Chancellor Rachel Reeves unveiled a tax-raising British Budget that increases the UK tax take to an all-time high, introducing higher income tax rates, property and gambling taxes, and pension changes, while critics question its long-term solutions and delays to fiscal pain.

• Reeves’ Budget raises UK tax take to all-time high — Financial Times -
• ‘Spend now, pay later’: Reeves’ Budget delays the fiscal pain — Financial Times -
• Painful choices on welfare still lie ahead for Reeves despite tax rises — Financial Times -

• Online gambling operators hit with steep tax rises — Financial Times -
• Freezing of income tax thresholds to drag millions into higher rates — Financial Times -
• Threshold for repaying student loans to converge with minimum wage — Financial Times -
• Rachel Reeves’ case of risky risk aversion — Financial Times -
• A tax-raising British Budget with no long-term solutions — Financial Times -
• Fiscal watchdog under scrutiny after Budget day errors — Financial Times -
• Chancellor swoops on landlords and wealthy homeowners — Financial Times -
• Retailers ‘very pleased’ as Reeves backs off Cycle to Work scheme — Financial Times -
• Britain Raises Taxes by More Than $30 Billion in Push for ‘Stable Economy’ — The New York Times Business -
• Millions face lower pensions after salary sacrifice changes — Financial Times -
• Private jet passengers flying to UK face fourfold increase in tax — Financial Times -
• Reeves leaves Britons poorer but no wiser about Labour’s strategy — Financial Times -
• Reeves’ fiscal ‘smorgasbord’ was a dish best served early — Financial Times -
• Deere Warns of Tough Year Ahead as Earnings, Sales Fall — Wall Street Journal -
• Budget 2025: personal finance expert views — Financial Times -
• Vanguard plans to buy more gilts as UK Budget calms investor nerves — Financial Times -
• UK fuel duty set to rise for first time in more than 15 years — Financial Times -
• Rachel Reeves doubles down on wishful thinking — Financial Times -
• Industry sceptical of cash Isa curbs — Financial Times -
• Budget exposes Labour to charges of being ‘high tax, high welfare’ party — Financial Times -
• A horrid Budget for the ‘Henrys’ — Financial Times -
• How not to botch a Budget: lessons from the corporate world — Financial Times -
• Holy cow, the OBR finally used timely data in its QT forecast — Financial Times -
• Budget calculator: How will Reeves’ tax changes affect your money? — Financial Times -
• BoE can cut rates despite a looser Budget than expected — Financial Times -
• What the Budget means for your money — Financial Times -
• UK Budget 2025: Reaction and analysis — Financial Times -
• Budget in brief: the main takeaways — Financial Times -
• UK savers and investors hit by Budget tax raid — Financial Times -
• Submit your questions on the UK Budget — Ask our FT experts — Financial Times -
• OBR Budget forecasts leak, gilts briefly go parabolic — Financial Times -
• Government presses UK telecoms bosses over mid-contract price rises — Financial Times -
• Budget Will Be a Big Test for the UK’s Most Unpopular Chancellor in Decades — The New York Times Business -
• Labour heads for trouble as its second Budget echoes first — Financial Times -
• Britain’s wealthiest are voting with their feet — Financial Times -
• Should I make a career move to the UK? — Financial Times -
• Don’t worry about another leveraged gilt market blow-up — Financial Times -

The US economic scene is marked by political influence on key institutions like the Federal Reserve, ongoing concerns about affordability and tariffs, and a surge in megadeals driven by Trump deregulation, despite a reported deterioration in the labor market.

• Opinion | Voters Would Be Grateful for Less Political Noise — Wall Street Journal -
• Opinion | Chris Ruddy’s Paean to TV Regulation — Wall Street Journal -
• Megadeals hit new record as Wall Street’s animal spirits roar back — Financial Times -

• Kevin Hassett Reportedly Becomes Front-Runner for Fed Chair — The New York Times Business -
• Beige Book shows US labour market deteriorated in November — Financial Times -
• As Prices Pinch, Bessent Looks for Ways to Mollify Wary Consumers — The New York Times Business -
• U.S. Announces Negotiated Prices for 15 Drugs Under Medicare — The New York Times Business -
• Donors to Trump’s Transition Revealed a Year Later — The New York Times Business -
• ‘Fomo’ is driving ‘stretched’ US tech valuations, ECB warns — Financial Times -
• Trump’s affordability problem: in charts — Financial Times -
• How Much Will Thanksgiving Dinner Cost? It Depends on Whom You Ask. — The New York Times Business -
• Trump administration slashes Ozempic and Wegovy price for Medicare — Financial Times -

Significant corporate developments include Todd Boehly's bid for Lukoil assets, the firing of a Campbell's executive over disparaging comments, and varied earnings reports from companies like Deere and Li Auto, alongside news of Disney's upcoming film and Tesla's expansion plans.

• Todd Boehly Makes a Play for International Assets of Russia’s Lukoil — Wall Street Journal -
• Campbell’s fires executive who criticised its food in recording — Financial Times -
• Disney’s ‘Zootopia 2’ Will Be a Test for Jared Bush — The New York Times Business -

• Campbell’s Fires Executive Behind Recording That Disparaged Its Food — Wall Street Journal -
• Duane Roberts, Father of the Frozen Burrito, Dies at 88 — Wall Street Journal -
• Pets at Home chews through investors’ goodwill — Financial Times -
• YouTube, TelevisaUnivision Reach Deal — Wall Street Journal -
• Altice USA bridles at an outbreak of creditor-on-creditor congeniality — Financial Times -
• Li Auto Swings to Loss on Sharply Lower Sales — Wall Street Journal -
• Retail Earnings Show Shoppers’ Resilience, but Some Stores Struggle — The New York Times Business -
• Tesla to Double Austin Robotaxi Fleet Next Month — Wall Street Journal -
• Pace of Volkswagen job cuts slows as fewer staff agree to leave — Financial Times -
• Campbell’s Defends Its Ingredients After Chicken Controversy — Wall Street Journal -

Global markets are influenced by Russia's pursuit of a peace deal in Ukraine, Taiwan's increased defense spending to counter China, and France's arrests of alleged Russian spies, while China's trade practices and investment trends continue to shape the world economy.

• Russia pursues peace deal — on its own terms — Financial Times -
• Nigeria’s problem is bigger than Trump thinks — Financial Times -
• France arrests two Russians and two others on spying charges — Financial Times -

• Higher government spending alone will not fix Germany, warns IMF — Financial Times -
• Taiwan to spend $40bn on weapons to counter China — Financial Times -
• How Greece’s recovery can be an inspiration for Europe — Financial Times -
• Trump defends envoy Witkoff after leaked details of talks with Kremlin — Financial Times -
• French authorities and European parliament tighten screws on Shein — Financial Times -
• Can a drone wall really work? — Financial Times -
• China is making trade impossible — Financial Times -
• South Africa’s Zuma family feuds over alleged trafficking of recruits to Russia — Financial Times -
• Fall in Chinese investment suggests Xi’s ‘anti-involution’ drive is biting — Financial Times -
• Poland plans drone fleet to shield railway from sabotage attacks — Financial Times -
• The costs of India’s hunger for cheap steel — Financial Times -
• Scions of Iran’s revolution call for reset with the world — Financial Times -
• Trump sends top envoy to Russia to finalise US peace plan for Ukraine — Financial Times -

The energy sector faces a potential UK gas shortage risk in the 2030s, necessitating new North Sea drilling approvals alongside debates on nuclear energy investment and global climate urgency, even as US crude oil supplies see a rise.

• Energy system operator warns of UK gas shortage risk in 2030s — Financial Times -
• The new nuclear age needs to make the right business case — Financial Times -
• Energy & Utilities Roundup: Market Talk — Wall Street Journal -

• Basic Materials Roundup: Market Talk — Wall Street Journal -
• U.S. Crude Oil Supplies Rise on Higher Net Imports — Wall Street Journal -
• North Sea oil and gas groups given go-ahead for new drilling — Financial Times -
• Climate urgency means bypassing COP is necessary, says COP30 boss — Financial Times -

The AI market sees China leapfrogging the US in open AI models, prompting discussions around over-investment in AI infrastructure and the securitization of AI debt, while Tesla expands its robotaxi fleet.

• FirstFT: China leapfrogs US in market for ‘open’ AI models — Financial Times -
• It Really Is Possible to Spend Too Much on AI — Wall Street Journal -
• Tesla to Double Austin Robotaxi Fleet Next Month — Wall Street Journal -

• Can South Korea’s hot streak continue? — Financial Times -
• China leapfrogs US in global market for ‘open’ AI models — Financial Times -

Corporate responsibility is highlighted by debates on diversity metrics, the NYC Comptroller's push for pensions to withdraw funds from BlackRock over decarbonization, and Saudi Arabia's plans for alcohol shops, reflecting broader societal shifts and their business implications.

• Palestine Action is part of UK’s long tradition of direct action, High Court told — Financial Times -
• NYC comptroller urges city pensions to pull $42bn mandate from BlackRock — Financial Times -
• Diversity in the Workplace Needs a New Metric — Wall Street Journal -

• Huge Fire Engulfs Apartment Buildings in Hong Kong — The New York Times Business -
• UK ministers approve £750mn Marlow studios development — Financial Times -
• This underwater art park is on a mission to revitalise coral reefs. Is it more than a feel-good idea? — Financial Times -
• Saudi Arabia plans new alcohol shops to woo foreigners — Financial Times -
• US personal injury firms lead effort to bring private equity into legal sector — Financial Times -