Expert regional innovation hubs given £75 million boost to local research, businesses, and economies across UK
Regional clusters of innovation across the UK are being backed by a share of £75 million that will enhance local economies and pioneer game-changing solutions from healthcare to net zero.
Following pilots in Liverpool and Teesside, launched earlier this year, a further 8 Launchpads, facilitated by Innovate UK, will be rolled out across every nation of the UK. These initiatives will build on existing clusters of high-tech innovation in each region, such as renewable energy in Southwest Wales, Agri-tech in East Anglia, and digital health in Yorkshire.
Launchpads is a programme that supports emerging clusters of small and medium-sized enterprises (SMEs) by providing each Launchpad up to £7.5 million from Innovate UK to fund innovation projects led by local businesses.
The £7.5 million bespoke funding from each Launchpad will allow SMEs in each region to bid for support that is tailored to the unique needs of each business cluster, helping them drive innovation, expand operations, and boost their local economies.
See: Expert regional innovation hubs given £75 million boost to local research, businesses and economies across UK - GOV.UK (www.gov.uk)
Energy regulator Ofgem has announced a 4% increase in the energy price cap for the period covering 1 October to 31 December 2026. This increase reflects higher wholesale gas prices due to the ongoing conflict in the Middle East, with volatile global gas markets remaining the dominant driver of price changes.
UK businesses are facing a “cost of business crisis”, according to the British Chambers of Commerce (BCC). Its new cost-stack calculator shows government policy alone has pushed up an average firm's expenses by 70% over the past decade, adding roughly £827,000 a year in costs for a typical mid-sized business. About a quarter of the rise stems from the increase in employer National Insurance contributions, with the higher minimum wage and mandatory pension auto-enrolment also major contributors.