Bloomberg Daybreak: Europe Edition Labour’s High-Tax Gamble, Devastating Hong Kong Fire, Private Equity Resistance
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Nov 27, 2025 Chancellor Rachel Reeves' budget aims to bolster the UK’s fiscal health while grappling with high tax implications. The tragic Hong Kong fire raises alarm over housing safety standards. Global markets are buzzing with renewed optimism as interest rate cuts become a possibility. Meanwhile, private equity faces scrutiny in European life insurance due to mismatched timelines. Lastly, a light-hearted debate on travel attire adds a fun twist as hosts unwrap quirky eBay gifts.
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Big Tax Hike To Rebuild Fiscal Buffer
- Rachel Reeves' budget raised taxes on 1.7 million workers and the wealthy to fund welfare and rebuild fiscal buffers.
- The Office for Budget Responsibility downgraded growth while markets reacted positively to the added fiscal headroom.
Non-Dom Tax Windfall Despite Emigration
- The Treasury expects nearly £40 billion from non-domiciled residents despite reports of wealthy departures.
- High-profile founders like Revolut's Nick Staronsky publicly left because of the measures.
Deadly Hong Kong Blaze Exposes Housing Risks
- Hong Kong's deadliest residential fire killed at least 44 and left hundreds missing, raising housing-safety questions.
- Authorities highlighted rapid fire spread, old estate conditions, and renovation scaffolds as potential causes.