Business News Round Up (10/04/2026)
Business Secretary champions flagship investment in UK’s largest gigafactory
The government has taken decisive action to ensure battery manufacturers, auto firms and SMEs rooted in communities across Britain benefit from major financial support – keeping the country a leading hub for business, investment, and jobs in a volatile global environment. Thanks to the UK’s Modern Industrial Strategy, 4,200 jobs have been secured following over £700 million of investment in the advanced manufacturing sector – showing that the government is supporting the industries of the future by helping to create a resilient economy that will boost growth and raise living standards for working people. Business Secretary Peter Kyle announced the measures in a visit to Agratas in Somerset today [9 April], where a £380 million government grant was unveiled to support the firm in building one of the largest gigafactories in Europe – where the newly constructed factory frame was built using 100% British-steel.
Chamber demands devolved powers for capital
Edinburgh should have a mayoral system with devolved economic powers to recognise that when the capital does well, the country benefits, according to the city’s Chamber of Commerce. In a new policy paper it argues that strengthening and accelerating plans for greater regional economic devolution so Edinburgh and South East Scotland “can shape our own economic future based on specific regional needs.” This includes Scottish Government support for a Next Generation Edinburgh and South East Scotland City Region Deal (ESESCRD) to continue and evolve the work of the existing deal beyond its current conclusion date. “A ‘one-size-fits-all’ national approach cannot fully respond to the unique economic strengths, challenges and opportunities of Edinburgh and its surrounding City Region,” it says. “Greater local decision-making would enable targeted investment in infrastructure, housing, skills, innovation and priority industry sectors that drive productivity and inclusive growth.”
New £20m fund to drive regional economic growth
The UK government has announced up to £20m in funding for regions across England and Wales to support local innovation and economic growth. The investment is part of the £500m Local Innovation Partnerships Fund and follows earlier backing for the Tay City Region in Scotland. Several areas will benefit from the latest round of funding, including the South West of England. The Oxford-Cambridge Growth Corridor will receive support to accelerate work in autonomous vehicles, high-performance engineering and space technology, with the goal of moving innovations more quickly from testing to real-world application. In Greater Lincolnshire, funding will help expand capabilities in agri-tech and defence, supporting the development of new products and businesses. South-West Wales will see investment in two linked clusters: energy security, including offshore wind and hydrogen, and materials security, focused on recycling and processing critical resources.
SMEs owed an average £66,770 in unpaid invoices as firms delay payments to preserve cashflow
The average amount of overdue invoices owed to SMEs is now £66,770, a 10% year-on-year increase. A third of SMEs have also written off an average of almost £30,000 in the past 12 months due to customer insolvency or payment default, according to the research by Bibby Financial Services. Amid tough trading conditions, the study found that 62% of SMEs said their customers are taking longer to pay in full compared to a year ago, and 19% admitted they have delayed paying creditors to preserve their own cashflow. Government figures show that late payment costs the UK economy an annual £11 billion, with 38 businesses closing every day because they are not paid on time, and business owners spending 86 hours a year chasing invoices.