Reviving the Economy: Rachel Reeves' Big Budget Move

Published On Thu Oct 31 2024
Reviving the Economy: Rachel Reeves' Big Budget Move

Reeves's Big State Gamble, Microsoft Shares Drop & Meta's AI ...

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Chancellor of the Exchequer Rachel Reeves

Chancellor of the Exchequer Rachel Reeves delivered a massive package of tax hikes alongside plans to ramp up public investment in a historic first budget that aimed to revive the UK economy — but fell short of delivering a major boost to its growth prospects.

Rachel Reeves

Labour's First Budget

Labour's first budget in over a decade raises taxes by £40 billion a year to fund a £70 billion annual increase in public spending. The plan marks a shift back to big state economics, with spending as a share of GDP set to be 5 percentage points higher than before the pandemic.

Shell and Microsoft

Shell kept up the pace of its share buybacks after profit fell less than expected amid rising sales volumes of natural gas.

Starbucks Strategy

Microsoft shares dropped in late trading after the software maker forecast slower quarterly cloud revenue growth, reflecting the company’s struggle to bring data centers online fast enough to keep up with demand for artificial intelligence services.

Meta's AI Investments

Meta CEO Mark Zuckerberg will ramp up heavy investments in AI and other futuristic technologies, continuing a years-long tug-of-war between the company’s long-term bets and the core advertising business that provides the vast majority of Meta’s revenue.

Starbucks' Strategic Changes

Starbucks' new Chief Executive Officer Brian Niccol, addressing investors for the first time since taking the company’s helm, laid out his vision of strategic changes to reboot the struggling coffee chain — from reining in drink customization to revising the staffing model.