welsh capital’s population set to increase by 20% over the next 20 years and its economy forecast to grow by 7.2% by 2028.

This substantial projected growth is led in part by the city’s three universities, which continue to attract up to 70,000 students per year and represent a significant opportunity to retain talent for Cardiff’s growth sectors, which include science and technology and information and communication.

It is estimated that Cardiff University alone generated £3.7 billion of economic output in 2020-21, compared to an operating cost of £573 million. This output includes £883 million from research and knowledge sharing, which is boosting the city’s science and technology economy, a sector which is set to grow by 6.6% over the next five years.

Data from Oxford Economics, which appears within Avison Young’s report, also found that Cardiff University saw 164 spinout companies created between 2020-21, including start-ups established by staff and graduates.

This coincides with a particularly positive outlook for the city’s labour market. Over the next five years, job growth is forecast at 3.7%, compared to 2.4% for Wales and 3.1% for the UK as a whole, driven primarily by growth in the professional, scientific and technical services sector (6.6%) and the information and communication sector (4.4%).

Cardiff’s information and communication sector has also seen considerable employment growth over the last 10 years, with a 126% increase in employment within the sector, which made it the fastest growing sector of any UK city in the last decade. Now, this trajectory of growth is set to continue, enabled by the city’s university population and graduate retention rate.

With a population boom, continued economic growth and the creation of new employment opportunities on the horizon for Cardiff, the requirement for

the accelerated delivery of housing will also come to the fore. Between 2006 and 2023, a total of 21,323 new dwellings were delivered, which equated to only 52% of the requirement. Ongoing largescale regeneration projects, including Central Quay and Atlantic Wharf, are expected to help address this shortfall.

Other notable ongoing projects which are supporting the delivery of improved infrastructure within the city include Cardiff Crossrail, which received £50 million in Levelling Up funding last November, and Cardiff Parkway, a planned new railway station in the east of the city.

Source: www.avisonyoung.co.uk/ country-outlook/urban-futures

Cardiff Business Club – How Connection and Innovation Can Boost Business Growth

Cardiff is known for its dynamic business landscape and entrepreneurial spirit – and Cardiff Business Club has been at the heart of that since it was founded in 1912.

Cardiff Business Club is, and always has been, connecting organisations and sharing inspiration via our members and our world class speakers.

Established in 1912, their objective has always been simple: to offer an environment where members can connect with decision makers from across the private, public and charitable sectors to support and promote their businesses.

As Cardiff evolves, so too does its oldest business network, which is actively reinventing itself to foster a more diverse and impactful presence in the city's economic development.

Cardiff Business Club has played a pivotal role in shaping the local business environment. For over a century it has provided a platform for professionals to network, share ideas, and collaborate on various economic initiatives. The club’s meetings have been a breeding ground for innovative ideas and partnerships, featuring speakers from across the business spectrum and beyond, including influential figures in politics, sports, and culture.

In recent years, Cardiff Business Club has recognised the need for a more inclusive approach to its membership and activities. This shift is in response to the changing demographics of Cardiff's business community, which is becoming increasingly diverse in terms of gender, ethnicity, and industry representation. The club is now focused on attracting a wider array of members, including young entrepreneurs, tech innovators, and professionals from underrepresented groups.

This push towards diversity is not just about membership numbers. It's about enriching the club’s discourse, expanding its reach, and enhancing its influence on regional economic policies. By integrating different perspectives and experiences, the club aims to better represent the modern business

landscape and address the unique challenges that come with it.

Cardiff Business Club is also shifting its role from being primarily a networking platform to becoming a more handson contributor to the city's economic development. This transformation involves actively participating in local initiatives that promote business growth and sustainability. The club now works closely with local government bodies, educational institutions, and other organisations to foster a supportive environment for business expansion and innovation.

One of the key areas of focus is supporting start-ups and scale-ups, which are crucial for job creation and economic diversification in Cardiff. The club indirectly helps connect these smaller entities with larger, established companies and potential investors. This mentorship and support pipeline is vital for nurturing the next generation of businesses and ensuring they have the tools and knowledge necessary to thrive.

The evolution of Cardiff Business Club mirrors the city’s own journey towards becoming a more inclusive and economically vibrant community. As the club continues into its second century of existence, its commitment to diversity and active involvement in economic development is more crucial than ever, promising a bright future for both the club and the city it serves.

Chris Sutton Director Sutton Consulting

Since devolution the city has been a ‘jobs engine’ notably in financial and professional services alongside public sector and traditional city centre jobs.

The long-term average take-up has been around 500,000 sq ft per annum, but this dipped post-Covid. The good news is that, in Q1 2024, take-up was back to 113,000 sq ft, according to agents Avison Young. This marks a return to somewhere near longterm trend, although many occupiers are reassessing their floorplate

Cardiff’s Commercial Office Market Post-Covid

Cardiff is a strong and vibrant capital city, being the political, commercial, administrative and cultural centre for the whole of Wales.

requirements. Many occupiers are seeking to reduce their overall size requirement but moving up the quality threshold to Grade A accommodation with internal collaboration space.

The Welsh Government's target of ‘30% remote working’, introduced just prior to Covid-19, has further compounded this shift towards hybrid working models. The post-Covid era has seen businesses re-evaluating their office space needs, with many opting for more flexible, hybrid work arrangements.

now established around Cardiff Central railway station. The roll-out of the South Wales Metro has improved this hub & spoke mass transit system which supports the city centre.

Cardiff retains strong fundamentals with three universities creating a skills base on a par with competitor UK cities. Cardiff’s status as the economic engine of Wales needs to be nurtured. A competitive business environment needs skills, capital and infrastructure as well as a sites and premises offer. Technology, including AI, will impact future trends but there are growth sectors firmly established now including fintech, AI, life sciences, gaming, cyber and creative.

Cardiff’s Infrastructure Evolution – The Metro and Beyond

Cardiff is set for a new sustained cycle of economic growth, heralded by the ambitious development of the Cardiff Metro, a project poised to redefine the city's connectivity and social landscape.

The South Wales Metro is not just an upgrade of transportation facilities. It's a comprehensive urban development strategy that promises extensive benefits for not just Cardiff but also the South Wales Valleys.

The Metro, with its promise to connect half the population of Wales within less than an hour's rail journey to Cardiff Central, will be a significant unique selling proposition (USP) for the city.

This connectivity is expected to stimulate economic growth, attract businesses, and enhance the quality of life for countless residents.

By completing the electrification of the core Valleys lines, the Metro will serve as a lifeline, expanding Cardiff's reach and integrating it more closely with surrounding towns such as Pontypridd, Caerphilly, and Llantrisant.

The South Wales Valleys, traditionally constrained by topographical challenges, stand to benefit immensely from improved rail access. The infrastructure will support the

development of growth clusters by facilitating easier commutes, increasing property values, and attracting new investments.

The strategic planning of the Cardiff Metro also includes significant enhancements within the city itself. The first phase of the project involves the dualling of the lines between Cardiff Bay and Queen Street, a vital upgrade that will boost capacity and efficiency. Another crucial component is the planned link from this line across Callaghan Square into Central Station.

This link is designed to integrate the southern parts of Cardiff, which are among Wales' most disadvantaged areas, into the broader economic framework of the city. By opening up these areas with new rail infrastructure will help revitalise these communities, bringing investment and job opportunities closer to residents who need them most.

Looking ahead, Cardiff's urban planning strategy involves not only expanding its rail network but also ensuring that the city centre is equipped to meet the increased demand. This includes developing a pipeline of grade-A sites and premises to provide ample employment spaces.

Such developments are essential to ensure that as connectivity improves, Cardiff can offer suitable commercial and residential properties to meet the needs of its growing workforce and resident population.

The comprehensive approach to urban growth, where infrastructure development precedes expansion, marks a significant shift in how Cardiff is planning its future. This proactive strategy is intended to avoid the pitfalls of reactive urban planning, which can often lead to congestion and haphazard development.

The Metro project encapsulates a broader vision for a sustainable, accessible, and prosperous urban future. It exemplifies how thoughtful infrastructure planning can lead to a holistic improvement in urban life, kickstarting economic growth and social integration.

As Cardiff continues to build out this ambitious project, it provides a model for other cities in the UK and beyond, demonstrating the profound impact of integrating transportation innovation with urban development strategies.

Cardiff’s Economic Landscape – Resilience and Growth

Ken Poole Head of Economic Development Cardiff Council

The economy of Cardiff is a story of both resilience and growth.

The macro-economic climate of the UK has been challenging, with inflation, cost-of-living pressures, and recurring threats of recession. These macroeconomic factors have profoundly shaped the investment climate, affecting the pace and nature of investments flowing into cities like Cardiff.

Despite these national challenges, Cardiff’s economy has continued to perform well. Sectors like hospitality, leisure, and retail have undoubtedly faced challenging conditions impacted by a combination of the cost-of-living crisis, online retail and declining consumer confidence as the economy has hovered close to recession. Despite these factors investment interest in the city remains high, with the city centre maintaining relatively healthy footfall reflecting its regional role.

Today, Cardiff's economy is now more diversified and is able to adapt when faced with challenging economic conditions. The city is the leading investment location for Wales and a key driver of the economy of Wales. It has a burgeoning financial and professional services sector which has helped the city to diversify into fintech and complementary technology sectors, notably in cybersecurity, artificial intelligence, digital and creative, while the city’s manufacturing sector ranges from

compound semiconductors through to specialist steel, food and med tech.

These new economy sectors are now well represented, and the city is now setting the pace in generating new business start-ups amongst our core city competitors. No longer is Cardiff dependent on just attracting inward investment. Growth in the new economy is coming from local businesses and entrepreneurs who are now finding the wider infrastructure and support mechanisms in place are helping to create better conditions for establishing businesses in the city. For example, the private sector is now the leading provider of incubation and start up space in the city. Fifteen years ago, the council was the only provider in the market. The appetite to create incubation space amongst private sector investors has come from market demand and suppliers such as Tramshed Tech are leading the way.

Whilst macro challenges are still impacting many businesses, investment interest and creation of new businesses in Cardiff has remained positive. In today's market with the hangovers from the pandemic and challenges associated with return to work, the city stands out in terms of its growing population and skills base. Cardiff over the last 20 years has seen a growth in its population and a track record in creating new

jobs. This has been underpinned by its skilled and young workforce with nearly two-fifths of the city’s labour force possessing a degree or equivalent qualification, highlighting the rich talent pool available in Cardiff – a key attraction for all business. This skilled workforce is instrumental as we navigate through periods of economic transitions, particularly in our city centre, which is the largest employment zone in Wales and an economic driver of Wales.

Recent investment decisions in the city by occupiers PWC and Legal & General have also boosted the financial services and professional services sector; Future plc have boosted the digital and creative sector along with Great Point Media; Rocket Science from USA has further strengthened our games sector. The recent investment decision by Rolls Royce Submarines at St Mellons has offered the exciting prospect of establishing at the proposed Parkway site a cluster of technology businesses based around the longterm needs of Rolls Royce and their partners.

Why Cardiff is the Natural Home for Start-Up and Scale-Up Innovation

Louise Harris CEO and Co-Founder Tramshed Tech

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In the wake of the pandemic, Cardiff's innovation landscape has not only recovered but thrived. It is a leading UK city for start-ups and scale-ups.

Recently, it was revealed that Cardiff ranks number one among the 11 core city regions for post-pandemic start-up creation. This accolade is a testament to the city's robust entrepreneurial ecosystem and its ability to attract and nurture new businesses.

The private sector in Cardiff has been instrumental, serving as the predominant provider of incubation spaces for start-ups. This entrepreneurial spirit is fuelled by a skilled talent pool, a wellconnected regional infrastructure, strong investment prospects, and a dynamic business ecosystem. These elements collectively make Cardiff an ideal breeding ground for innovation and enterprise.

Significantly, Cardiff's success isn't just in numbers but also in the quality and sector-specific growth, particularly in tech industries like cybersecurity and fintech. Cardiff now outpaces other core cities, including Bristol and Manchester, in creating new economy businesses. This is a remarkable achievement and positions Cardiff as a leader in the new economy sector.

Cardiff is also witnessing a noticeable uptick in the commercialisation of research coming from its universities. This is a crucial development,

considering Wales has not traditionally been strong in university spinouts. However, with current trends, we are seeing a promising increase in this area, indicating a maturing of our academic and commercial interfaces.

The strong start-up scene in Cardiff is complemented by scaling companies that contribute significantly to the local economy. The challenge now is to ensure that these companies not only start in Cardiff but also choose to stay, continuing to invest in and enrich our local ecosystem.

From a broader perspective, the UK Government has recently recognised Cardiff alongside cities like Newcastle, Nottingham, and Sheffield as the next significant growth capitals for tech companies in the UK. This positioning

is backed by compelling data and reflects the comprehensive strengths of Cardiff's economic landscape.

As a business founder who has not only started but grown a company in Cardiff, and having worked closely with many other businesses at various stages of their journey here, I can affirm that Cardiff is currently one of the most exciting places for innovative and growth-oriented businesses.

1 Polling conducted by Survation, 1062 adults living in Wales, July 5-19th 2021

The city offers a unique combination of resources, opportunities, and support, making it an ideal locale for ambitious entrepreneurs and established companies looking to scale.

2 https://www.theccc.org.uk/wp-content/uploads/2019/05/ Net-Zero-Technical-report-CCC.pdf

3 RUK project intelligence

4 ibid

Hosted by Gemma Casey Editor, Business News Wales

Louise Harris Tramshed Tech

Ken Poole MBE

Cardiff Council

Chris Sutton Sutton Consulting

A Capital City’s Blueprint for Economic Success

Chris Sutton Director, Sutton Consulting

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Cardiff is a city full of vibrancy and strength, highlighting the potential and dynamism of a capital city in prime position for sustained economic growth.

Cardiff is the backbone of the Welsh economy, drawing in investment, talent, and attention far beyond its borders.

As a capital city, Cardiff serves multiple pivotal roles. It is the administrative heartbeat, the political epicentre, and the commercial and cultural hub of Wales. This identity has accelerated its growth, especially in the financial and professional services sector, which has seen a significant employment surge over the past two decades.

This sector in particular has benefited from Cardiff's stable yet dynamic economic environment, transforming the city into a jobs engine that powers much of Wales.

The pandemic posed challenges and stirred global economic and social shifts, prompting a revaluation of working practices that Cardiff, like many cities, has had to navigate. However, property is just one segment of Cardiff's broad economic offering. Beyond bricks and mortar, Cardiff's real strength lies in its human capital, fuelled by the presence of three major universities. These institutions not only enhance the city’s intellectual and cultural fabric but also supply a steady stream of graduates, energetic, skilled, and looking for opportunity.

Growth sectors include life sciences, fintech, legal tech, AI, digital & cyber. The creative sector in Cardiff is also mature, supported by three universities that are all directly engaged in nurturing talent in arts and media. This sector’s growth is part of the driving force behind the city's evolving economic and cultural landscape, where traditional industries meet modern creativity.

In little over a decade, central Cardiff has seen a 1.5 million sq ft pipeline of office development delivered. New development was put on hold in 2021 with post-Covid changes in working practices and the cranes on the skyline are now for residential towers. As the driver of the Welsh economy, and the focal point in our ‘hub & spoke’ South Wales Metro transit system, it is vital we protect and expand the Grade A employment hub in the city centre. That way we

can attract and retain the industries and businesses of the future.

Personal experiences, like my own journey from an incoming student to a permanent resident and business owner, highlight Cardiff’s magnetic appeal. The city's educational institutions do not just attract bright minds – they are gateways for sustained inward migration. This influx of talent perpetuates a cycle of renewal and innovation within the city’s businesses and communities.

Cardiff’s economic narrative is one of continuous transformation and opportunity. Cardiff is not just keeping pace but setting benchmarks. It is a compelling destination for businesses, investors, and talented individuals looking for a place where their ambitions and dreams can flourish.

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An Overview of Anglesey’s Economic Potential

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Part of Bangor University, Menai Science Park, or M-SParc for short, is where cuttingedge companies in the science and technology sectors – particularly the low carbon, digital and life science sectors – make their home and receive support to develop their businesses.

Bangor University is at the forefront of research impact and industry collaboration and M-SParc is a key part of this endeavour whilst also providing opportunities for graduates, people who are under-employed or who wish to upskill, and those wanting a career change on Anglesey.

Pryderi Ap Rhisiart, Managing Director, M-SParc, said:

“M-SParc is the ecosystem that brings academia, business, industry and enterprise together. We encourage Bangor University students to take work placements and internships with our tenants – with over 70% of internships becoming careers here at M-SParc. Our M-SParc Academy provides further opportunities for graduates to gain meaningful employment opportunities.”

With nearly 50 tenants, and over 30 virtual tenants, M-SParc is a powerhouse for business and innovation on the island.

One of many success stories is Explorage.com, the online marketplace for self-storage. Worth an estimated £48 billion annually, the global storage market is big business. There are approximately 27,000 new storage bookings each month in the UK yet finding, comparing and reserving the right solution has previously been inconsistent and long-winded. Anna Roberts, founder of explorage.com won the Rising Star Award at the StartUp Awards in 2023.

She said:

“This Rising Star award marks an extraordinary milestone for Explorage. com, especially considering our journey began just eight months ago. It is a testament to the incredible potential and unwavering dedication of our team. We are determined to redefine the world of self-storage and this award is just the beginning.”

Explorage.com have benefitted from being a tenant at M-SParc, flourishing in the ecosystem and taking advantage of initiatives the park has to offer, and contributing to the economy of Anglesey through job creation, investment and exposure.

One of these initiatives is the Skills Academy; a programme that has been set up by M-SParc to bridge the skills gap in North Wales, particularly in digital, science and technology and the creative fields, providing opportunities including degree apprenticeships, work placements and career opportunities.  There are employers across the region looking to grow their workforce with skilled people, while on the other hand there are graduates, people who are under-employed or looking for a career change, who are looking for work but may be finding it difficult to gain experience. This gives individuals a six-month placement funded by M-SParc, working with leading companies to develop skills, and network with some of the most exciting businesses in North Wales.

M-SParc is also a hub for business support. As a contractor for the Business Wales contract, they provide

specialist advice and guidance which is fully funded to support people in Wales that are starting, running and growing businesses, from de-carbonisation, skills and digital support. They have also built up a community of support that can assist, including in-house R&D Tax specialists, HR Advice, and Commercial Lawyers.

Despite recognising the importance of supporting local businesses, M-SParc also acknowledge the significance of attracting people and businesses back to the region to boost the economy. Through their campaign “Dewch yn Ol”, they’re giving people opportunities to return to Wales, especially Anglesey, through their vast network.

In recent years, ‘brain drain’ has had a significantly negative impact on the economy in Anglesey and Wales in general, with talented and intelligent individuals leaving Wales for work opportunities elsewhere. Recognising the lack of money to support small and new enterprises in the region, lack of skills locally in specific areas, lack of Welsh speakers in the sector in the region and that people who have moved from the area are not aware of the opportunities available here, M-SParc knew that something needed to be done. Similarly, due to the same effects, they launched M-SParc’s Angels; an angel network focused not just on investment back into Wales and Anglesey, but also mentoring and support to help businesses in the region flourish.

Wylfa Would Reinforce Anglesey’s ‘Energy Island’ Reputation

A new nuclear power station at Wylfa would cement Anglesey’s reputation as ‘the energy island’. That’s according to Dr Debbie Jones, Low Carbon Innovation Manager at M-SParc.

Dr Jones grew up on Anglesey and later specialised in nuclear chemistry, culminating in a PhD focused on how different bacteria interact with uranium. Her connection with the Wylfa project began during her studies, where she engaged with Hitachi Research Labs in Japan, gaining valuable insights into reactor technology and potential applications in the UK.

She believes that a new nuclear power plant at Wylfa could be transformational for Anglesey, providing a substantial boost to the local economy.

“We really have everything that we would need to set up and deliver new nuclear successfully,” said Dr Jones.

The development would not only create direct employment opportunities during construction and operation but also stimulate the local supply chain, bringing extensive economic benefits to the island, she said.

In May the then UK Government announced Wylfa as its first choice site for a large-scale gigawatt nuclear

power plant, a move which would bring thousands of jobs. But a change in government has led to uncertainty over the next move – although hopes remain high.

Anglesey has faced significant job losses in recent years, and a new nuclear project could provide muchneeded employment. The previous Horizon project at Wylfa – which had seen plans for a power station, including two nuclear reactors – proposed tens of thousands of jobs at peak construction and hundreds of jobs during operation. But that project was paused in 2019 before being scrapped entirely in 2021.

Dr Jones believes that numbers of this scale would greatly benefit Anglesey, offering clear career paths and aspirations for young people in the region.

The potential for skill development is another significant advantage. Dr Jones envisions apprenticeships and training programmes similar to those proposed during the Horizon project. These initiatives could provide long-

Would Reinforce Anglesey’s ‘Energy Island’ Reputation

with Dr Debbie Jones, Low Carbon Innovation Manager, M-SParc

term career opportunities in nuclear energy, ensuring a skilled workforce for future generations.

Anglesey is well-equipped to handle a project of this magnitude. The existing Wylfa reactor, although undergoing decommissioning, provides essential infrastructure that could be leveraged for the new development. The work done by the Horizon project has laid a foundation in terms of grid capacity and road infrastructure, offering valuable insights for future projects.

There are, of course, challenges associated with any large infrastructure project. Disruptions and complications are inevitable, but Dr Jones believes the economic benefits far outweigh the potential drawbacks.

“Broadly speaking, people on the island recognise the economic opportunities that would come from a project like Wylfa and are generally quite supportive,” she said.

Denbighshire Sees Uplift in Tourism Figures for 2023

Denbighshire’s tourism figures have seen a rise for 2023 in comparison to the previous year.

The latest STEAM (Scarborough Tourism Economic Activity Monitor) figures show that the total visitor numbers for Denbighshire in 2023 reached 6.39 million, an increase of almost 6% (5.9%) in comparison to 2022 figures.

The data also shows that the number of day visitors to the county for 2023 was 4.72 million, a 7.5% change when compared to 2022.

The total economic impact of tourism was £736.05 million, a jump of 17.1% on the previous year.

STEAM is a tourism economic impact modelling process which approaches the measurement of tourism from the bottom up, through its use of local supply side data and tourism performance and visitor survey data collection. It quantifies the local economic impact of tourism from both staying and day visitors, through analysis and use of a variety of inputs including visitor attraction numbers, tourist accommodation

bedstock, events attendance, occupancy levels, accommodation tariffs, macroeconomic factors, visitor expenditure levels, transport use levels and tourism-specific economic multipliers.

Councillor Jason McLellan, Leader of the Council and Lead Member for Economic Growth & Tackling Deprivation said:

“Denbighshire has both stunning coastal areas as well as scenic rural patches, which allows it to be a very well-rounded offer for tourists, who travel far and wide to come and visit our beautiful county.

“Once again, we welcome increased tourism figures for Denbighshire year on year, which demonstrate the importance of tourism to the local economy, and the bounce back the tourism industry has achieved after a difficult few years.”

Sarah Bailey

CEO of West Cheshire & North Wales Chamber of Commerce

New Ynys Môn Business-to-Business Networking Event Launches

The West Cheshire & North Wales Chamber of Commerce has recently announced the launch of their brand-new Ynys Môn Network, a business-to-business networking event, held in collaboration with Anglesey-based social enterprise, Menter Môn, at Menai Science Park (M-SParc).

The first event will take place on Tuesday 8th October at M-Sparc and will provide a platform for businesses from Anglesey and surrounding areas to come together, build business connections and network with fellow business professionals from the Island and beyond.

Building on this, the network will also provide an opportunity for attendees to find out more about the support provided by both the West Cheshire & North Wales Chamber of Commerce and Menter Môn.

We caught up with Sarah Bailey, CEO of West Cheshire & North Wales Chamber of Commerce, to learn more about the event:

Sarah Bailey, Chief Executive Officer of West Cheshire & North Wales Chamber of Commerce, commented about the launch:

“We’re very excited to be launching the Ynys Môn Network in collaboration with our Patron Member, Menter Môn. The network is sure to provide a fantastic opportunity for businesses across Anglesey and beyond to grow their business via new connections and support from both the Chamber and Menter Môn.”

“The Network also provides the Chamber with a chance to extend our reach in North Wales and continue our mission to support businesses across the entire region.”

Sara Lois Roberts, Project Manager at the Menter Môn Enterprise Hub added:

“Menter Môn is delighted to be working with West Cheshire & North Wales Chamber of Commerce to launch the Ynys Môn Network. We’re looking forward to collaborating and adding value as part of our business support services, along with supply chain opportunities in sectors such as renewable energy, food, and digital.”

Businesses interested in attending can book via the Chamber of Commerce website here

with Sarah Bailey, CEO of West Cheshire & North Wales Chamber of Commerce

Discover.

Harnessing Anglesey’s Natural Heritage for a Prosperous Future

Dylan Williams Chief Executive Officer Anglesey County Council

On Anglesey, our relationship with the land goes far beyond just geography. It's a profound connection that has shaped our economy, culture, and community life for generations.

This bond is particularly evident among our families and local communities, who have a deep sense of place and belonging that is rooted in our island's natural assets.

The economic backbone of Anglesey has always been agriculture, a sector that not only sustains our economy and rural communities, but is also pivotal in our efforts toward sustainable food production.

As we look to the future, it is essential that we continue to support and progress this sector, developing our fertile land to meet the increasing demands for sustainable and locally sourced food.

Our island’s geographical uniqueness supports more than just our agricultural heritage. Anglesey's coast and geology hold untapped potential for sustainable energy generation –further enhanced by Holyhead Port and the potential to secure investment as part of Anglesey Freeport through our close collaboration with Stena Line.

With Wales and the UK's shifting focus towards sustainable energy sources, our island is well-positioned through the Energy Island Programme to capitalise on these developments, particularly through projects related to wind, tidal, and new forms of

low-carbon energy technologies. The potential for a new nuclear development at Wylfa also remains.

Tourism continues to be a vital part of our local economy. Visitors are drawn to our scenic coastlines and rich historical sites, which not only enhance our economic viability but also reinforce the importance of conserving our natural assets.

It is essential that we protect these assets and strike a balance between development and protection to maintain the integrity and attractiveness of our island for future generations.

Furthermore , Anglesey’s culture and language is integral to our identity. More than 70% of our population is fluent or understand Welsh (significantly higher than the national average). Our language is not just a means of communication

but a distinctive feature of the local culture that we are proud of. It’s more than preservation, it's about actively championing, with pride, our cultural heritage as a unique selling point .

Being an island adds another layer to our distinctiveness and appeal. This geographic characteristic, combined with our robust package of natural and cultural resources, our people and sense of place are important strengths.

We are not just working to preserve what we have, but are actively using our strengths to attract investment, to sustain and create jobs, and to build a sustainable future for our young people.

The sense of place which exists between our land and our people is not only historic, but the foundation that our future prosperity will hopefully be built upon.

Why Anglesey’s Communities Are Our Greatest Asset

Dyfed Jones

Business Advisor and Councillor

Anglesey's true potential lies within its people, its landscape, and its inherent geographical advantages.

We are uniquely equipped with all the necessary components to foster a thriving economic environment, a solid educational foundation, a skilled workforce, and a community deeply connected to this land.

Investors are continually seeking locales that are not only resource-rich but also have a dedicated and skilled population. Here in Anglesey, we have that in abundance. Our people are our greatest asset, and by continuing to attract and nurture the right talent, we are setting the stage for a prosperous economic future. We aim to be a place where innovation meets tradition, where new ideas can flourish in a community with deep roots and a strong sense of identity.

One of the shining examples of this innovative spirit is Menai Science Park (M-SParc), a shining light of modern industry and collaboration on Anglesey. Recognised nationally,

M-SParc serves as a hub where diverse businesses converge, providing a nurturing ground for startups and fostering a culture of innovation. It’s more than a business park; it's an incubator for ambitious ideas and a testament to what we can achieve when we focus on advancing our collective economic interests.

Emerging industries on Anglesey are ripe with opportunities, particularly within the supply chains that are essential to large-scale production and services. Whether it’s renewable energy, advanced manufacturing, or technology, there's a natural opening here for new businesses that want to align with our regional strengths and community ethos.

Our collaborative spirit is something that truly sets us apart. Anglesey is a place where stakeholders and partners are eager to work together, driven by a shared vision for a vibrant

economy enriched by our culture and love for the Welsh language. This is not just about economic transactions, it’s about building a community where business and personal lives are interwoven with a common thread of progress and sustainability.

Our unique selling proposition isn't just our stunning landscape or our robust educational infrastructure, it's our people. Their resilience, creativity, and commitment to their home are what will propel us forward.

As we continue to build on these strengths, Anglesey will not only attract external investment but will also cultivate a rich, self-sustaining economy that remains true to its roots while boldly embracing the future.

Hosted by Gemma Casey Editor, Business News Wales

Dyfed Jones Business Advisor

Dylan Williams

Anglesey County Council

Huw Brassington Tenet Engineers

Anglesey’s Industrial Renaissance is Already Happening

Huw Brassington Senior Mechanical Engineer Tenet Design Consultants

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Anglesey is on the cusp of an industrial renaissance, and at Tenet we recognised this potential early on, leading us to relocate our business to this vibrant island.

The decision was fuelled by the rich industrial heritage of Anglesey, which has cultivated a deep reservoir of knowledge and expertise within the local workforce.

Relocating to Anglesey was driven by more than just the exciting industrial opportunities the island offers. As someone who grew up in North Wales, I have first-hand experience of the challenges faced by young engineers in finding local opportunities. Our commitment at Tenet is not only to innovate but also to ensure that the local community prospers alongside our business for the long term.

Despite the shift in industries over the years, with many locals having to seek opportunities elsewhere, our move to Menai Science Park (M-SParc) was strategic. It’s about revitalisation and bringing that expertise back home. M-SParc is more than just a business location – it’s a rallying point for the skilled Welsh workforce to return and engage with dynamic sectors that are defining the new age of industry on the island.

Currently, Anglesey is emerging as a leading hub for multiple cuttingedge industries including tidal stream turbines, wind energy, nuclear technology, and petrochemicals. The transformative energy of these sectors is palpable and the opportunities

they present are immediate. This isn't just about future prospects, it’s about the here and now. Jobs are available today, and the infrastructure for further development is already in place.

The narrative often heard is one of a “bright future” for Welsh nuclear energy and broader industrial growth. But at Tenet Engineers, we believe that the future is already unfolding. The Government’s investment in projects like the Wylfa Newydd nuclear power station underscores this belief. It’s not just a plan, it’s a reality.

For businesses contemplating investment in the region, the message is clear – the opportunity in Anglesey is ripe for the taking right now. This island is bustling with industrial activity and innovation, supported by government backing and a community eager for growth. For professionals in

engineering and tech, especially those from Wales who have ventured afar, Anglesey offers a chance not just to return, but to be at the forefront of an industrial boom.

The opportunities on Anglesey are not just in its industrial outputs but in its community spirit and collaborative environment. M-SParc is a good example which is thriving as a nucleus of innovation, where businesses small and large come together to push the boundaries of what’s possible.

At Tenet are already part of this exciting chapter, and we welcome others to join us in this journey of growth and innovation. The jobs are here, the opportunities are now, and the future is waiting for no one. Anglesey is the place to be for anyone looking to make a significant impact in their industry and community.

1 Polling conducted by Survation, 1062 adults living in Wales, July 5-19th 2021 2 https://www.theccc.org.uk/wp-content/uploads/2019/05/ Net-Zero-Technical-report-CCC.pdf 3 RUK project intelligence

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Newport Business

An Overview of Newport's Economic Progress

Sarah Ameson Sales Manager ICC Wales

But it doesn't stop there. The power of events knows no bounds and increasingly we are seeing the role that events can play in shaping community legacies.

At ICC Wales, the concept of an event's legacy, which captures its impact before, during, and after its actual occurrence, has gained prominence among our clients.

Many organisations now seek ways to contribute positively to local communities while hosting events. As part of our work to support our clients with this, ICC Wales has partnered with Fareshare Cymru to establish a food donation point—a simple yet effective initiative that allows event attendees to contribute to the local area effortlessly. This setup not only supports local causes but also addresses food insecurity by providing meals to those in need.

The scale of events at ICC Wales ranges from intimate gatherings of 50 to large assemblies of 5,000 people. Yet, regardless of size, each event has the potential to significantly boost donations. This effort aligns with the growing emphasis on corporate social responsibility, with businesses increasingly committed to integrating social and environmental concerns into their core operations.

In addition to the food donations, we've implemented a QR code system enabling monetary contributions. Remarkably, a small donation of one

How Events Can Be a Force for Good Inform.

Economic impact, job creation and inward investment. These are all ways in which the events industry touches communities.

pound can yield four meals. Thus, even minimal donations can substantially impact our community, exemplified by providing 200 meals from a £50 contribution.

The success of the food donation initiative at ICC Wales has been overwhelming. Most days, the donation point is filled, a testament to the generosity of our clients, delegates, and team. This initiative not only alleviates hunger but also contributes environmentally by saving 1.5 million litres of water and reducing CO2 emissions by 1.6 tonnes for every tonne of food redistributed.

ICC Wales is also expanding its reach beyond immediate food aid. Last year, we joined forces with Business in the Community, a leading network committed to fostering a fairer and greener world. This partnership underscores our dedication to creating sustainable legacies that extend beyond the economic and cultural spheres.

And our new initiative with EventCycle enhances this vision by providing sustainable solutions for event waste. EventCycle aids event planners in repurposing and redistributing leftover materials to charities and community groups. An exemplar of this was the SQL Bits Data Platform Conference, where materials benefitted organisations like St. Vincent and the YMCA’s Cardiff Young Carers Project.

The journey of integrating legacy into our event planning at ICC Wales is captured in our report, Event Power, A Force for Good. The report illustrates the profound, far-reaching impact of events—a power that transcends boundaries and touches lives profoundly and diversely.

At ICC Wales, we're not just hosting events; we're crafting legacies that resonate with, and significantly aid, our community.

Newport’s Future in the Industrial Property Market

Newport is well located on the prime M4 corridor but is so often overshadowed by neighbours Bristol and Cardiff.

However, one sector where the city is leading from the front is the industrial property market with promising signs of growth and development. There is significant progress in key areas, painting a picture of a robust and evolving market.

One of the most notable success stories is St Modwen’s, speculative development programme at St Modwen Park, Llanwern, located adjacent to the dual carriageway which runs through the steelworks. The Llanwern redevelopment spans 600 acres which is mainly residential, with 100 acres dedicated to employment land uses.

Since 2016, St. Modwen has developed a series of speculative, large-scale and highbay industrial buildings, marking a significant investment in Newport's commercial infrastructure.

The progression of rental values in this development illustrates the increasing value and demand for industrial space.

In 2016, the first 50,000 sq ft unit was let to Amazon Logistics at £5.50 per sq ft. Fast forward to 2021, and the rate had risen to £6.50 per sq ft. Over the past three years rents have accelerated with the last three lettings at £8.50 and £8.75 per sq ft. Quoting rents are now £9.75 per sq ft with one of the last remaining units under offer at or close to this.

These figures highlight not only the strong demand but also occupier confidence in Newport's industrial market. Achieving £8.75 per sq ft for a 116,000 sq ft building underscores the substantial interest in new highbay energy efficient industrial floorspace. Occupiers secured to date include Aerfin, Genpower and Mitel Networks. The 100-acre site will soon be fully developed and the challenge for the planning authority is to allocate another site of similar scale.

On the western side of Newport, Imperial Park has witnessed major developments that further cement

Newport's status as a growing industrial hub. Two significant projects stand out:

KLA's R&D Facility

Newport has been home for many years to the R&D and advanced manufacturing arm of KLA’s SPTS division, a global supplier of tools for advanced wafer processing for the semiconductor industry.

NASDAQ-listed KLA’s Newport operation is currently based at The Coldra on Junction 24, M4 but the company has acquired 22 acres at Imperial Park from Welsh Government. KLA has developed a new £100 million facility with clean rooms to accommodate 750 staff. This investment not only brings high-tech jobs to the area but also enhances Newport's reputation as a centre for semiconductors and technological innovation.

Microsoft's Data Centre

In a move that highlights the region's strategic importance, Microsoft acquired the 40 acre former Quinn Radiators site with planning permission granted in July 2024 for two data centres totalling 750,000 sq ft. This development aligns with the broader trend of increasing demand for hyperscale data centre space, driven by the growth of AI, cloud computing

and digital services. The presence of such a major global player, already a major customer of Vantage in Newport, is a significant boost for Newport, positioning it as a critical node in the global digital network. However, it brings further challenges to a constrained regional power grid.

Imperial Park is now home to KLA, IQE compound semiconductors, and data centre operators Vantage and Microsoft. This location should be prominent in the emerging Investment Zone which was announced by UK Government for Newport and Cardiff in the spring. Indeed, one of the challenges will be securing sufficient expansion land to fully capitalise on this cluster.

The combination of speculative developments and high-tech investments paints a bright future for Newport's industrial commercial property market. The steady increase in rental rates at the Llanwern redevelopment and the significant projects at Imperial Park demonstrate the area's attractiveness to both local and international businesses.

These developments not only create jobs but also stimulate further economic activity, drawing more businesses and investors to Newport.

Inform.

‘Reimagined’ Shopping Centre Welcomes Surge in New Tenants

The Kingsway Centre, the shopping centre in the heart of Newport city centre, has welcomed 11 new businesses in its first six months under new ownership.

The centre is next to the city’s flagship Friar’s Walk development, and was purchased from receivers in Q4 2023 by Bristol-based Boyce Group Ltd.

The group says that owner Niall Leighton-Boyce had “set about reimagining what a shopping centre should be in 2024”.

It says the 11 new tenants were all independent businesses, adding that there are only a couple of vacant units remaining.

As well as attracting new tenants the new owners have plans for the centre’s lower ground floor, where an area called In-Shops once was. An air-soft and paintball centre called The Underground is due to open later this year, with part of the space due to become student facilities.

Sovereign House on Commercial Street is currently being converted into 112 student studios with a full range of amenities.

One of the new tenants at the Kingsway Centre is Newport City Radio, which has launched its new station on DAB radio.

Shopping centre owner Niall LeightonBoyce said:

“It has been an exciting six months and the centre is really taking shape. I still have lots of ideas to implement and new tenants to sign up.

“The student accommodation scheme is underway. The design for the area that was The In-Shops and Wilkos is taking shape.

“Footfall is increasing week on week and Newport Radio is sure to generate

more customers with their Saturday Live Lounge from the middle of the shopping centre.

“I'm personally extremely excited for The Underground to open and have already booked it for the Boyce Group Christmas party. The space is ideal for an immersive paintballing arena and will bring a fresh demographic to the centre.

“We have job opportunities for general centre operatives, construction workers and accounts positions.”

Delicious Delights was the first of the new businesses to enter the Kingsway Centre under the new ownership in February.

Owner Claire Taylor said:

“We were so excited to be the first new shop that opened under Kingsway's new ownership. It was definitely the best decision to become part of the Kingsway family."

"We have been made so welcome by the new owner, his staff and all of the existing shops here. We have the best customers which make our working day feel like we're not actually working at all.”

Newport Can Become a Byword for Innovation

Newport is fast becoming a key player in the global tech and advanced manufacturing landscape, particularly in the field of compound semiconductors.

The city is home to the world's first compound semiconductor cluster, a development that has drawn international recognition and established Newport as a cornerstone of the Fourth Industrial Revolution.

This semiconductor cluster is a significant milestone for Newport and the wider region, marking it as a hub for cutting-edge technologies. The Compound Semiconductor Applications (CSA) Catapult is the first of its kind globally, supporting the growth of the cluster and positioning Newport at the heart of a global market worth billions.

Currently, approximately 1,500 people in the region, predominantly in Newport, are employed within the compound semiconductor cluster. However, this number is expected to surge to around 5,000 jobs as the sector expands. KLA Corporation is spearheading this growth with a £100 million manufacturing and R&D centre at Imperial Park.

Newport's role in the global semiconductor supply chain is pivotal. While the UK alone cannot meet all semiconductor needs domestically, Newport's robust regional supply chain plays a crucial part. About 70 firms in the region supply these tier-one companies in Newport, demonstrating a strong and interlinked industrial ecosystem.

The arrival of a new Labour UK Government brings further promise, with commitments to continue investing in Newport's semiconductor cluster. This strategic support, through

the emerging investment zone, presents a significant opportunity for both the Welsh and UK Governments to collaborate. Targeted investments are set to attract more inward investment, spur economic growth, and create additional opportunities for businesses in the city.

Newport’s technological advancements are not confined to semiconductors. The city is also home to Vantage Data Centres, a critical infrastructure for the digital economy, and continues to attract high-tech firms and advanced manufacturing companies. This diversity strengthens Newport's economic base and provides a fertile ground for innovation and growth.

The city's strategic location and excellent connectivity further bolster its attractiveness. Newport is within easy reach of major airports, and its rail connections to Cardiff, Bristol, and London are exceptional. This

accessibility enhances its appeal to global investors and talent, ensuring a steady flow of skills and capital into the city.

Local government and businesses in Newport are committed to leveraging these advantages with initiatives in place to support startups and small businesses, fostering an environment where innovation can thrive.

The presence of educational institutions and research centres also provides a steady pipeline of talent and ideas, crucial for maintaining Newport’s competitive edge in the tech and manufacturing sectors.

With continued investment, strategic support, and a strong regional supply chain, Newport is set to deliver unprecedented economic growth and opportunities, solidifying its place as a byword for innovation and industry.

Discover.

Newport Port Pioneering a Green Future for Economic Growth

Ashley Curnow

Divisional Port Manager for Wales & the South West, ABP (Associated British Ports)

As Divisional Port Manager for Wales and the South West at Associated British Ports (ABP), I am thrilled to share our ambitious new masterplan for the port at Newport.

Launched in February 2024, this plan is a testament to our commitment to the future of the port. Newport is a city that has continuously evolved through various growth pathways over the centuries. Today, we are on the brink of a new era, one that focuses on green energy and sustainable development.

Our vision for the port at Newport is to transform it into a green manufacturing and logistics growth cluster. Renewable energy will be at the core of this transformation, preparing us for the demands of tomorrow. We already generate energy from wind and solar sources at the port, but our goal is to significantly increase this capacity. By doing so, we can link the green energy produced to processes such as hydrogen electrolysis, which produces green hydrogen. This hydrogen can then fuel manufacturing plants and support carbon capture initiatives.

We aim to capture carbon emissions from neighbouring sites, creating new opportunities for business collaboration. Our masterplan outlines the development of these facilities, positioning the port at Newport as a next-generation manufacturing and logistics hub. This will attract a new cluster of businesses focused on futureproofing their operations and leveraging the green energy infrastructure we are building.

Our commitment to decarbonisation extends beyond our own operations. We aim to help our current customer base and potential new clients reduce their carbon footprints.

Our masterplan has three key objectives:

1. Preserve and Enhance Traditional Port Functions: As the UK’s largest steel port, we will maintain and grow our traditional role. This includes upgrading our port facilities to ensure they meet modern standards and provide a better working environment for our employees and an attractive location for new customers.

2. Create a Clean Growth Hub: Central to our future strategy is the establishment of a green growth hub. This hub will drive the port’s transformation, attracting businesses that prioritize sustainability and innovation.

3. Improve Wellbeing and Create Sustainable Jobs: We are dedicated to enhancing the wellbeing of current and future generations in and around Newport. Creating well-paid, sustainable jobs is a cornerstone of our master plan. Since February, we have already created 50 new jobs and are in the process of filling them. Additionally, we have relocated the largest

crane in ABP’s Welsh portfolio to Newport to meet growing business demands.

This is an exciting time for the port and the surrounding area. Our business is expanding, and we are actively seeking ways to collaborate with neighbouring industries to maximise mutual benefits.

Newport's port is not just a historical landmark but a dynamic engine of economic growth and innovation.

Our new master plan is about more than just the port’s evolution; it’s about setting the port at Newport and the wider city on a sustainable path for the future. By focusing on green energy and creating a clean growth hub, we are not only future-proofing our operations but also supporting the broader economic development of Newport. This is a significant step forward, and I am excited about the opportunities it will bring for the city and its residents.

Discover.

Promising Future for Wales’ Fastest Growing City

Baroness Debbie Wilcox

The Baroness Wilcox of Newport House of Lords

Newport is the fastest growing city and place in Wales, experiencing a remarkable population increase of nearly 10% over the past decade.

This growth is also reflected in our economic performance. As of 20222023, Newport ranks as the fourth most prosperous county in Wales in terms of GVA per head. While Cardiff, our capital, holds the top spot, Newport's upward trajectory is undeniable and continuous.

Employment opportunities in Newport are expanding, with the city now boasting the eighth largest workforce in Wales.

This growth is driven by significant developments and new opportunities, particularly from major employers like Associated British Ports, which is actively developing the port. This development brings a wave of new job prospects to the area, reinforcing our economic base.

Newport is home to a diverse array of businesses from both the private and public sectors. Key players include KLA, IQE, Vantage Data, Airbus, CAF Rail, Celtic Manor, the Patent Office, and the Office for National Statistics. This broad business base provides a stable and varied economic landscape for our city.

However, one area needing attention is the proportion of micro-businesses.

Newport's micro-business sector currently sits just under 24%, compared to approximately 33% across the rest of Wales. This gap presents an opportunity for growth, particularly with a new wave of young entrepreneurs eager to innovate and expand.

Over the past four and a half years, a noticeable shift has occurred, with a new generation of business owners stepping up. Their fresh perspectives and determination are set to make a significant impact on Newport’s micro-business landscape.

Finally, the surge in new home construction in Newport is a testament to the confidence businesses and residents have in our city's future. Newport leads all Welsh local authorities in the number of new homes being built, showcasing our commitment to growth and development.

Newport is not just growing but thriving.

With continued investment, support for micro-businesses, and leveraging our strategic advantages, Newport's future looks incredibly promising.

Promoting Newport's strengths, such as our strategic location and excellent connectivity, is crucial. We are 40 minutes from Cardiff Airport, 45 minutes from Bristol, and two hours from Heathrow. By rail, Cardiff is just 15 minutes away, Bristol 20 minutes, and London a mere hour and 40 minutes. These connections make Newport an attractive hub for both businesses and residents.

Hosted by Gemma Casey Editor, Business News Wales

Newport’s Economic Outlook – A Turning Point for Growth and Innovation

Kevin Ward Managing Director Kevin Ward Media

Discover.

As someone who has lived and worked in Newport since 1989, initially as a journalist and now as a media and management consultant, I've witnessed first-hand the city's remarkable transformation.

Over the years, I’ve had the privilege of serving on various boards around the city and spend most of my working time in the city centre. Comparing Newport now to when I first arrived, it’s clear that we have come a long way.

Back in the late '80s, Newport was heavily reliant on traditional industries like the steelworks, which have since faded from the economic landscape. The riverfront developments were non-existent then, but today we have seen considerable development in the city centre. The Friars Walk shopping and leisure centre, the Mercure Hotel, and the revitalised Newport Market are just a few examples of the significant strides we've made.

Newport is at a critical juncture. Like many towns and cities across the UK, we have endured a challenging period, especially during the pandemic when the economy effectively shut down for almost a year. Despite these challenges, our city’s population is growing – particularly since the removal of the tolls on the Severn bridges – presenting both opportunities and challenges.

One of the primary challenges is ensuring that our infrastructure keeps pace with this growth. While road infrastructure is crucial, what we urgently need is to bolster our medical

infrastructure, including GP surgeries, schools and other public services, to adequately support our expanding population.

Looking at the broader Newport economy, we are in a strong position. However, this strong position should be viewed as a launchpad for future growth and development. The decisions made over the next two to three years will be pivotal in determining our trajectory.

Culturally, Newport has always had a rebellious streak, a spirit that dates back to the Chartist movement. This independent mindset is a key strength, we don’t aspire to mimic

Newport’s uniqueness is its greatest asset.

1 Polling conducted by Survation, 1062 adults living in Wales, July 5-19th 2021

Our city’s distinct character, combined with strategic planning and investment, positions us well for future success. We need to focus on fostering innovation, supporting new and existing businesses, and ensuring that our infrastructure can support continued growth. By doing so, we can capitalise on our current momentum and build a vibrant, sustainable future.

2 https://www.theccc.org.uk/wp-content/uploads/2019/05/ Net-Zero-Technical-report-CCC.pdf

3 RUK project intelligence 4 ibid

Cardiff, Bristol, or Swansea but to be different to, and better than, them.

Inform.

‘Reimagined’ Shopping Centre Welcomes Surge in New Tenants

The Kingsway Centre, the shopping centre in the heart of Newport city centre, has welcomed 11 new businesses in its first six months under new ownership.

The centre is next to the city’s flagship Friar’s Walk development, and was purchased from receivers in Q4 2023 by Bristol-based Boyce Group Ltd.

The group says that owner Niall Leighton-Boyce had “set about reimagining what a shopping centre should be in 2024”.

It says the 11 new tenants were all independent businesses, adding that there are only a couple of vacant units remaining.

Sovereign House on Commercial Street is currently being converted into 112 student studios with a full range of amenities.

One of the new tenants at the Kingsway Centre is Newport City Radio, which has launched its new station on DAB radio.

Shopping centre owner Niall LeightonBoyce said:

“It has been an exciting six months and the centre is really taking shape. I still have lots of ideas to implement and new tenants to sign up.

“The student accommodation scheme is underway. The design for the area

that was The In-Shops and Wilkos is taking shape.

“Footfall is increasing week on week and Newport Radio is sure to generate more customers with their Saturday Live Lounge from the middle of the shopping centre.

“We have job opportunities for general centre operatives, construction workers and accounts positions.”

Delicious Delights was the first of the new businesses to enter the Kingsway Centre under the new ownership in February.

Owner Claire Taylor said:

“We were so excited to be the first new shop that opened under Kingsway's new ownership. It was definitely the best decision to become part of the Kingsway family."

"We have been made so welcome by the new owner, his staff and all of the existing shops here. We have the best customers which make our working day feel like we're not actually working at all.”

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