Your commercial news round-up: borrowing costs, Meta, energy storage, gig economy apps

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It’s been a cold few days in the UK, with ice, snow and floods! It’s also been a busy week for business and economic news – have you been staying up to date? The pound fell as the UK reached its highest 10-year borrowing costs since 2008 and Meta is stopping the use of independent fact checkers in the US. Three new battery energy storage systems are set to be completed by 2028 in Scotland and retail brands have stopped using gig economy apps to hire freelance workers after criticism from unions. Read on to find out more!

• On Thursday 8 January, the pound fell as the UK’s 10-year borrowing costs grew to their highest level since the 2008 financial crisis. Economists have warned that this could lead to tax rises and cuts to spending plans. A treasury spokesperson said that “meeting fiscal rules is a non-negotiable” and that the chancellor would “leave no stone unturned in her determination to deliver economic growth”. The prime minister’s spokesperson said stable public finances is a “precursor to having economic stability” but Shadow Chancellor Mel Stride claimed that the chancellor’s spending and borrowing plans are “making it more expensive for the government to borrow”. The Office for Budget Responsibility will present an updated forecast on government borrowing in March. The US has seen a similar rise in government borrowing due to investor concerns about US President-elect Donald Trump's plans to impose new tariffs on goods imported from Canada, Mexico and China. These concerns stem from worries that new rates will drive inflation, consequently increasing borrowing costs.
   
• Meta is ceasing the use of independent fact checkers on Facebook and Instagram in the US. Instead, the technology company is following the example of X and relying on “community notes”, where users comment on the accuracy of a post. Chief Executive Mark Zuckerberg explained that third-party moderators were “too politically biased” and that it was time to get back to “our roots around freedom of expression”. This move comes as tech executives aim to improve relations with Trump, who previously criticised Meta for censoring right-wing voices. Chief executive of fact-checking organisation Full Fact, Chris Morris, commented that the move is “disappointing and a backwards step that risks a chilling effect around the world". Campaign group Global Witness has also denounced this move. Group member Ava Less said: “Zuckerberg's announcement is a blatant attempt to cozy up to the incoming Trump administration – with harmful implications… Claiming to avoid ‘censorship’ is a political move to avoid taking responsibility for hate and disinformation that platforms encourage and facilitate.” Currently, Meta has “no immediate plans” to get rid of its third-party fact checkers in the UK or the EU.
   
• From the US to Scotland, Copenhagen Infrastructure Partners has committed £800 million to build two new battery projects in South Lanarkshire and Fife, with a combined 1.5 gigawatts of power capacity. Following these builds, Scotland will host the three largest battery energy storage systems in Europe. Together, the three systems will be able to store and provide the grid with three gigawatt hours of electricity, which is enough to supply 4.5 million households for two hours. As the UK works towards decarbonisation, the country is aiming to achieve between 27 and 30 gigawatts of battery storage by 2030, up from the current 4.5 gigawatts operational. The two new builds are expected to be completed in 2027/28 and will add to one system that’s already under development and scheduled to be operational in October. First Minister John Swinney said: “By helping to supply reliable and secure power to our homes and businesses… we can move us closer to net zero.” The Scottish National Party is focused on boosting investment into the country ahead of the next Scottish parliament election, which is expected to be held in May 2026.
   
• Retail brands Lush, Uniqlo and Gymshark have stopped using freelance workers hired through gig economy apps following criticism from unions. The primary problem was that the apps, such as Temper and YoungOnes, class workers as self-employed. The trade unions wrote to retailers due to concerns that this classification could lead workers to miss out on significant employment rights, such as legal minimum wage, sick pay, holiday pay, rest break and protection from unfair dismissal. Kate Bell, the assistant general secretary of the trade union group, wrote: “We urge you to end this practice immediately and ensure that all your workers receive the rights and protections that they deserve as directly employed or agency workers.” Uniqlo stated: “Following a brief trial period with Temper, Uniqlo no longer sources freelance workers for temporary store-based roles. We instead recruit for our temporary and permanent positions directly or through other channels.” Lush and Gymshark have also stopped using the app.

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