UK Labour’s Budget borrows big, taxes more
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 31 October 2024
⏱️ 14 minutes
🧾️ Download transcript
Summary
Microsoft’s quarterly revenue rose 16% on strong cloud computing demand, the UK’s Labour party reveals bold tax increases and borrowing, and the US economy grew at an annualised rate of 2.8% in the third quarter. Plus, critics cry foul over a proof of citizenship law in Arizona.
Mentioned in this podcast:
Microsoft’s revenue beats estimates on strong cloud demand from AI boom
Rachel Reeves announces £40bn tax increase in UK Budget
Arizona’s proof of citizenship complicates voting in US swing state
US GDP rose at a 2.8% rate in third quarter on strong consumer spending
Play the FT’s Budget game: https://ig.ft.com/chancellor-game/
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Katya Kumkova, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. |
| 0:11.0 | The UK. |
| 0:12.0 | Good morning from the Financial Times. Today is Thursday, October 31st, and this is your |
| 0:18.7 | FT news briefing. Microsoft and AI are just two peas in a pod these days and Chancellor Rachel Reeves |
| 0:27.0 | announced some bold moves for the UK economy. |
| 0:31.0 | Plus in the US battleground state of Arizona new voter registration rules could |
| 0:36.5 | disenfranchise some groups. I'm Sonia Hudson and here's the news you need to |
| 0:42.0 | start your day. |
| 0:43.0 | Another day. |
| 0:47.0 | Another day, another blockbuster earnings report for big tech. This time we are talking |
| 1:00.0 | about Microsoft. Its revenue rose 16% last quarter and beat analyst expectations. |
| 1:07.0 | That's because of increased demand for cloud computing during this artificial intelligence |
| 1:12.4 | boom. |
| 1:14.0 | Microsoft has been benefiting from AI all year. |
| 1:17.5 | Its share price has increased about 16% since January. |
| 1:22.2 | But yesterday its shares slipped a bit after the company |
| 1:25.2 | warned that growth was slowing and AI-related spending would continue to rise. The UK. The UK's Order. Order. |
| 1:43.0 | The UK's Labour Party took a massive political risk yesterday. |
| 1:50.0 | This government was given a mandate to restore stability to our economy and to begin a |
| 1:57.0 | decade of national renewal. |
... |
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