Political Fix

With just three weeks to go until the Budget, Rachel Reeves gave a surprise speech to reset expectations on who she’s planning to hit with more taxes on November 26. This has fuelled further speculation about whether the government's central manifesto pledge to not raise income tax rates is now doomed. Host Miranda Green is joined by FT colleagues Jim Pickard, Sam Fleming and Katie Martin to discuss the chancellor’s options: a pick’n’mix of tax rises or breaking a central pledge to the electorate. What then happens to the Labour government’s credibility, and how are the markets likely to react? Plus: can Reform become fiscally respectable?Follow Miranda @greenmirandahere.bsky.social; Jim @pickardje.bsky.social; and Katie @katie0martin.ft.comWant more?   What are Rachel Reeves’ tax options in the Budget? Bond markets are winning the Budget stand-off Robert Shrimsley: The inescapable logic of Labour’s choices Inside Politics: Why Rachel Reeves won’t raise income taxPaywalled: End of The Line: how Saudi Arabia’s Neom dream unravelled Sign up here for Stephen Bush's morning newsletter Inside Politics for straight-talking insight into the stories that matter, plus puns and tongue (mostly) in cheek analysis. Get 30 days free.Plus, the FT is hosting a live webinar on November 28 on what the UK Budget will mean for your money. You can put questions to FT journalists Claer Barrett, Stuart Kirk, Tej Parikh and special guest, tax expert Dan Neidle. Get your free pass now at ft.com/budgetwebinar. Our email address is politicalfix@ft.comPolitical Fix was presented by Miranda Green and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The video engineers are Bianca Wakeman and Andrew Georgiades. The FT’s acting co-head of audio is Manuela Saragosa.Clip from ITVRead a transcript of this episode on FT.com

With a month to go until the Budget, chancellor Rachel Reeves needs to find a projected £30bn to balance the books. And the forecasts are not in her favour, with the OBR’s bigger than expected productivity downgrade dealing another blow to the Treasury this week. So where will the chancellor find the money – and if Labour have no choice but to break their manifesto tax pledge, where will that leave them with the electorate? Host George Parker is joined by associate editor and columnist Stephen Bush, chief UK commentator Robert Shrimsley and the FT’s economics editor Sam Fleming.Follow George: @georgewparker.bsky.social, @GeorgeWParker; Stephen at @stephenkb and Robert @robertshrimsley.bsky.social Want more?   Reeves faces £20bn hit to public finances from productivity downgrade  Keir Starmer puts Labour MPs on notice for Budget tax rises Starmer refuses to stand by manifesto tax pledge  Letting agent admits mistake in Reeves’ rental tax rowSign up here for Stephen Bush's morning newsletter Inside Politics for straight-talking insight into the stories that matter, plus puns and tongue (mostly) in cheek analysis. Get 30 days free.Plus, the FT is hosting a live webinar on November 28 on what the UK Budget will mean for your money. You can put questions to FT journalists Claer Barrett, Stuart Kirk, Tej Parikh and special guest, tax expert Dan Neidle. Get your free pass now at ft.com/budgetwebinar. Our email address is politicalfix@ft.comPolitical Fix was presented by George Parker and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The video engineers are Bianca Wakeman and Petros Gioumpasis. The FT’s acting co-head of audio is Manuela Saragosa.Clip from BBCRead a transcript of this episode on FT.com

Chancellor Rachel Reeves received a rare bit of good news from lower inflation statistics this week, which could reduce government borrowing ahead of the November Budget. But the uphill struggle to improve Labour’s standing in the polls continues after a drubbing in Caerphilly, the embarrassing failure of the one-in-one-out migrant policy and the chaotic start to the grooming gang inquiry. Host George Parker is on hand to dissect the week along with deputy political editor Jim Pickard, UK chief political commentator Robert Shrimsley and the FT’s northern England correspondent Jennifer Williams. Plus, is the King getting poor advice from the PM over Prince Andrew in the wake of further damaging revelations about the prince’s links to Jeffrey Epstein?Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Robert: @robertshrimsley or @robertshrimsley.bsky.social; Jen on X @JenWilliamsMEN and Jim on X @PickardJEWant more?  Labour suffers seismic by-election defeat to Plaid Cymru in CaerphillyUK borrowing costs fall in boost for Rachel ReevesReeves vows to clear way for BoE rate cuts with cost of living pledgeGrooming gang victims call for minister to resignA defining crisis for Britain’s royalsBritain’s flawed support for Jaguar Land RoverClips from: Sky & Parliament Live TVSign up here for Stephen Bush's morning newsletter Inside Politics for straight-talking insight into the stories that matter, plus puns and tongue (mostly) in cheek. Get 30 days free.Our email address is politicalfix@ft.comPresented by George Parker. Produced by Clare Williamson. The executive producer is Flo Phillips. Audio mix and original music by Breen Turner. The FT’s acting head of audio is Manuela Saragosa. Read a transcript of this episode on FT.com

The countdown is on: Chancellor Rachel Reeves has just six weeks to finalise her Autumn Budget before the November 26 deadline. This week, she was in Washington DC for the annual meeting of the IMF, where she hinted at tax rises for the rich, while pinning some blame for Britain’s economic problems on her predecessors. The British public are not likely to love the chancellor’s efforts to fill the projected £22bn hole, but who will they hold responsible? Host George Parker is joined by deputy opinion editor Miranda Green, associate editor and columnist Stephen Bush, and the FT’s economics commentator Chris Giles for a deep dive into the UK’s public finances, and to explain why the China spy case roiling Westminster is all about economics.Follow George on: @georgewparker.bsky.social or @GeorgeWParker; Chris on @chrisgiles.ft.com or @ChrisGiles_; Stephen on @stephenkb and Miranda on @greenmirandahere.bsky.social or @greenmirandaWant more?  Clear visions for tax reform exist — Reeves just needs to back oneHow Brexit drained the Tories’ talent poolNo need for a moral panic about the welfare systemLetter: Only a strong economy can address Britain’s worklessness crisisRachel Reeves suggests spending cuts and tax rises on wayJoin Chris Giles and FT colleagues Katie Martin and Claire Jones in conversation with former Fed vice-chair Lael Brainard and Fidelity’s Salman Ahmed on October 23 1200 GMT for an exclusive subscriber webinar Markets on edge: central banks, bonds and the risks ahead. Register now and put your questions directly to the panel at ft.com/edgeAnd click here to sign up for Chris Giles’ newsletter on Central Banks.Plus sign up here for Stephen Bush's morning newsletter Inside Politics for straight-talking insight into the stories that matter, plus puns and tongue (mostly) in cheek analysis. Get 30 days free.Our email address is politicalfix@ft.comPolitical Fix was presented by George Parker and produced by Ethan Plotkin. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s acting co-head of audio is Manuela Saragosa.Clip from Sky NewsRead a transcript of this episode on FT.com

Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncovers a lead poisoning epidemic across the UK. You might be living with lead and not know it: the toxin is often invisible to the human eye, but wreaks havoc on our bodies once we’re exposed. The first episode of Untold: Toxic Legacy launches October 22. Listen on Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts.For information on how to live safely with lead, please visit the LEAPP Alliance website.

Conference season is over for another year and after a rousing speech from Conservative leader Kemi Badenoch to the party faithful, the Political Fix panel is asking: has she done enough to silence her critics and reverse the party’s slide into oblivion? And while recovering from a month on the road, your trusty Political Fixers mull over the performance of the other parties and what lies ahead as parliament reconvenes on Monday. Plus, more questions than answers about a Chinese spying case that collapsed before reaching court. Host George Parker, the FT’s political editor, is joined by UK chief political commentator Robert Shrimsley, Whitehall editor David Sheppard and deputy opinion editor Miranda Green. Follow George on X @GeorgeWParker or Bluesky: @georgewparker.bsky.social; David @oilsheppard.bsky.social; Robert @robertshrimsley.bsky.social; Miranda on X @greenmirandaWhat did you think of this episode? Let us know at politicalfix@ft.com  Want more? Free links:    The Conservatives’ long road back to credibilityKemi Badenoch pledges to scrap stamp duty on property Robert Jenrick says UK ministers should have power to pick judgesThe battle to dismantle Blair’s BritainSpying case collapsed after UK refused to label China a ‘threat’, prosecutors saySign up to Stephen Bush's morning newsletter Inside Politics for straight-talking insight into the stories that matter, plus puns and tongue (mostly) in cheek. Get 30 days free at https://www.ft.com/InsidePoliticsOfferPresented by George Parker and produced by Clare Williamson with Lulu Smyth and Flo Phillips. The executive producer is Manuela Saragosa. Audio mix Jean-Marc Eck. Original music by Breen Turner. Read a transcript of this episode on FT.com

US President Donald Trump has pledged to “plant the stars and stripes on the planet Mars”, China could send its first crewed mission to Mars within a decade, and Elon Musk wants people to actually settle on Mars, transforming the human race into an interplanetary species. In a new series of Tech Tonic, the FT’s Peggy Hollinger asks if we’re really about to land, and even live, on the red planet. Free to read:Musk’s mission to MarsThree days with America’s rocket chasersTech Tonic is produced by Mischa Frankl-Duval. The senior producer is Edwin Lane. Flo Phillips is the executive producer. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music. Manuela Saragosa is the FT’s acting co-head of audio.

This week, the Political Fix team comes to you from Liverpool — with all the news from the annual Labour Party Conference. Sir Keir Starmer struck a patriotic tone to the Labour faithful, promising to fight Nigel Farage’s “politics of grievance” and build a renewed, healthy Britain “with the flag waving in our hands” — flags he was keen to reclaim from his opponents on the nationalist right.And that confident tone had also been struck by his chancellor, the day before. Rachel Reeves reaffirmed the need for economic responsibility and a willingness to take tough decisions, whilst taking pot-shots at the mayor of Greater Manchester, Andy Burnham, in the wake of his thinly veiled bid for the Labour leadership last week.The prime minister arrived in Liverpool with widespread discontent over his leadership, speculation that he could face a challenge and a calamitous -54 poll approval rating. So did Starmer do enough to salvage his floundering premiership? Host George Parker is joined by Jim Pickard, Anna Gross and Stephen Bush to unpack what the annual conference might mean for the future of the Labour party — and the nation. Follow George on Bluesky @georgewparker.bsky.social; Stephen @stephenkb.bsky.social; Jim @pickardje.bsky.social and Anna on X @AnnaSophieGrossWhat did you think of this episode? Let us know at politicalfix@ft.com  Want more? Free links:     Starmer urges Labour to launch ‘patriotic’ fight against ReformRachel Reeves signals Budget tax rises, saying ‘world has changed’ Reeves will struggle to sell growth case to UK fiscal watchdog, economists warnLabour’s unpopularity problem ‘Lost the plot’: Tony Blair’s role prompts incredulity —– and some hopeSign up to Stephen Bush's morning newsletter Inside Politics for straight-talking insight into the stories that matter, plus puns and tongue (mostly) in cheek. Get 30 days free at https://www.ft.com/InsidePoliticsOfferPresented 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.com