Monday, November 10, 2025: Today's business headlines

Monday, November 10, 2025: Today's Business Headlines

These are the top business stories across Scotland and the UK this morning.

Scotland’s Finance Secretary Considers Revisiting Tax Pledge

Finance Secretary Shona Robison indicated she may need to "revisit" her earlier pledge not to raise income tax in Scotland before the next Holyrood election. She warned that potential funding cuts from Westminster could create major fiscal challenges.

“I may have to revisit the promise not to raise income tax if Westminster funding drops by £1 billion,” said Shona Robison.

Robison described the scenario as a possible "nightmare situation" if Chancellor Rachel Reeves’s upcoming Budget reduces allocations to Scotland.

Speculation Over UK Income Tax and National Insurance

Expectations are growing that Chancellor Rachel Reeves may increase income tax. However, she could mitigate the effect on workers by reducing national insurance contributions, according to government insiders.

Horse-Racing Sector Faces Rate Rise

The horse-racing industry could suffer a financial blow from the government’s updated business rate system. Racing yards will not benefit from new reliefs planned for April, putting them at risk of steep cost increases.

Research by Colliers shows racing stables could see a 40% rise in rates, averaging over £7,000 per yard and more than £10 million overall in 2026.

Ovo Energy Plans Major Cost Reductions

Ovo Energy is preparing extensive cost-cutting measures to secure its financial stability. Britain’s fourth-largest energy supplier aims to convince regulators of its resilience by sharply reducing spending on marketing and brand initiatives.

Summary

Scotland debates potential tax hikes amid budget pressure, the horse-racing sector faces rising costs, and Ovo Energy prepares significant spending cuts to stay solvent.

Aberdeen & Grampian Chamber of Commerce — 2025-11-10