Business News Round Up (29/06/2026)
British Business Bank surpasses £600m invested in UK scale ups
The British Business Bank has hit a major milestone with more than £600m invested into UK science and technology scaleups, increasing its direct equity portfolio to more than 50 high-growth companies. The Bank has more than doubled its direct equity investments since October 2025, investing more in the last nine months than in the previous four years. The Bank says it has ramped up the pace and scale of its direct equity investing activity to tackle gaps in the UK late-stage capital market and support high growth companies to scale up and stay in the UK. Since its first direct equity investment into Quantexa in 2020, the Bank has built a portfolio spanning life sciences and deeptech, including advanced manufacturing, clean energy and defence, AI and fintech. The Bank completed 18 new investments plus 18 follow-on investments in FY25/26 compared to 12 investments the year before.
Greater Manchester one of the fastest growing and most productive big UK city economies
Manchester and the city region remain one of the fastest growing and most productive big city economies in the UK, as outlined in a new Centre for Cities report. This is despite new figures that show the region’s economy shrank slightly in the second quarter of this year. The report, the Big Cities Outlook, singles Manchester out as a standout success story for growth and productivity, consistently leading big city economic growth both before and since the financial crash. Over the past decade, Manchester and the city region have recorded a 19.7% increase in job growth, significantly above the UK average of 13.9% – supported by a strong pipeline of high-quality office space to attract and help businesses to grow. This pipeline will remain an important driver to support the fast-growing knowledge economy sectors in the city.
Tariffs halve Scottish salmon exports to America and knock a quarter off whisky sales
Exports of Scottish salmon to the United States have almost halved and the value of whisky shipments has fallen by a quarter, as President Trump’s tariffs continue to bite into two of Britain’s flagship food and drink trades. Salmon sales to America dropped by 45.6% year-on-year in the first quarter of 2026, to £68 million, according to the latest Trade Snapshot from the Food and Drink Federation (FDF). The value of Scotch shipments to the US fell by 27% to £182.1 million over the same period, with volumes down 14.7%. Across all categories, total UK food and drink sales to the US fell by 28% to £529.6 million, with exports of gin, infant food, cheese, wine and other spirits to America all in retreat.
https://bmmagazine.co.uk/news/us-tariffs-scottish-salmon-whisky-exports-fall
Burnham to give mayors more power in 10-year plan to transform economy
Andy Burnham will give a major policy speech later, his first since launching a bid to become prime minister, in which he will announce plans for a “No 10 North”. Speaking in Manchester, Burnham will set out a commitment for a “10-year mission” to raise living standards, as well as proposals on youth employment, in order to “lift Britain back up to where it should be”. Burnham’s vision would involve mayors being given greater control over social housing, welfare and education – with power over budgets currently spent by Whitehall. He is expected to unveil plans to drive growth “across every nation and region of the UK” and vow to put devolution at the heart of his programme for government. In the event no other Labour MP puts themselves forward to be leader, Burnham is expected to become prime minister on 20 July.
https://www.bbc.co.uk/news/articles/c14yr0mgdp6o