Political Currency

In this Easter special, Ed Balls and George Osborne meet a truly mythical creature: someone who wants to pay more tax, not less. And according to George, there’s actually a way to do it.They also discuss a big political what-if: what happens if a Prime Minister loses their seat? They've talked before about how someone can become PM without being an MP - think Mark Carney in Canada - but this week they flip the question: could one keep the top job if your constituents vote you out?Also in the mix: is a government running out of money about to come for your pension? Would scrapping the tax-free lump sum be a smart or desperate move? And is it time to give our big cities more power - and more room to grow?And a note, don’t miss our upcoming Inside the Room: The Election That Never Was - which is out tomorrow for subscribers and Monday for everyone else. Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs. Or, join Political Currency’s KITCHEN CABINET to enjoy early and ad-free listening, access to live EMQs recordings, and exclusive Political Currency merch.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency. Please note Kitchen Cabinet subscriptions are only available through Patreon.Technical Producer: Danny Pape Producers: Miriam Hall and Silvia MarescaExecutive Producers: Dino Sofos and Ellie Clifford Political Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information.

As the US-China trade war heats up, Ed Balls and George Osborne ask: what if the Trump White House took the nuclear option… defaulting on its debts to China? Ed explains why that could be a catastrophic thing to do, while George points to the ‘Mar-a-Lago Accord’ as a way that the US in reality may negotiate its debt. Sticking with Trump, Ed and George also ponder ‘patrimonalism’ – a term coined by Max Weber to describe governance by personal loyalty and kinship… Is Donald Trump the first patrimonial President of the United States? Josh Simons MP, a rising star in the Labour Party, asks for advice on getting government backing for a new road in his Makerfield constituency. Is he right to lobby the Housing and Transport departments, and what sort of arguments will pique the interest of the Labour leadership?Right now, the UK has eight living former Prime Ministers. Ed and George conclude by comparing their behaviour upon leaving Number 10. Which PMs clearly can’t let go, and whose stock has risen over time? Technical Producer: Danny Pape Producers: Miriam Hall and Jarek ŻabaExecutive Producer: Dino SofosPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information.Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs. Or, join Political Currency’s KITCHEN CABINET to enjoy early and ad-free listening, access to live EMQs recordings, and exclusive Political Currency merch.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency. Please note Kitchen Cabinet subscriptions are only available through Patreon.

It’s been a rollercoaster few days for the world economy thanks to Donald Trump’s ‘Liberation Day’ tariffs announcement - and his dramatic U-turn a scant week later. With a 90-day pause for every country hit - aside from China -  Ed Balls and George Osborne consider the significance of a hugely disappointing auction of US treasuries, and how it led to Trump’s Treasury Secretary warning him of a looming economic crisis. They ask: are we watching in real time the US tearing at the foundations of the very system they created? And are there now the first rumblings of Republican discontent? Seems like there’s the first signs of figures in Congress and on Wall Street starting to dissent … Meanwhile, Keir Starmer has vowed to ‘turbocharge’ the UK economy in the face of global economic tumult. George runs through the options available to the Prime Minister… Is the answer in softening ‘ironclad’ fiscal rules, deals with India or the EU, or hoovering up scientific talent alienated from the US? And they turn their attention to a Harvard and Kings College London paper, co-authored by Professor Ed Balls – what can the UK learn from ‘Bidenomics’? Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs. Or, join Political Currency’s KITCHEN CABINET to enjoy early and ad-free listening, access to live EMQs recordings, and exclusive Political Currency merch.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency. Please note Kitchen Cabinet subscriptions are only available through Patreon.Technical Producer: Danny Pape Producers: Miriam Hall and Jarek ŻabaExecutive Producer: Dino SofosPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information.

This week, Ed Balls and George Osborne mull museums and memes via bank holidays and pennies. With listeners telling us their locations of choice, funeral director Ross ranks highly with his admission that Ed and George are sometimes listened to in a hearse on the drive home. The pair consider: what are the merits of regulating the funeral industry?Should our cultural institutions be charging more for access?George calls upon his expertise as Chair of the British Museum to weigh it up. Meanwhile, Ed shares his own research into the economics of a bank holiday… do we really stand to lose billions if the government was to introduce another?Toxic masculinity and online safety are in the spotlight in the wake of Netflix’s hit show Adolescence, with research indicating that young people in the UK are particularly worried about these issues. Ed and George look at the role of government in addressing their concerns, before assessing whether the humble penny should remain a staple of British life. And a touch of nostalgia …  a listener reminds the economic duo of the ‘Budget Rap Battle’, put together by Sky News when the pair were on opposite sides of the dispatch box. Ed expresses scepticism that such memes can make a political difference, although both agree that Nick Clegg’s I’m Sorry remix was a damaging – albeit amusing – moment in the Lib Dem leader’s career…. Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs. Or, join Political Currency’s KITCHEN CABINET to enjoy early and ad-free listening, access to live EMQs recordings, and exclusive Political Currency merch.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency. Please note Kitchen Cabinet subscriptions are only available through Patreon.Technical Producer: Danny Pape Producers: Miriam Hall and Jarek ŻabaExecutive Producer: Dino SofosPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information.

In the wake of Donald Trump’s ‘Liberation Day’, Ed Balls and George Osborne break down the economic thinking – or lack thereof – behind President’s tariffs. Rather than the numbers emerging from complicated analysis, Ed explains how they are merely reached through a simple formula. Will the Federal Reserve be able to cut interest rates as quickly as Trump would like in the wake of his tariffs?  Back home, Keir Starmer is calling for calm and resisting a push to reciprocate, as he seeks to strike an ‘economic prosperity deal’ with the US. Is a wider security concern at play here?And on the other side of the globe, Australians are preparing for a federal election, called by Prime Minister Anthony Albanese for May 3rd. It’s currently looking like a neck and neck contest. Peter Dutton, his Liberal Party opponent, has previously made Elon Musk-like noises, creating his very own shadow ministry for government efficiency… But at a time when Musk might be finding himself out of favour, is this a wise way for Dutton to position himself? Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs. Or, join Political Currency’s KITCHEN CABINET to enjoy early and ad-free listening, access to live EMQs recordings, and exclusive Political Currency merch.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency. Please note Kitchen Cabinet subscriptions are only available through Patreon.Technical Producer: Danny Pape Producers: Miriam Hall and Jarek ŻabaExecutive Producer: Dino SofosPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information.

A whole host of Treasury buffs have sent in their questions this week in wake of the Spring Statement, for Ed Balls and George Osborne to answer. Former Chancellor Jeremy Hunt asks whether in the light of Labour’s announcing civil service reductions and welfare reform, the government is “stealing our clothes”? Lord Macpherson, Permanent Secretary to no less than three Chancellors, praises Rachel Reeves’ “courageous” claim of non-negotiability on her fiscal rules (which George translates as a euphemism for ‘bonkers’).Shadow Chancellor Mel Stride is predictably critical of the Chancellor’s choices, but how much is Rachel Reeves to blame for the situation she finds herself in? And Ruth Curtice, Chief Executive of the Resolution Foundation and another former Treasury civil servant, sparks a conversation about how living standards will ultimately dictate Labour’s electoral chances. Plus, Ed and George also clash over Keir Starmer’s use of “coalition of the willing” - is this a conscious attempt to provoke American sentiment, or simply a widely used buzzphrase? You could have been listening to this episode of EMQs early and ad-free with a Political Currency Gold subscription! And even better, you can now get even more perks by becoming a member of our KITCHEN CABINET to get access to live tickets, merch and more! Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency. Please note Kitchen Cabinet subscriptions are only available through Patreon.Technical Producer: Danny Pape Producers: Miriam Hall and Jarek ŻabaExecutive Producer: Ellie Clifford Political Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information.

Has Chancellor Rachel Reeves got it right? Ed Balls and George Osborne provide their immediate reaction to her Spring Statement, questioning whether she’s missed her big opportunity for a relaunch. George likens her approach to ‘staying at the Roulette table’, having failed to land on black the first time around… He also compares her inflexibility to fiscal rules to his own approach while Chancellor, before the pair turn their attention to the government’s own impact assessment on welfare reform. Ed explains what the findings of the report potentially means for millions of families across the country. And, having returned from the HSBC Global Investment Summit in Hong Kong mere hours before recording, they turn their attention to uncertainty over the global economy following the announcement of yet more tariffs from Donald Trump. They also ponder somewhat gloomy international perceptions of the UK, with Brexit and Liz Truss being consistent themes that are still raised in conversations abroad. Finally the US national security establishment strayed into farcical territory this week, sharing operational details of a strike on Houthi rebels in Yemen on the messaging app Signal - and accidentally including the editor of The Atlantic, Jeff Goldberg, in the conversation. George and Ed express their bemusement at this turn of events and share their own experiences in government of receiving highly classified intelligence... You could have been listening to this episode of EMQs early and ad-free with a Political Currency Gold subscription! And even better, you can now get even more perks by becoming a member of our KITCHEN CABINET to get access to live tickets, merch and more! Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency. Please note Kitchen Cabinet subscriptions are only available through Patreon.Technical Producer: Daniel PapeProducer: Miriam Hall and Jarek ŻabaExecutive Producers: Ellie Clifford Political Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information.

With talk of raiding pensions, George Osborne and Ed Balls consider how to increase the incentives for working people to save. As former Treasury insiders, the pair reflect on specific parts of their own previous pension reforms and ask: what approaches would they take if they were still setting policy today? They’re also pressed on recent arguments made by Boris Johnson and Rishi Sunak that Russian assets held in European banks should be directly channelled towards the Ukrainian war effort. Is this a viable approach to funding support for Ukraine? And how can Mark Carney become Prime Minister of Canada without sitting as a member of Parliament? From Lord Halifax to Alec Douglas-Home, George provides an overview of historical precedent for such an occurrence in the UK whilst explaining the impracticalities of it happening today. But what is the one British government role that demands you be an MP?Finally a question to you, our EMQ listeners – what are your favourite hobbies and pastimes to do whilst listening to the podcast? And can you beat this week’s question-asker?You could have been listening to this episode of EMQs early and ad-free with a Political Currency Gold subscription! And not only that… get even more exclusive perks by signing up to be a member of our KITCHEN CABINET! Including bonus content, access to live events, exclusive merch and more.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency. Please note Kitchen Cabinet subscriptions are only available through Patreon.Technical Producer: Danny Pape Producers: Miriam Hall and Jarek ŻabaExecutive Producer: Ellie Clifford Political Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information.

They may have both been leading Brexiteers but Dominic Cummings and Nigel Farage were once fierce rivals, vying to be the top campaign of the referendum. As recently as last year Cummings accused Farage of ‘surrounding himself with useless characters’ – so why are we now hearing of a secret meeting between the two before Christmas? Ed Balls and George Osborne pick apart the significance of this rendezvous at a time when Reform are contending with a senior bust up, as well as an imminent by-election in Runcorn where polling has them out in front. In a week where Diane Abbott and Andy Burnham backed Ed’s criticisms of the government’s welfare reform, Liz Kendall has been in the Commons to announce further detail of Labour’s plan. And they reflect on what options Chancellor Rachel Reeves will have in her Spring Statement (or mini-budget) next week. Can she create a reset moment?Plus, in London this week was the new Canadian Prime Minister Mark Carney. With rumours swirling about an imminent Canadian election, George and Ed debate the merits of calling a vote early into your premiership, reminiscing about the examples of Gordon Brown’s ‘the election that never was’ and Theresa May’s disastrous loss of a majority in 2017. You could have been listening to this episode of EMQs early and ad-free with a Political Currency Gold subscription! And not only that… you could have been in the room asking a question as a member of Political Currency’s KITCHEN CABINET, along with early and ad-free listening, and exclusive Political Currency merchSubscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency. Please note Kitchen Cabinet subscriptions are only available through Patreon.Technical Producer: Daniel PapeProducer: Miriam Hall and Jarek ŻabaExecutive Producers: Ellie Clifford Political Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information.