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Political Fix
Reeves vs the markets
Turmoil in the bond markets has caused turbulence for Rachel Reeves this month, with grumbles about her performance – and that of the UK economy – growing louder. This week, Political Fix asks who’s in charge: the chancellor or the financial markets? Host Lucy Fisher is joined by regular panellists Robert Shrimsley and Stephen Bush, plus the FT’s markets columnist Katie Martin, to consider the difficult choices facing Reeves and any positive options available to her in the short term. Plus, the gang discuss the keynote speeches of Conservative leader Kemi Badenoch and Liberal Democrat leader Sir Ed Davey to kick off the new year this week.
Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher, Stephen @stephenkb, @stephenkb.bsky.social, Robert @robertshrimsley, @robertshrimsley.bsky.social, Katie @katie0martin.bsky.social
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UK government seeks to soothe bond market nerves after borrowing costs soar
UK needs more than AI to escape its economic hole
Lib Dems chart a distinctive pro-European course
Kemi Badenoch’s ‘small state’ vision does not stack up
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Presented by Lucy Fisher. Produced by Lulu Smyth. The executive producer is Manuela Saragosa. Original music by Breen Turner and mixed by Simon Panayi. The FT’s head of audio is Cheryl Brumley.
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Labour'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.comLocal elections special: end of the two-party duopoly?
35:28|This week, we’ve seen Reform UK trounce Labour and the Conservatives across England in local elections. Nigel Farage’s party has secured a fifth MP, clinched two mayorships and seized control of at least seven councils.In response, Prime Minister Sir Keir Starmer is vowing to go harder and faster with his reforms, while Kemi Badenoch’s leadership of the Conservative party is coming under scrutiny.Host Lucy Fisher is joined by podcast regulars George Parker, Robert Shrimsley and Stephen Bush to dissect what the results mean for the government, the opposition and traditional two-party politics in the UK.Have a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us. Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher; Robert @robertshrimsley.bsky.social, @robertshrimsley,Stephen Bush @stephenkb.bsky.social, @stephenkb and George Parker @GeorgeWParker @georgewparker.bskyb.socialWant more? Free links: Reform UK sweeps English councils in local election routNigel Farage shakes British politics with election surgeMulti-party politics heightens danger for muddled LabourReform wins first UK council in local election surgePlus: The final State of Britain newsletter from Political Fix regular Pete Foster reflecting on his five or more years as the FT’s public policy editor, covering Brexit and its impact on UK government and business. Post-Brexit UK: stuck between an unreliable US and a mercantilist EUSign 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. Produced by Clare Williamson. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s head of audio is Cheryl Brumley. Read a transcript of this episode on FT.comReform on the march? Our local elections guide
39:51|Ahead of England’s local elections next week, the Political Fix team pick the races to watch and what’s at stake for the main parties, as voters head to the polls to elect 1,600-odd councillors, six mayors and one new MP. Host Lucy Fisher is joined by podcast regulars Miranda Green and Anna Gross, plus the FT’s Northern correspondent Jennifer Williams, to ask whether Reform UK will live up to high expectations, and just how far both Labour and the Tories could fall. They also examine Sir Keir Starmer’s pivot to patriotism and projection of a nostalgic vision of England, as he attempts to see off the threat from Nigel Farage. Have a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us. Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher; Anna annasophiegross.bsky.social @AnnaSophieGross, Miranda @greenmirandahere.bsky.social, and Jennifer @JenWilliams_FT @jenwilliamsft.bsky.socialWant more? Free links: What to watch in the 2025 local elections Starmer plays up patriotic credentials as local elections loom Reform UK heads offshore to raise funds from world’s wealthy Unite divided: British trade union grapples with twin scandals 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. Produced by Lulu Smyth, with help from Georgina Quach. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s head of audio is Cheryl Brumley. Read a transcript of this episode on FT.comWhat is a ‘woman’ in law? The Supreme Court ruling
36:11|The UK Supreme Court issued a landmark ruling this week about the legal definition of a woman in equality legislation. Judges ruled that a woman is someone who is born biologically female. Host Lucy Fisher is joined by the FT’s Anna Gross and Robert Shrimsley to discuss the political significance of this decision and the reaction of rival parties, as well as what it’s likely to mean in practice. Plus, FT industry correspondent Sylvia Pfeifer joins the panel to discuss the government’s seizing control of British Steel from its Chinese owner, and what that means for London-Beijing relations.Have a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us. Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher; Anna annasophiegross.bsky.social, @AnnaSophieGross, Robert @robertshrimsley.bsky.social, @robertshrimsley, Sylvia @sylviapfiefer @sylviapfiefer.bsky.social Want more? Free links: Legal definition of a woman refers to ‘biological sex’, UK Supreme Court rules British Steel: how its Chinese owner’s plans unravelled British Steel’s Chinese owner says UK government must ‘respect’ its rights Reform UK targets Labour voters ahead of local elections 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. Produced by Lulu Smyth, with help from Mischa Frankl-Duval. The executive producer is Manuela Saragosa. Original music and mix by Breen Turner, with help this week from Fiona Symon. The FT’s head of audio is Cheryl Brumley.Read a transcript of this episode on FT.comMarkets or Trump: who’s in charge?
44:03|The markets have gone haywire since Donald Trump’s announcement — and then pause— of a host of new US tariffs. Host Lucy Fisher is joined by Political Fix regulars George Parker and Miranda Green, plus FT markets columnist Katie Martin, to discuss the impact of this week’s turbulence and what it means for Prime Minister Sir Keir Starmer and the UK going forward. As parliament takes a break for Easter recess, the panel also discusses the political year so far.Have a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us. Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher; Miranda @greenmirandahere.bsky.social; George @GeorgeWParker @georgewparker.bskyb.social and Katie @katie0martin.ft.com Want more? Free links: The hopeless search for Trump’s cunning plan Theresa May: ‘Keep calm and keep talking to Trump’Scott Bessent, the Treasury secretary shaping Trump’s trade warGovernment offers to buy British Steel as negotiations continueWhat do young Britons really think?Listen to Katie’s on the Unhedged podcast here, or by searching ‘Unhedged’ where you listen. Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. Presented by Lucy Fisher. Produced by Lulu Smyth, with help from Fiona Symon. The executive producer is Manuela Saragosa. Original music and mix by Breen Turner, with help this week from Fiona Symon. The FT’s head of audio is Cheryl Brumley.Read a transcript of this episode on FT.comTrump’s trade war: trouble ahead for Britain
38:19|Donald Trump has shaken up the global economy with his seismic new tariffs this week. UK exports to the US will now face a 10 per cent levy – less than many other countries, but still a major headache for Britain’s fragile economy. Host Lucy Fisher and FT colleagues Robert Shrimsley, Jim Pickard and Peter Foster examine the pain this could inflict at home, and what Sir Keir Starmer can – and should – do in response. Plus, ministers have unleashed a raft of policies aimed at longer-term growth, including the expansion of Luton airport. Are these headline-grabbing gimmicks or sensible tactics?Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher, Jim @pickardje.bsky.social, Robert: @robertshrimsley.bsky.social, @robertshrimsley, Peter: @pmdfoster @pmdfoster.bsky.social Have a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us. Want more? Free links: Britain avoids worst of Trump’s tariffs, but risks remain for Stamer UK will refocus quangos to clear ‘way for progress’, says minister UK treasury confident Sizewell C nuclear power investors will soon be ‘teed up’ Can Cambridge be a model for kick-starting the British economy?Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. Presented by Lucy Fisher. Produced by Lulu Smyth, with help from Fiona Symon. The executive producer is Manuela Saragosa. Original music and mix by Breen Turner. The FT’s head of audio is Cheryl Brumley.Read a transcript of this episode on FT.comDoom, gloom and not much headroom: Spring Statement
38:13|Rachel Reeves was forced to slash spending to balance the books in her Spring Statement this week. Welfare spending will be cut more deeply than initially trailed, prompting warnings that 250,000 people — a fifth of them children — could be plunged into poverty. Economists also fear the chancellor will face further tough choices — more cuts or a fresh tax raid — in the autumn. Host Lucy Fisher is joined by the FT’s George Parker and Stephen Bush, as well as economics commentator Chris Giles to discuss the winners and losers, and the main economic takeaways. The panel also examines the impact of Donald Trump’s escalating tariff war on Britain and the global economy. Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher, Stephen Bush @stephenkb.bsky.social, @stephenkb George Parker @GeorgeWParker @georgewparker.bskyb.social, Chris Giles @chrisgiles.ft.comHave a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us. Want more? Free links: From miserable to mediocre: the Reeves challenge continues Spring Statement did not stem the fiscal doom loop Reeves’ repair job avoids tax increases – for now Ministers play down likely rise in poverty from UK welfare cuts, says charity Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. 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.Read a transcript of this episode on FT.comAusterity redux? Spring Statement lookahead
44:44|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 @Sam1FlemingHave a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us. Want more? Free links: What will be in Rachel Reeves’ Spring Statement? Starmer is zigging where Blair zaggedEU to exclude US, UK and Turkey from €150bn rearmament fundEurope is only half awake from its long sleep Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. 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. Read a transcript of this episode on FT.com