It is a significant day in Europe, with Rachel Reeves announcing Labour’s first budget in almost 15 years and growth data from across the eurozone likely to show Germany is in recession. Reeves could present one of the largest tax-raising budgets in decades today, as she tries to raise funds to repair UK public services. The chancellor is expected to announce a number of “difficult but necessary decisions” to restore economic stability. She will promise to “invest, invest, invest” to drive economic growth and provide funding for the NHS, to build homes and rebuild schools. After a lot of gloominess since the July election, Reeves could strike a more optimistic note today, saying: “My belief in Britain burns brighter than ever. And the prize on offer today is immense. “More pounds in people’s pockets. An NHS that is there when you need it. An economy that is growing, creating wealth and opportunity for all. Because that is the only way to improve living standards.” Official data this morning could show that German output contracted again in the third quarter as its industrial slump drags on, tipping Europe’s largest economy into recession. Meanwhile, hosting the Olympics this summer has helped the French economy to accelerate. France's GDP grew by 0.4% in the third quarter of this year, data from the statistics body Insee this morning shows, up from 0.2% in April-June. The data suggests the Games boosted consumer spending – it rose by 0.5% in the third quarter after a flat performance in the second quarter. The cold snap this autumn has helped drive sales at the retailer Next, putting it on track to make more than £1bn in profits this year. It sold more stock than expected in the last three months. Next’s full-price sales in August-October were up 7.6% compared with last year, beating forecasts of 5% growth. The agenda • 9am GMT: Germany’s GDP report for Q3 2024 • 9.30am GMT: UK construction PMI report • 10am GMT: eurozone GDP report for Q3 2024 • 12.30pm GMT: Rachel Reeves announces the budget • 12.30pm GMT: US GDP report for Q3 2024 • 1.30pm GMT: Office for Budget Responsibility publishes its latest economic and fiscal outlook report • 1.30pm GMT: Office for Budget Responsibility publishes its review of the previous government’s March spending plans We’ll be tracking all the main events throughout the day ...
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