BUSINESS TALK

ROBERT LLOYD GRIFFITHS

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THIS coming Thursday marks 80 years since the end of World War II in Europe.

The 2025 VE Day events will honour veterans and commemorate the victory of the great British nation. It's a poignant reminder of the strength, courage, and unity shown by so many during times of extreme hardship.

Indeed, I remember my late dad telling me his own story. He was just 20 years old when war broke out in September 1939. He completed his military training at Aldershot before becoming a soldier with Monty's Desert Rats and spending the best part of five years on tour in Africa and Italy. I am very proud of him. His resilience and fortitude always remind me of the need for perspective when faced with challenging times.

And, so, it was perspective that was at the forefront of my mind when reviewing the results of our latest national Business Confidence Monitor (BCM) for quarter one of 2025. The UKwide data found that confidence continued to fall and turned negative for the first time since late 2022, reflecting tax rises, rising inflation, weak economic growth, and increased global uncertainty.

In Wales, confidence fell deeper into negative territory at minus 17.6, significantly below the UK average of minus three. Our members told us that the tax burden was the main business concern in Wales, while the political backdrop is also becoming increasingly uncertain in the run-up to the Senedd Election next May.