Business News Round Up (02/11/2026)
Scottish shops and restaurants demand Budget business rates break
Scottish shops and restaurants are calling for a business rates break as pressure grows on the Scottish Government to use next month’s Budget to cut the cost of trading. Retail, hospitality and small business groups want ministers to improve rates relief after Chancellor John Healey announced additional support for businesses in England in last week’s UK Budget. From April, the threshold for 100 per cent Small Business Rates Relief for qualifying retail, hospitality and leisure properties in England will rise from £12,000 to £18,000. The UK Government says the move will take around 70,000 additional high street businesses out of business rates altogether. Pubs, social clubs and most live music venues in England will also receive an additional 20 per cent reduction, taking their total relief to 35 per cent. Business rates are devolved, meaning the measures do not automatically apply in Scotland.
£700m to ‘reindustrialise’ 10 strategic sites across UK
The Government has launched a search for 10 locations across the UK which will benefit from its Strategic Sites Accelerator. A total of £700m funding and expert support will be deployed to ‘reindustrialise’ the sites. Mayors and local leaders are working with No.10 North to drive the search for the ‘top 10’ locations. Tackling the key barriers holding back high-potential sites – from access to finance, grid connections and planning constraints – it hopes that the blockers that can cool would-be private investors will be removed. The Accelerator will support sites in a range of ways, from loans and equity and targeted grant funding to technical expertise, bringing government, local partners and developers together to tackle specific barriers. The Government claims that tens of thousands of jobs will be created, while up to £2 billion in private investment will also be secured over time.
https://businesscloud.co.uk/news/700m-to-reindustrialise-10-strategic-sites-across-uk
Scottish business confidence rises as firms plan hiring and investment
Scottish business confidence rose sharply in October as firms reported stronger trading prospects and set out plans to recruit, develop staff and enter new markets, according to Bank of Scotland’s latest Business Barometer. The headline confidence reading increased 13 points to 49%, up from 36% in September and above Scotland’s 12-month average of 46%. It was also two points higher than the UK-wide reading of 47%, although below Scotland’s peak for the year of 55% in August. Confidence in Scottish firms’ own trading outlook rose 13 points to 63%, while optimism about the wider economy increased 14 points to 35%. The headline measure combines these two readings. Stronger customer or market demand was cited by 49% of Scottish firms as a driver of economic optimism, followed by improving interest rates or financial conditions at 31% and a more stable political or global environment at 29%.
Circular economy could generate over £93bn in UK, WRAP report says
The UK could generate £93 billion in Gross Value Added (GVA) by taking steps towards a circular economy, new report finds. The report by WRAP found that circular economy activities, such as repair, remanufacturing, reuse, and recycling, could support 550,000 new jobs across the UK. In 2024, the circular economy sectors supported almost 559,000 jobs across the UK, generating more than £53 billion in GVA. The Powering Good Growth report found the circular economy continues to provide a substantial employment base, support domestic resource flows, and strengthen economic resilience. The report suggests that by 2035, even a modest progress towards a more circular economy could unlock almost £4 billion of additional economic value. The findings suggest that circular economy activities can help spread economic opportunity across the UK by creating jobs, strengthening local supply chains and attracting investment into communities undergoing industrial transition.