Monday, November 10, 2025: Today's Business Headlines
Here are the major business stories from Scotland and the UK this morning.
Scotland’s Income Tax Promise at Risk
Scotland's finance secretary Shona Robison indicated she might "have to revisit" her pledge not to raise income tax before the next Holyrood election. She warned of a potential "nightmare situation" where funding from Westminster could decrease by £1 billion due to upcoming decisions by Chancellor Rachel Reeves in her Budget.
Tax Speculation Around Chancellor Rachel Reeves
There is increasing speculation that Chancellor Reeves will raise income tax but may counterbalance the effect on workers by cutting national insurance contributions.
Challenges for the Horse-Racing Industry
The government’s business rate changes could cost the horse-racing sector around £10 million, adding to worries over a possible tax increase on betting. Racing yards are excluded from new reliefs coming into effect in April as part of the rate system overhaul.
This exclusion could cause a rise in rates bills by at least 40%, with an average increase to over £7,000 per yard, totaling more than £10 million annually, according to research by property agent Colliers.
Ovo Energy Plans Major Cost Cuts
Ovo Energy, Britain’s fourth-largest gas and electricity supplier, is preparing to cut tens of millions of pounds in costs to ensure survival. The company aims to convince regulators of its financial stability by reducing spending in areas such as advertising and brand development.
"She faces a possible 'nightmare situation' where funding from Westminster could fall by £1bn due to decisions Chancellor Rachel Reeves could make in her upcoming Budget." — Shona Robison
"The horse-racing industry could be facing a rise in its rates bill of at least 40%, an average increase to more than £7,000 a yard and over £10 million in total next year." — Colliers research
Summary: Scotland’s finance chief may reconsider tax promises amid funding cuts, while sectors like horse-racing and energy face financial pressure from government policies and market conditions.