Labour’s High-Tax Gamble, Devastating Hong Kong Fire, Private Equity Resistance

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Chancellor of the Exchequer Rachel Reeves did enough in her budget to help her and Prime Minister Keir Starmer survive, building back a vital fiscal buffer and expanding welfare.

(2) The UK government is expecting a bigger windfall from major reforms to a preferential tax system for wealthy residents, despite a growing number of ultra-rich individuals relocating to other territories.

(3) Hong Kong’s deadliest residential fire in decades has killed at least 44 people and left hundreds missing, throwing fresh scrutiny on the city’s housing standards as Chinese President Xi Jinping urges all-out efforts to reduce casualties

(4) Global equities were close to erasing their November losses as rising bets for Federal Reserve interest-rate cuts revived markets after a selloff sparked by worries over frothy AI valuations.

(5) US economic activity was little changed in recent weeks, though overall consumer spending declined further except among higher-end shoppers, the Federal Reserve said.

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