Business News Round Up (23/10/2026)
Healey plans to slash ‘pointless paperwork’ in bid to save businesses £800m
The Chancellor has set out plans to cut back on “form-filling and pointless paperwork” that aim to cut £800m worth of red tape for businesses. The measures designed to give businesses “breathing space” come ahead of John Healey’s first Budget next week, in which he has said he wants to ease cost pressures on both companies and households. He and Prime Minister Andy Burnham are due to meet small business leaders at No. 10 North on Friday. They are part of efforts to cut back the regulatory admin businesses are required to do by 25% by the end of this Parliament. Streamlined reporting requirements are expected to save £290m; easing “duplicative reporting burdens” for asset managers £105m; and cutting red tape for buying and selling homes £116m for businesses in the transaction chain. Extending tariff suspensions on more than 250 products is due to save £155m, according to the Treasury.
Inflation rise may force interest rate increase
The unexpected rise in inflation in September is likely to prompt the Bank of England to increase interest rates next month. According to the Office for National Statistics, inflation jumped 0.4% to 3.5% – higher than expectations. Economists had forecast the September figure to show an increase to 3.4%, and there are real concerns that figure will rise above 4% next year, more than double the bank’s 2% target rate. Consequently, the bank will be under further pressure to hike interest rates at the Monetary Policy Committee’s next meeting. The latest data also shows wages growing by 3.9% and, under the terms of the triple lock, this should be used to determine the increase in many benefits and the state pension which should rise to £250.70 a week, up from the current £241.30 a week.
https://www.scottishfinancialnews.com/articles/inflation-rise-may-force-interest-rate-increase
Scottish businesses to benefit from £500,000 trade push
Scottish businesses are set to benefit from £500,000 of Scottish Government support for a programme of trade missions to help companies grow exports and build global partnerships. The First Minister announced the funding whilst addressing the Scotland-India Business Forum in Delhi. It will enable the Scottish Chambers of Commerce to lead trade missions across a range of international markets, including India, helping Scottish companies strengthen international relationships, explore export opportunities and establish new commercial partnerships. It comes as new analysis by EY shows there are significant opportunities for Indian investment in Scottish technology, financial services, professional services, clean energy and innovation-led sectors. Four sectors have been identified as priorities for growth: energy, life sciences, technology and digital services, and food and drink. Two-way trade in these sectors is currently worth around £2 billion annually, with the potential to rise to £3.2 billion by 2030.
Speedier action demanded against market attacks
Regulators need to get ahead of those who are disrupting the financial markets, according to the head of the industry watchdog. Nikhil Rathi, chief executive of the Financial Conduct Authority, has warned that AI has raised the level of risk, with changes in technology sometimes happening “within weeks”. Mr Rathi urged the authorities to work in partnership to tackle the growing threats, such as this week’s attack on Google Cloud that took down numerous websites, including Daily Business. Banks and delivery firms were among others hit by the attack. “The threats to market integrity are as serious as I have seen them. Unprecedented volatility, concentration risks, new forms of market abuse and rampant cross-border financial crime: fast-emerging technologies are putting these on steroids.” Rathi was responding to warnings from global regulators over the threat that rapid advancements in frontier AI were posing to key infrastructure such as payments and trading.