Reeves Backs Burnham, Micron Boosts Tech Sector, More
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UK Chancellor Rachel Reeves has backed Andy Burnham to become the next Prime Minister. Speaking to a BBC reporter this morning, Rachel Reeves says that Andy Burnham is the only one who decides who the next Chancellor is.
I'm not going to preempt his decisions. Those are his decisions to take as Prime Minister. You'll be aware the BBC is reporting that Andy Burnham is potentially going to offer you a more junior role in the Cabinet. Is that something you'd accept? I'm backing Andy. I think he'll be a great Prime Minister. But those are his decisions, not mine to make.
UK Chancellor Rachel Reeves speaking there to the BBC. Her comments come as Bloomberg learned that influential figures in Andy Burnham's team, including Andy Haldane, have urged the likely next Prime Minister to break up the Treasury to refocus the government's agenda on growth.
Rachel Reeves will also speak later this morning at the British Chambers of Commerce annual conference. While in office, the Chancellor has raised taxes by more than £60 billion in her two budgets. The BCC, which is one of Britain's largest lobby groups for business, is this morning warning Andy Burnham against further tax hikes. Speaking to Bloomberg Radio, the BCC's Director General Siobhan Haviland said companies are at a breaking point.
increasing taxes for business will be a road to ruin. There is absolutely no way that increasing tax on business is going to get us anywhere near economic growth. And we are just going to spiral down more lack of confidence from business, more holding onto their money, lack of investment. It is a vicious circle. So we absolutely have to see no new tax for business.
Havlod was speaking ahead of the BCC's annual conference where five UK political parties are set to make keynote speeches, including the Greens and Reform.
In other news, US chipmaker Micron saw its shares surge more than 15% in after-hours trading after its quarterly sales forecast beat estimates. The company is now expecting revenue of about $50 billion in the current quarter, well above expectations of around $43 billion. Bloomberg's markets reporter Anthony Stephen says the move has helped to lift the tech sector more broadly.
What recent political developments are highlighted in the episode?
Yeah, so the 85% odd margins that they're looking for into the fourth quarter, that is a shortage level margin, right? So that's feeding into the broader chip ecosystem here. You're seeing Taiwan, all of the server plays are very strong. In Korea, obviously memory is strong. That is pretty much one-to-one delta with Micron. So it's no surprise Hynix is trading really well. Samsung is trading really well.
Our markets reporter Anthony Stevens was speaking as Micron's results came at a delicate moment for the AI industry. Shares of chip makers and other tech companies had been hammered in recent days on fears that a spending boom was faltering.
Alibaba shares have fallen in Hong Kong after a Bloomberg scoop revealed that Anthropic is accusing Alibaba of using thousands of fake accounts to illicitly access its clawed AI model. The company said it was the biggest attempt so far by a Chinese company to piggyback on the work of top US labs. That's according to a letter that Anthropic sent to several US senators and White House officials.
Now, NATO Secretary General Mark Rutter appealed to President Trump's fondness for praise and eye-catching visuals in his latest effort to demonstrate the alliance's value. During a visit to the White House, Rutter unveiled posters featuring gold lettering and bar charts titled The Trump Trillion and The Trump 47 Effect.
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