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Austerity redux? Spring Statement lookahead
It’s crunch time for chancellor Rachel Reeves next Wednesday, when she will present her Spring Statement to parliament. Downgraded growth forecasts and deep spending cuts to unprotected departments loom. Host Lucy Fisher is joined by regulars Miranda Green, Jim Pickard, and the FT’s economics editor Sam Fleming to debate whether Labour is ushering in a new era of austerity. Plus, FT Brussels bureau chief Henry Foy joins the panel to discuss Europe’s mounting security crisis and how it’s affecting the UK’s reset with the EU.
Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher, Jim Pickard @pickardje.bsky.social @PickardJE, Miranda Green @greenmirandahere.bsky.social, Henry Foy @HenryJFoy, @henryjfoy.ft.com, Sam Fleming @Sam1Fleming
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What will be in Rachel Reeves’ Spring Statement?
Starmer is zigging where Blair zagged
EU to exclude US, UK and Turkey from €150bn rearmament fund
Europe is only half awake from its long sleep
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Presented by Lucy Fisher. Produced by Lulu Smyth. The executive producer is Manuela Saragosa. Original music and mix by Breen Turner. The FT’s head of audio is Cheryl Brumley.
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Starmer’s welfare woes
35:10|Sir Keir Starmer faced a huge rebellion from within his own party this week after scores of MPs opposed changes to make it tougher to collect some disability benefits. This episode — recorded just before the prime minister’s concessions on welfare reform — unpacks why the rebellion took place, what it says about Starmer’s leadership and where next for Labour. Host Miranda Green is joined by Stephen Bush and Jim Pickard — check out their recent articles below for fresh analysis on the government climbdown. Plus, FT chief foreign affairs commentator Gideon Rachman on Starmer’s performance at the Nato summit and the impact on the UK of global uncertainty. Follow Miranda on Bluesky: @greenmirandahere.bsky.social; Jim @pickardje.bsky.social; Stephen on Bluesky or X @stephenkb.bsky.social, @stephenkb; Gideon @gideonrachman.bsky.social, @gideonrachmanWhat did you think of this episode? Let us know at politicalfix@ft.com Want more? Free links: How Starmer averted ‘civil war’ with Labour MPs after diluting welfare cuts Welfare U-turn permanently alters Labour’s playbookMorgan McSweeney: Labour’s election fixer under fire as welfare rebellion loomsA defeat Keir Starmer cannot affordThe latest episode of The Rachman Review: ‘Too soon to celebrate peace between Israel and Iran?’ To mark one year of the Labour government, Political Fix regulars Stephen Bush, Robert Shrimsley and Miranda Green will be answering readers' questions on July 3 at 1pm. Take part in our live Q&A by going to FT.com/labouryear. Sign up here for 30 days free of Stephen Bush's Inside Politics newsletter. Presented by Miranda Green, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music by Breen Turner, mix by Jean-Marc Ek. The FT’s acting co-head of audio is Manuela Saragosa. Read a transcript of this podcast on FT.comStarmer on standby
27:10|Will he? Won’t he? President Donald Trump has given little indication as to whether America will join in the conflict between Israel and Iran. So where does this leave the UK and its assets in the region? How does the prime minister play his hand with the president, and what does that mean for his relationship with his own party, especially given Labour's track record? Host George Parker is joined by the FT’s Middle East editor Andrew England, alongside regular guests Robert Shrimsley and Miranda Green, to discuss Sir Keir Starmer's options.Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Robert @robertshrimsley, @robertshrimsley.bsky.social; Miranda @greenmirandahere.bsky.socialWhat did you think of this episode? Let us know at politicalfix@ft.com Want more? Free links: Starmer puts UK cabinet on alert for potential US attack on IranThe implosion of Iran’s ‘no peace, no war’ strategy Europe set for Iran talks as Trump signals 2-week window to decide on attackTrump says he ‘may or may not’ strike IranTo mark one year of the Labour government, Political Fix regulars Stephen Bush, Robert Shrimsley and Miranda Green will be answering reader questions about what's coming next on July 3 at 1pm. Take part in our live Q&A by going to FT.com/labouryear. Sign up here for 30 days free of Stephen Bush's Inside Politics newsletter. Presented by George Parker, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s acting co-head of audio is Manuela Saragosa. Read a transcript of this podcast on FT.comReeves sets Labour’s course – but what will it deliver?
34:49|Labour’s long-awaited spending review dropped this week. Rachel Reeves unveiled funding settlements for government departments – and a newly upbeat tone after the gloomy promise of hard times in her previous Commons set pieces. The NHS and defence were prioritised but other departments and services face a squeeze. Are dividing lines now clear as Labour fights for a second term in power? Why did even the experts call Reeves’ speech “baffling”? Will voters notice any benefit – and in time for an electoral dividend? Host Miranda Green is joined by regular panellists Stephen Bush and Jim Pickard, as well as the FT’s economics commentator Chris Giles, to discuss. Follow Miranda @greenmirandahere.bsky.social, Jim @pickardje.bsky.social, Stephen @stephenkb.bsky.social, @stephenkb; Chris @chrisgiles.ft.com, @ChrisGiles_What did you think of this episode? Let us know at politicalfix@ft.com Want more? Free links: Rachel Reeves will be forced to raise taxes in autumn, economists predict Only a crisis will wean the west off debt England’s social housing funds ‘less generous’ than £39bn settlement suggestsUK suffers worst monthly contraction since 2023Labour has made its big play. Are you not convinced? Sign up here for 30 days free of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. And here’s Chris Giles’ latest newsletter. Presented by Miranda Green, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s acting co-head of audio is Manuela Saragosa.Read a transcript of this podcast on FT.comFacing down a fiscal firestorm
28:51|UK chancellor Rachel Reeves has had an action-packed week. She made a U-turn on winter fuel payments, announced plans to spend billions of pounds on new transport schemes and, following the prime minister’s latest announcement, she now has to find yet more money to fund a rise in defence spending. So where does this leave the chancellor ahead of the spending review next Wednesday? And who will be the winners and losers? Host George Parker is joined by the FT’s Robert Shrimsley, Sam Fleming and Jennifer Williams to discuss. Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Sam Fleming @Sam1Fleming, Robert @robertshrimsley, @robertshrimsley.bsky.social, Jennifer Williams @jenwilliamsft, @jenwilliamsft.bsky.social What did you think of this episode? Let us know at politicalfix@ft.com Want more? Free links: ‘Accept it or you have to walk’: Labour’s UK spending review battles enter final stage Rachel Reeves to back Manchester-Liverpool rail link in transport spending boost Reeves can no longer outrun Labour’s early choices Rachel Reeves vows to reinstate some winter fuel payments this year Reform UK chair Zia Yusuf resigns from party Sign up here for 30 days free of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. Presented by George Parker, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The broadcast engineer is Rod Fitzgerald. The FT’s acting co-head of audio is Manuela Saragosa. Read a transcript of this podcast on FT.comComing soon: The Wolf-Krugman Exchange
02:08|In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election. Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes will also be available on the FT’s YouTube channel.If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com Read Martin’s FT column hereSubscribe to Paul’s substack hereWho’s afraid of Nigel Farage?
35:19|Prime Minister Keir Starmer and Reform party leader Nigel Farage clashed on economic issues this week. Farage said his party was the champion of the working class, while Starmer warned Farage’s proposed spending rises amounted to “fantasy promises”. Host George Parker is joined by the FT’s Stephen Bush, Chris Giles and Anna Gross to discuss Reform’s fiscal plans. Plus, Labour’s chancellor Rachel Reeves has plenty of fiscal problems of her own. The panel discusses whether or not her economic arithmetic is adding up. Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Stephen @stephenkb.bsky.social, @stephenkb; Chris @chrisgiles.ft.com, @ChrisGiles_; Anna @annasophiegross.bsky.social, @AnnaSophieGrossWhat did you think of this episode? Let us know at politicalfix@ft.com Want more? Free links: Do Reform UK’s tax and spending plans add up?British politics is choice between Labour and Reform, says StarmerWill Rachel Reeves bend her fiscal rules to help balance the books?IMF gives Rachel Reeves political cover to ‘refine’ UK fiscal rulesClips from ITV News on YouTube; Reform UK on YouTubeSign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of best newsletter at the Future of Media Awards, 2023 and 2024Presented by George Parker, and produced by Ethan Plotkin. Original music and mix by Breen Turner. The FT’s acting co-head of audio is Manuela Saragosa.Read a transcript of this episode on FT.comIs Labour’s post-Brexit reset a victory or a betrayal?
32:00|The UK and EU announced a historic deal to ‘reset’ their relationship this week. Keir Starmer called the deal a “win-win”, while a “gobsmacked” Kemi Badenoch labelled it a “surrender”. Who’s right? Host George Parker is joined by the FT’s Miranda Green, Peter Foster and Andrew Bounds who unpack the agreement and analyse who came out on top. Plus, the prime minister has handed over the Chagos Islands to Mauritius, and it didn't come cheap. The panel discusses Starmer's negotiations on the world stage and how they are playing out for him, and his opponents, at home.Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Miranda @greenmirandahere.bsky.social, Peter @pmdfoster @pmdfoster.bsky.social, Andrew @andybounds.bsky.social, @AndyBounds What did you think of this episode? Let us know at politicalfix@ft.com Want more? Free links: UK and EU agree post-Brexit reset at showpiece summit UK-EU post-Brexit reset: the key pointsBritain will be negotiating with Europe foreverUK to pay £101mn a year to hand over Chagos Islands to Mauritius Sign up here for 30 days free of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. Presented by George Parker, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s acting co-head of audio is Manuela Saragosa.Read a transcript of this episode on FT.comLabour's immigration crackdown
36:38|It’s been another turbulent week for Labour after Keir Starmer announced a crackdown on legal migration. The prime minister gave what has since become a controversial speech suggesting the UK is at risk of becoming an “island of strangers” – and home secretary Yvette Cooper announced an end to all social care visas, tighter rules for highly skilled visas, more rigorous English language tests, and more. Host Lucy Fisher is joined by the FT’s Robert Shrimsley and Jim Pickard to dissect the policies, as well as the reaction to Starmer’s speech and where Labour’s position leaves the Tories on immigration. Plus, the panel delves into the Downing Street briefing about a whole host of new prison reforms set to drop next week.Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher; Jim @pickardje.bsky.social; Robert @robertshrimsley, @robertshrimsley.bsky.socialWhat did you think of this episode? Let us know at politicalfix@ft.com Want more? Free links: Starmer rejects Enoch Powell parallel after ‘island of strangers’ speech Democracy’s downward spiral leaves Starmer no leeway on immigrationLiz Truss regime’s ‘moron premium’ still looms over UK economyBadenoch pivots to economy in bid to fend off Reform threatSome prisoners in England who breach release terms face short jail sentencesSign up here for 30 days free of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. Presented by Lucy Fisher, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s acting co-head of audio is Manuela Saragosa. Read a transcript of this episode on FT.comAsk Political Fix: Trade, tax and leftwing pacts
43:56|Our first Q&A special episode is finally here! You sent in questions, now our panel answers them. Is the UK-US trade deal worth the paper it’s signed on? Could the UK benefit from a brain drain from the US? Is there any chance of Keir Starmer being booted out by his party before the next election? Host Lucy Fisher is joined by the FT’s Stephen Bush, Miranda Green and Robert Shrimsley to discuss a range of topics spanning politics, policy and foreign affairs. Plus, the team peels back the curtain on how we calculate our weekly stock picks. Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher; Miranda @greenmirandahere.bsky.social, Stephen @stephenkb, @stephenkb.bsky.social, Robert @robertshrimsley, @robertshrimsley.bsky.socialWhat did you think of this episode? Email us at politicalfix@ft.com.Want more? Free links: Britain’s trade deal with Trump may not be good news for the worldWin for UK cars will not cushion the probable blow to taxpayersYvette Cooper’s shadow looms UK trade ambitionsIn tough times, good policy becomes even more important Sign up here for 30 days free of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. Presented by Lucy Fisher, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s acting co-head of audio is Manuela Saragosa. Read a transcript of this episode on FT.com