Podcasts about budget responsibility

Ai slop as usual for shownotes. If HKJ pays me some of those HKDs then I'll maybe make an effort. Until then, eat your robot kibble and enjoy the show! Australia Day tensions at home and political shocks abroad drive this packed episode of The Two Jacks. Joel (Jack the Insider) and Hong Kong Jack unpack the Liberal–National implosion, leadership manoeuvring, hate‑speech laws and neo‑Nazi “martyrs” springing from Australia Day rallies and a near‑catastrophic device in Perth. They then cross to the US for the fallout from the ICE killing of Minneapolis nurse Alex Pretty, Kristi Noem's precarious future, Trump's political instincts, and Mark Carney's Davos warning that we now live in a world with “no rules.” Along the way they dissect Brexit's economic hangover, EU over‑regulation, India's Republic Day contrast with Australia's low‑key national day, and finish with sport: Premier League title nerves, Australian Open heat controversies, bushfires, and a final detour through film censorship trivia in Ireland.00:00 – Theme and intro00:25 – Welcome back to The Two Jacks; Joel (Jack the Insider) in Australia and Hong Kong Jack set the scene for episode 142, recorded 27 January, the day after Australia Day.​Australian politics and the Liberal–National implosion00:40 – Coalition “no more”: the decoupling of Liberals and Nationals, and whether Anthony Albanese is the Stephen Bradbury of Australian politics or a quiet tactician.​01:10 – How Labor's racial vilification moves and 18C history boxed the opposition in; Susan Ley's failed emergency‑sitting gambit on antisemitism laws.​02:00 – Firearms law changes and new powers to ban hate groups like Hizb ut‑Tahrir and the National Socialist Network, and the role of ASIO referrals and ministerial discretion.​03:10 – Canavan's “slippery slope” fears about bans being turned on mainstream groups, and what that reveals about the Nationals' hunger for anti‑immigration rhetoric under pressure from One Nation and Pauline Hanson.​Centre‑right parties in a squeeze04:00 – The Nationals as the “five‑percenters” who pull the coalition's agenda with a small vote share; listener Bassman calls them the “un‑Nationals.”​05:00 – Global “tough times” for centre‑right parties: the pincer between moving to the centre (and leaving a vacuum for far‑right populists) or moving right and losing the middle.​05:40 – Hong Kong Jack's argument for broad churches: keeping everyone from sensible One Nation types to inner‑city wets under one tent, as Labor did with its far‑left “fruit loops” in the 1980s.​07:00 – Decline of small‑l liberals inside the Liberal Party, the thinning ranks of progressive conservatives, and the enduring “sprinkling of nuts” on the hard right.​Leadership spills and who's next07:20 – Susan Ley's lonely press conferences, Ted O'Brien's silence, and the air of inevitability about a leadership spill before or by budget time.​08:20 – Why the leadership needs “strength at the top”: the Gareth Evans line to Hawke – “the dogs are pissing on your swag” – as a metaphor for knowing when to go.​09:20 – Conversation about Angus Taylor, Andrew Hastie, Ted O'Brien and even Tim Wilson as possible leaders, and why the wrong timing can make almost anyone opposition leader.​10:40 – History lesson: unlikely leaders who flourished, from Henry Bolte in Victoria to Albanese, once dismissed by his own colleagues as a long shot.​11:40 – Albanese's long apprenticeship: learning from Howard's cautious style and the Rudd–Gillard chaos, and his instinct for the national mood.​Listener mail: Nationals, Barnaby and “public bar” politicians13:00 – Listener Lawrence compares One Nation to Britain's Reform Party; asks if Barnaby Joyce's baggage (drought envoy rorts, “Watergate,” drunken footpath photo) undermines his retail skills.​14:20 – Debating whether Barnaby ever was the “best retail politician” in the country; why he works brilliantly in rural and regional pubs but is “poison in the cities.”​16:10 – The “public bar” politician ideal: Barnaby as hail‑fellow‑well‑met who genuinely likes the people he's talking to, contrasted with Whitlam and Fraser looking awkward in 1970s pub photo ops.​17:20 – John Howard scrounging a fiver to shout a round, Barry Jones dying in Warrnambool pubs, and why Bob Hawke and Tony Abbott always looked at home with a schooner.​Australia Day, antisemitism and street violence18:00 – Australia Day wrap: The Australian newspaper's “social cohesion crisis” framing after antisemitism, violence and extremist rhetoric.​19:10 – Perth's rudimentary explosive device: ball bearings and screws around a liquid in a glass “coffee cup” thrown into an Invasion Day crowd at Forrest Place; police clear the area quickly.​21:00 – Melbourne: small March for Australia turnout, scuffles between their supporters and Invasion Day marchers, arrests likely to follow.​22:10 – Sydney: March for Australia rally of around 2,000 ending at Moore Park, open mic session, and the selection of a man wearing a Celtic cross shirt who launches into a vile antisemitic rant.​23:20 – His subsequent arrest in Darlinghurst and the Section 93Z charge (publicly threatening or inciting violence on racial or religious grounds), with possible three‑year jail term and $11,000 fine.​24:40 – Why the speech appears to meet the elements of the offence, and how such defendants are quickly turned into martyrs and crowdfunding heroes by the extreme right.​26:10 – The psychology of self‑styled martyrs seeking notoriety and donations; parallels with “Free Joel Davis” signs after threats to MP Allegra Spender.​Australia Day vs India's Republic Day27:20 – Australia Day clashing with India's Republic Day: Joel only just realises the overlap; Jack has known for years.​28:00 – History recap: Australia Day as a 1930s invention, not a national holiday until Keating's government in 1995; its big cultural take‑off in the 1988 Bicentennial year.​29:10 – India's enormous Republic Day parade: 10,000+ guests, missiles and tanks on show, EU leaders in attendance, congratulations from President Trump and President Xi – easily out‑shining Australia's low‑key day.​30:00 – Why big military parades feel culturally wrong in Australia; the discomfort with tanks and squeaky‑wheeled machinery rolling down main streets.​30:30 – The 26 January date debate: protests by Invasion Day marchers vs “flag shaggers,” plateauing protest numbers, and the sense that for most Australians it's just another day off.​31:20 – Arguments for a different nation‑building day (maybe early January for a built‑in long weekend), and the need for a better way to celebrate Australia's achievements without performative patriotism.​32:40 – Local citizenship ceremonies, Australia Day ambassadors and quiet country‑town rituals that still work well in spite of the culture war.​Minneapolis outrage, ICE shootings and US politics34:20 – Turning to the United States: the shooting of ICU nurse Alex Pretty by ICE agents in Minneapolis and the shock it has injected into US domestic politics.​34:50 – Video evidence vs official narrative: Pretty appears to be disarmed before being shot; the administration initially claiming he was planning a massacre of ICE agents.​35:40 – Trump's early blame of Democrat officials and policies, then a noticeable shift as outrage spreads more broadly across the political spectrum and the Insurrection Act chatter cools.​36:20 – Tom Homan's deployment to Minneapolis, the demotion of Border Patrol commander Greg Bovino, and reports that Homan will now report directly to President Trump rather than Kristi Noem.​37:10 – Internal GOP friction: suggestions Noem relished confrontation, while Homan did not; speculation Noem may be the first cabinet‑level casualty.​38:00 – Use of children as bait in immigration operations, American citizens detained, and two civilians shot dead by ICE; discussion of likely multi‑million‑dollar compensation exposure.​39:00 – Allegations of bribery and “missing 50 large,” the checkered backgrounds of some ICE agents and rumours about extremist links and failed cops finding a home in ICE.​40:00 – A snap YouGov poll: 46% of respondents wanting ICE disbanded, 41% opposed, and how this feeds the narrative that Noem will be thrown under the bus.​Sanctuary cities, federal power and Pam Bondi's letter41:10 – Trump's boastful but error‑strewn talk on Article 5 of the NATO treaty, and his correction that still belittled allies' sacrifices in Afghanistan.​41:40 – Casualties by nation: US 2,461, then significant losses from the UK, Canada, France, Germany, Italy, Denmark, Australia, Poland, Spain and others – disproving Trump's “America alone” framing.​42:30 – Sanctuary cities vs federal supremacy: recalling the 2012 Arizona case where the Supreme Court confirmed immigration enforcement as a federal responsibility, and how that collides with sanctuary policies.​43:10 – Pam Bondi's letter to Minnesota's governor after the second ICE killing: reported threat to pull ICE agents in exchange for electoral records, and the ominous implications of such demands.​Greenland, Davos and market games44:00 – Trump's Greenland obsession revisited: from bluster at Davos about tariffs on European allies to a supposed “deal” that no‑one, including the Danes, can define.​44:40 – How tariff threats knocked markets down, then his Davos announcement walked them back and sent markets up; Ted Cruz warning Trump that crashing 401(k)s and high inflation would make the midterms a bloodbath.​45:40 – Japan and the US bond market: a brief panic in Japanese bonds, a Danish super fund's sale of US Treasuries, and the longer‑term vulnerability given that Japan, China and the EU hold so much US debt.​46:30 – Trump's relentless pressure on the Fed for lower rates in an inflationary environment, and the comparison with Erdogan's disastrous low‑rate, high‑inflation experiment in Turkey.​Davos speeches and a world with no rules47:10 – Mark Carney's standout Davos speech: we now live in a geopolitical environment with “no rules,” and the post‑WWII rules‑based order has largely broken down.​47:50 – Carney's planned March visit to Australia and likely address to a joint sitting of Parliament, plus his reputation as a sharp, articulate central banker.​48:20 – Hong Kong Jack's scepticism about “international law” as more fiction than practice; non‑Western powers paying lip service while ignoring it in reality.​49:00 – The German Chancellor's more consequential Davos speech on EU failures, competitiveness, and the need to reinvent Europe, backed in by Italian PM Giorgia Meloni.​49:40 – The “Sir Humphrey” view of the EU: you can only reform Brussels from the inside, not from outside as Brexit Britain is discovering.​Brexit's economic hit50:10 – Chancellor Mertz's critique of EU over‑regulation and the “world champions at regulation” line; the EU as an anti‑competitive behemoth that lost its free‑trade roots.​50:50 – Why countries like Spain struggle alone but “pack a punch” within the EU's collective GDP; Brexit as a decision to leave the world's biggest trading bloc.​51:20 – UK Office for Budget Responsibility analysis: since the 2016 referendum, estimated UK GDP per capita by 2025 is 6–8% lower than it would have been, with investment 12–18% lower and employment 3–4% lower than the “remain” counterfactual.​52:10 – How these losses emerged slowly, then accumulated as uncertainty persisted, trade barriers rose and firms diverted resources away from productive activity.​52:40 – Jack challenges the counterfactual: notes that actual UK GDP growth is only a couple of points below EU averages and doubts that UK governments would have outperformed Europe even without Brexit.​53:20 – Joel's rejoinder that the OBR work is widely accepted and that Brexit has created profound long‑term impacts on Britain's economy over the next 5–10 years.​Sport: cricket, Premier League and Australian Open heat55:20 – Australian cricket's depth: promising leg‑spinners and other talent juggling Shield cricket with gigs in the Caribbean Premier League, Pakistan Super League and more.​55:50 – Premier League title race: Arsenal's lead cut from seven to four points after a 3–2 loss to an invigorated Manchester United that also beat City in the derby.​56:30 – The “sugar hit” of a new coach at United, reverting to a more traditional style and the question of how long the bounce will last.​57:10 – Australian Open “Sinner controversy”: oppressive heat, the heat index rules for closing the roof, Jannik Sinner cooked at one set all before a pause, roof closure and air‑conditioning – and then a comfortable Sinner win.​58:00 – Accusations about coach Darren Cahill lobbying tournament boss Craig Tiley, and why the footage doesn't really support conspiracy theories.​58:30 – Djokovic's soft run after a walkover, the emergence of 19‑year‑old American Tien with Michael Chang in his box, and Chang's devout‑Christian clay‑court glory at Roland Garros.​59:20 – Heatwave conditions in southern Australia, fires in Victoria and the Otways/Jellibrand region, and a shout‑out to firefighters and residents under threat.​Final odds and ends01:00:20 – Closing thoughts on Australia's weather extremes, hoping for a wind change and some respite for the fireys.​01:00:50 – Jack's trivia nugget: Casablanca was once banned in Ireland for not being “sufficiently neutral” and not kind enough to the Nazis, segueing to bans on Lady Chatterley's Lover and Australian censorship history.​01:02:00 – Sign‑off from Joel (Jack the Insider) and Hong Kong Jack, promising to track the Perth bombing case, hate‑speech prosecutions, Canberra leadership moves and the unfolding Minneapolis/ICE scandal in future episodes.

Minister of Finance meets with UK's Office for Budget Responsibility in London.New Health Advisory Update.Starlight Show Wow's House Speaker, next show this Sunday, 21 Dec, 6pm.

What if every political party had to face real economic scrutiny? As Britain's political landscape fragments and fiscal debate grows ever more chaotic, Joseph Dinnage, deputy editor of CapX, asks a provocative question: should the Office for Budget Responsibility judge all parties, not just the one in power? In this essay, he charts Rachel Reeves's faltering economic credibility, the radicalism of the Greens and Your Party, and the inconsistencies on the Right — arguing that an upgraded OBR, modelled on the Dutch system, could bring much-needed discipline and transparency to a system swamped by unserious ideas. It wouldn't make forecasting perfect, he says, but it would help voters see which plans add up — and which are pure fantasy.Despatch brings you the best of CapX — the sharpest writing from the UK's most insightful daily newsletter.Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe. Hosted on Acast. See acast.com/privacy for more information.

Along with our regular monthly updates on policy, cereals, beef, sheep and milk, in this edition we also have a spotlight on the UK Autumn Budget and its impacts on Scottish Agriculture. Show Notes 00:41 News in Brief 06:33 Policy Briefs – Future Farming Investment Scheme, Land Reform (Scotland) Bill, Scotland's Climate Change Plan to 2040, Council Tax Reforms, QMS Cattle and Sheep Assurance Scheme Standards 15:15 Cereals – latest arable news and market update 23:24 Beef – latest beef news and market update 27:05 Sheep – latest sheep news and market update 32:26 Milk – Milk Production Data, Farm-gate Prices, Dairy Commodities and Market Indicators, Dairy Exports, Winter Lighting Systems, Organic Milk 40:48 Sector focus – overview of the UK Autumn Budget and its impacts on Scottish Agriculture. 47:07 Further articles – FAS 12 Days of Christmas, Achieving Net Zero in Beef Farming (FAS TV) and Looking After Yourself (FAS Podcast) Links and Resources: Newsletters - Business & Policy Edition - Farm Advisory Service Whole Milk for Healthy Kids Act of 2025 Avian Influenza Prevention Zone (AIPZ) SRUC's research (how to improve the lives of animals) Climate Change Plan to 2040 A consultation on the Draft Climate Change Plan Future of council tax in Scotland: consultation - gov.scot QMS Cattle and Sheep Standards Cattle and Sheep Assurance scheme - what's changed Sheep Producers Intentions Survey - Meat and Livestock Australia Tesco Christmas Trend Report for 2025 Office for Budget Responsibility's report The 12 Days of Christmas | Helping farmers in Scotland FAS TV Series - Net Zero on Beef Farms

The Office for Budget Responsibility is supposed to be the calm, quiet body that keeps watch over Britain's public finances. But after it accidentally released its Budget analysis before Chancellor Rachel Reeves delivered her statement, its chair Richard Hughes resigned and the watchdog suddenly became the lead story. Today on The Bunker, Seth Thévoz is joined by economist and former Treasury adviser Giles Wilkes to ask: what exactly is the OBR, and why does this low-profile institution hold so much power over the UK economy?   • Head to nakedwines.co.uk/thebunker to get 6 top-rated wines from our sponsor Naked Wines for £39.99, delivery included. www.patreon.com/bunkercast  Follow us on BlueSky: https://bsky.app/profile/bunkerpod.bsky.social  • Advertisers! Want to reach smart, engaged, influential people with money to spend? (Yes, they do exist). Some 3.5 MILLION people download and watch our podcasts every month – and they love our shows. Why not get YOUR brand in front of our influential listeners with podcast advertising? Contact ads@podmasters.co.uk to find out more. Written and presented by Seth Thévoz. Producer: Liam Tait. Audio producer: Robin Leeburn. Managing editor: Jacob Jarvis. Design by James Parrett. Music by Kenny Dickinson. Group Editor: Andrew Harrison. THE BUNKER is a Podmasters Production. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The chair of the Office for Budget Responsibility has gone, the Chancellor is being accused of misleading the public.  So how did that budget go?  Richard Hughes has taken responsibility for the accidental leak of the budget and resigned. What does this mean for the OBR's future and political trust in it?  Meanwhile, the Chancellor has been accused of misleading the public over the state of public finances. So what did happen in the budget pitch-rolling and what does this tell us about how well the UK does budgets? Could we, should we, do them differently?  Plus - the Justice Secretary has revealed his plans for changes to jury trials. We dig into the latest news.  Hannah White presents With Gemma Tetlow, Alex Thomas and Cassia Rowland  Learn more about your ad choices. Visit podcastchoices.com/adchoices

UK pension funds are cutting back their exposure to US equities, and Swiss prosecutors have filed charges against Credit Suisse and its owner UBS over alleged organisational “deficiencies”. Plus, the chair of the UK's Office for Budget Responsibility has resigned, and the UK government will increase NHS spending on medicines to secure a carve-out from threatened US tariffs.Mentioned in this podcast:UK pension funds dump US equities on fears of AI bubbleSwiss prosecutors file charges against Credit Suisse and UBSHead of UK fiscal watchdog quits after Budget leakNHS to increase medicines spending to avoid threatened Trump tariffsNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted by Sonja Hutson, and produced by Fiona Symon. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT's acting co-head of audio is Topher Forhecz. The show's theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we learnt that there was no black hole in the UK finances all along. We discuss Rachel Reeves and her doom and gloom pre-budget speech, the controversies that have followed and the stoochie caused by the Office for Budget Responsibility having already told the chancellor that she had some money in the kitty after all. The resignation of the head bummer of the OBR and calls for the resignation of the Chancellor.We discuss all things Saint Andrew's Day, planning nightmares in the Highlands over wind farm expansion.That and Barclays Hamden Stadium, whether anybody will ever call it that, and does it matter?LinksFind out more about the Birthplace of the Saltire and the new Saltire Monumenthttps://saltire.scot/ ★ Support this podcast ★

The arguments over last week's budget continue; first chancellor Rachel Reeves was accused of misleading MPs and the public over the state of public finances, then the chair of the budget watchdog, the Office for Budget Responsibility, resigned. So how did this row unfold and where does it leave the Prime Minister?This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today: http://thetimes.com/thestoryGuest: Oliver Wright, policy editor, The Times.Host: Manveen Rana.Producers: Olivia Case, Shabnam Grewal.Read more: Did Rachel Reeves lie — and will she resign? Further listening: Do bond markets rule the world?Clips: The Telegraph, Times Radio, BBC, parliamentlive.tv, ITV News, Sky News.Photo: Getty Images.Get in touch: thestory@thetimes.comThis podcast was brought to you thanks to subscribers of The Times and The Sunday Times. To enjoy unlimited digital access to all our journalism subscribe here. Hosted on Acast. See acast.com/privacy for more information.

Keir Starmer has been pushed to defend his chancellor after she was accused of lying in the run-up to the autumn budget. Rachel Reeves is alleged to have misled the public by citing bleak economic forecasts from the Office for Budget Responsibility to justify tax rises, even though the figures were more positive than she suggested. Lucy Hough is joined by the head of national news, Archie Bland. Help support our independent journalism at theguardian.com/infocus

The head of the Office for Budget Responsibility, Richard Hughes, has resigned after his organisation released details of the budget before the Chancellor had delivered her speech. Also: The Prime Minister has denied that the Rachel Reeves misled people about the state of the public finances. And the World Health Organisation calls for fairer access to weight loss jabs.

UK-US agree zero tariffs deal on pharmaceutical products. The agreement means that the NHS will have to pay more for new medicines. We speak to a leading member of pharmaceutical industry. Also: The chairman of the Office for Budget Responsibility resigns after the body mistakenly released its assessment of the budget early. We hear from one MP supportive of the chairman's decision to quit. And Zootropolis, the new Disney animation that is breaking records.

The budget fallout continues but did the Prime Minister and the Chancellor exaggerate the size of the blackhole?Sam and Anne question whether Keir Starmer and Rachel Reeves misled cabinet and the country to justify the smorgasbord of tax rises as pressure mounts across the political divide. Elsewhere, has the reset talks with the European Union hit the buffers over defence?Plus, the spotlight is on the head of the Office for Budget Responsibility as the investigation into the budget leak is given to the treasury.

Why did the Chancellor and Treasury suggest the public finances are a disaster when they weren't? Why did the Office for Budget Responsibility call them out? What is the true story behind the income tax u-turn. Steph and Robert discuss. Email: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠restismoney@gmail.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TheRestIsMoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TheRestIsMoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@RestIsMoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://⁠⁠⁠goalhanger.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit podcastchoices.com/adchoices

After months of speculation, predictions and U-turns, Rachel Reeves finally announced her Budget this week. And, symptomatic of the chaos this Budget has wrought, there was one final twist: the entire Budget appeared on the Office for Budget Responsibility's website 45 minutes before the chancellor was set to give her speech. It sent the media and the markets into a spin…the key takeaway: a historic tax rise achieved without officially breaking the government's manifesto promise. So what are the crucial implications of this Budget? Who are the winners and losers? And what is the political fallout for Labour?Host George Parker is joined by economics editor Sam Fleming, markets columnist Katie Martin and politics columnist Stephen Bush to break down this long-awaited Budget. Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Stephen @stephenkb.bsky.social‬, @stephenkb; and Katie @katie0martin.ft.comWhat did you think of this episode? Let us know at politicalfix@ft.com Want more? Free links: Rachel Reeves' Budget raises UK taxes to all-time high‘Spend now, pay later': Rachel Reeves' Budget delays the fiscal pain Reeves' Budget fails her own 3 claimsRachel Reeves' gambitThe four audiences Reeves' ‘high-wire' Budget must satisfyIf you want to find out what the budget means for your personal finance, check out a special episode of the FT's Money Clinic podcast, wherever you get your podcasts.Sign up here for 30 days free of Stephen ‘Inside Politics' newsletter. You can listen to Katie on Unhedged here, or search ‘Unhedged' wherever you listen.To sign up for free to the new FT Alphaville newsletter on Substack, go to ftav.substack.comPolitical Fix is 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.com Hosted on Acast. See acast.com/privacy for more information.

The Office for Budget Responsibility has attracted huge criticism, and anger from Chancellor Rachel Reeves, after mistakenly revealing the details of her budget hours before she delivered it. But the watchdog already had its critics. Liz Truss says she never realised how powerful the OBR was and that it should be abolished. And Sir Keir Starmer has criticised the OBR's assessment of his government's fiscal plans. So how will the budget leak affect the OBR's future? Niall talks to Ed Conway, Sky's economics and data editor about exactly what the OBR is, whether it has too much power and if it will survive. Producer: Emma Rae Woodhouse Editor: Wendy Parker

With all the speculation, it was always going to be a big one, but Rachel Reeves's second budget turned into a political earthquake before she even stood up at the dispatch box.In this bumper budget special, Beth, Ruth and Harriet unpick what happened on one of the most dramatic days in the fiscal calendar.With the unprecedented leak of the Office for Budget Responsibility's assessment giving the opposition a sneak preview, Kemi Badenoch delivered a fiery attack. Listeners weigh in on their thoughts of her comebacks.Send us your messages and Christmas-themed questions on WhatsApp at 07934 200 444 or email electoraldysfunction@sky.uk. And if you didn't know, you can also watch Beth, Harriet and Ruth on YouTube. St. James's Place sponsors Electoral Dysfunction on Sky News, learn more here.

Tim Shipman sits down with Professor David Miles of the Office for Budget Responsibility the day after a Budget overshadowed by an extraordinary leak. David sets out what the OBR now believes about growth, headroom and productivity — and why the UK's long-term prospects look weaker than hoped. He discusses the political choices behind back-loaded tax rises, the decision not to score the workers' rights reforms, and why Britain is so slow to adopt its own inventions. Plus: what the OBR's new leak investigation will look like, and how confident we should really be in those fiscal forecasts.Produced by Oscar Edmondson. Become a Spectator subscriber today to access this podcast without adverts. Go to spectator.co.uk/adfree to find out more.For more Spectator podcasts, go to spectator.co.uk/podcasts.Contact us: podcast@spectator.co.uk Hosted on Acast. See acast.com/privacy for more information.

Sean Farrington takes a panel of businesses, tax and economics experts to pore through the detail of the Chancellor's Autumn Budget 2025, including a look at the tax thresholds freeze, pensions, electric vehicles and business rates.We also discuss what it means for the Budget and the Office for Budget Responsibility after the forecaster accidentally published its report before the Budget was announced, instead of after.Plus Wake Up to Money hears what the Budget and in particular the threshold tax freeze does for keeping people motivated to earn more.

The team recorded the podcast straight after the Budget to share their instant reactions. They covered the Office for Budget Responsibility's early report release and the pre-Budget leaks. Richard Hattersley shared his view on the announcements and what surprised him. Tom Herbert sank his teeth into some tech news, with e-invoicing and Making Tax Digital making the cut. Paul Baker, tax partner at Buzzacott and speaker at the Finance, Accounting & Bookkeeping Show (FAB), joined to share his take. He discussed the day and what measures stood out. He mentioned the impact of extending the income tax and employer national insurance thresholds, whether this was the way forward and the issue of applying NICs to salary-sacrificed pension contributions of about £2k a year. He concluded the podcast by sharing concerns that he had and the next steps for a tax expert like himself.

Tax in Britain will rise to an all-time high following Rachel Reeves' budget.The Chancellor has unveiled her latest budget. She's promised to remove the two-child benefit cap, freeze income tax brackets and introduce a new mansion tax.Labour deny they are breaking their manifesto pledge to avoid raising income tax, while critics claim the freeze is doing just that.The Office for Budget Responsibility, who disastrously published their assessment before the Chancellor had made her statement to the House of Commons, say the budget will amount to a tax bill of £28 billion by 2029 – a record high.Oli Dugmore is joined by Rachel Cunliffe and George Eaton to discuss what the budget means for Britain, the Chancellor, and Keir Starmer's government.SAVE £££ THIS CHRISTMAS:⭐️ Gift big ideas, bold politics, and proper journalism from just £2LISTEN AD-FREE:

Has the chancellor done enough to save the government after weeks of official and unofficial briefings of the "most trailed budget in history"?We knew Rachel Reeves was taking taxes to an all-time high before she was even on her feet in the Commons - thanks to the full budget being published by mistake on the Office for Budget Responsibility's website - but what else was announced, and what didn't she say? Sam and Anne break down the budget and talk about:• The smorgasbord of tax rises - taking it to an all-time high • Britain's economic outlook and downgrading of growth • The opposition's response to "the worst chancellor in history"• A potential rebellion from her own MPs

Chancellor Rachel Reeves has finally revealed her Budget plans, albeit after the Office for Budget Responsibility published them first, by mistake.But will tax rise upon tax rise win over doubting voters - or will her tactic to delay many of the key measures coming in return to haunt Labour?In Talking Politics, Paul Brand and Robert Peston are joined by Professor Jane Green, director of the Nuffield Politics Research Centre, to pick apart the Budget strategy.Got a question for the team? Email talkingpolitics@itv.com

UK Chancellor of the Exchequer Rachel Reeves expanded her fiscal headroom to £22 billion by upping a range of taxes including: a levy on homes valued above £2 million, increasing fuel duty, and freezing the threshold people start paying income tax for longer. But her crucial budget was overshadowed when the Office for Budget Responsibility released its economic analysis, including all the budget's key measures, ahead of the Chancellor's big speech. Our budget top team of Bloomberg's Chief UK economist Dan Hanson, our UK Political Editor Alex Wickham, and Opinion Columnists Rosa Prince and Marcus Ashworth.See omnystudio.com/listener for privacy information.

U.S. tech stocks start the new week in the green and the Nasdaq notches its best day in 6 months with Alphabet shares approaching the $4tn market valuation mark. The U.S. and Ukraine put forward a revised peace plan following 2 days of discussions in Geneva but the most contested points remain to be finalised by both presidents. The talks will now reportedly move to Abu Dhabi with a delegation arriving from Moscow. The UK's fiscal watchdog, the Office for Budget Responsibility, is set to downgrade the country's growth outlook a day before Chancellor Rachel Reeves' high-stakes budget.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Chancellor, Rachel Reeves has been widely trailing this month's budget and the difficult decisions she'll have to make in just under two weeks time. This is being taken as code for tax rises and a possible break in Labour's manifesto pledge with a rise in income tax. She's said one of the key reasons for this is that the government's official forecaster, the Office for Budget Responsibility or OBR, is likely to lower its UK productivity growth forecast for the coming years. So why is UK productivity a problem and what can be done to improve it? Guests: Chris Giles, Economics Commentator, The Financial Times Helen Miller, Director, Institute for Fiscal Studies Duncan Weldon, economist and author Greg Thwaites, Research Director, Resolution Foundation.Presenter: David Aaronovitch Producers: Caroline Bayley, Cordelia Hemming, Kirsteen Knight Production co-ordinator: Maria Ogundele Sound engineers: Rod Farguhar and James Beard Editor: Richard Vadon

A year ago, the Chancellor called her £38 billion tax rise a ‘one-and-done' move. Now she looks set to rinse and repeat, with reports that a 2p increase in income tax is on the table. According to The Times, she has informed the Office for Budget Responsibility that a rise in personal taxation is one of the ‘major measures' she will announce. This is the strongest signal yet that she will break Labour's manifesto pledge not to increase income tax rates. What does this mean for the Chancellor, and taxpayers?Elsewhere, David Lammy suffered a disastrous Deputy Prime Minister's Questions after dodging questions on whether there had been another prisoner let out by mistake. To discuss all the different headaches Labour is facing, Michael Simmons is joined by Tim Shipman and James Heale. Become a Spectator subscriber today to access this podcast without adverts. Go to spectator.co.uk/adfree to find out more.For more Spectator podcasts, go to spectator.co.uk/podcasts.Contact us: podcast@spectator.co.uk Hosted on Acast. See acast.com/privacy for more information.

With the Autumn Budget looming, this week The Rundown takes a look at one of the key players in shaping the government's fiscal policy, but one that we know little about. The forecast on the future health of the British economy delivered to Rachel Reeves by the Office for Budget Responsibility will have more impact on shaping what the Chancellor announces next month than almost anything else, but who are the unelected panjandrums who sit on the independent body known as the OBR, how reliable are their economic estimations, and why do they hold so much sway over the Treasury?Joining host Alain Tolhurst to discuss whether the OBR really runs Britain, and if it needs reform, or perhaps abolition all together as some have suggested, is the Conservative former Chancellor Jeremy Hunt, and Ben Zaranko, associate director at the think tank the Institute for Fiscal Studies, and Jeevun Sandher, a Labour MP and former member of the Treasury Select Committee.To sign up for our newsletters click hereAnd to submit your nomination for this year's Women in Westminster: The 100 list, click herePresented by Alain Tolhurst, produced by Nick Hilton and edited by Ewan Cameron for Podot

In the latest episode our team discuss three pressing issues, including the state of the civil service and government concern that the machine is not fit for purpose. Plus, the OBR. Has the government put too much faith in the pronouncements of the Office for Budget Responsibility? Is this approach crippling British policymaking? And Tim, Steve and Iain assess the quality of today's MPs. Has there been a decline and if so why? Hosted on Acast. See acast.com/privacy for more information.

What's happening behind the scenes as the Treasury and the Office for Budget Responsibility prepare for the 26 November Budget? Tom Bill is joined once again by Michael Brown from Pepperstone to share their insights.From the OBR's “observation window” to the Treasury's 11 Bloomberg terminals, Tom and Michael discuss how gilt yields, labour market data, and fiscal headroom are shaping Rachel Reeves' options — and what all of this means for property taxes, mortgage rates, and the housing market. Hosted on Acast. See acast.com/privacy for more information.

The Three Old Hacks discuss the visit of Donald Trump and whether our Prime Minister's apparent fawning over him is the only way to treat someone so vain."Flattery pays off with Trump", says David Smith, Economics editor of the Sunday Times. "You don't want to make an enemy of him".They note that Rupert Murdoch was on the guest list for dinner with the President of the United States, but Nigel Farage wasn't."Farage is not as close to Trump as he makes out", says David. Also on their minds this week - political analyst Nigel Dudley, former sports editor of the BBC Mihir Bose, and economics editor of the Sunday Times David Smith discuss the vulnerability of Keir Starmer's leadership of the Labour Party, Tommy Robinson's march in London and the role of the Office for Budget Responsibility. Get in contact with the podcast by emailing threeoldhacks@outlook.com, we'd love to hear from you!

Is the UK heading for a fiscal crisis? Or can policymakers still steer the public finances back to a sustainable path?The Office for Budget Responsibility's latest Fiscal Risks and Sustainability report warns that, without action, UK government debt could climb above 270% of GDP by the 2070s - driven by rising borrowing, an ageing population, and the fiscal impacts of climate change.In this episode of IFS Zooms In, Helen Miller (Director, Institute for Fiscal Studies) is joined by Richard Hughes (Chair, OBR) and Ben Zaranko (Associate Director, IFS) to explore the forces shaping the long-term outlook for the public finances, the 50 risks highlighted by the OBR, and what can be done now to avoid a crisis later.Become a member: https://ifs.org.uk/individual-membershipFind out more: https://ifs.org.uk/podcasts-explainers-and-calculators/podcasts Hosted on Acast. See acast.com/privacy for more information.

UK correspondent Hugo Gye talks about the French President Emmanuel Macron's state visit, anew report by the Office for Budget Responsibility finds the outlook dire for British finances and  Wimbledon in heatwaves.  

Israel's endgame for its Gaza genocide is now public… Plus; What the Office for Budget Responsibility's Fiscal risks and sustainability report means for you, Tucker Carlson's Shock Interview With Masoud Pezeshkian and, where have the Epstein files gone to now? With Aaron Bastani and Marcus Barnett

Bank of England Governor Andrew Bailey has urged the government to strike a deeper trade deal with the European Union to improve growth and “minimize negative effects” of Brexit. He welcomed the recent agreement with Brussels to reduce border checks on food, and rejoin the EU’s electricity market and emissions trading system in exchange for 12 years of access to UK fisheries, and called on officials to go further.The government expects the EU deal to add 0.2% to the level of GDP by 2040 but the boost pales against the 4% overall hit to the UK economy from Brexit, as estimated by the Office for Budget Responsibility. He spoke at a fireside chat at the Irish Association of Investment Managers Event with Francine LacquaSee omnystudio.com/listener for privacy information.

Labour was elected to deliver ‘change' but Starmer, Reeves and Morgan McSweeney have been cautious and vague about their ambition to move on from the recent past. Instead Labour communications use the term ‘reform' as if it were a policy in itself. Now Labour faces the Reform Party, the Greens, the SNP and Lib Dems, all pitching bolder versions of change. Yet in government Labour is trapped by fiscal rules, the power of the Office for Budget Responsibility and a lack of clarity and coherence at the top. Can Starmer become a clear-sighted political teacher? • Rock'n'Roll Politics is live at Kings Place this Thursday, May 8th. Tickets available here. • Subscribe to Patreon for live events, bonus podcasts and to get the regular podcast a day early and ad free.  Written and presented by Steve Richards. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Slovakia, dubbed Europe's Detroit, might be harshly hit by US tariffs. Economy Minister Denisa Saková has warned that Slovakia would definitely be “among the top three” most affected countries in the EU. Martin Šuster, member of the Council for Budget Responsibility, Alexander Matušek, President of the Association of the Automotive Industry of the Slovak Republic, and Roman Karlubík, President of the Association of the Chemical and Pharmaceutical Industry of the Slovak Republic, spoke about the possible impact on Slovakia. Culture tips for foreigners living in or visiting Slovakia invite to music, visual art and traditional Easter crafts.

Steph and Robert speak to Richard Hughes, head of the Office for Budget Responsibility, who has run scenarios on what will happen to the economy as Donald Trump imposes tariffs and the world responds. He also discusses whether the OBR has too much influence over government and stultifies growth, and how Rachel Reeves' fiscal “headroom” may be wiped out again very shortly. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Rachel Reeves is back to where she started after the Spring Statement, with her £9.9billion of budget headroom restored but at what cost. The Chancellor was true to her word and didn't turn this week's economic update into a second Budget, with no tax changes coming in. But a wave of spending cuts was announced, along with growth forecasts going both down and up. We also got the Office for Budget Responsibility's update on what Reeves' Autumn Budget tax rises will cost us, a threat to cash Isas and no reprieve for home buyers on stamp duty. On this podcast episode, Georgie Frost, Lee Boyce and Simon Lambert dive into the Spring Statement to explain why it happened, what it means and tackle the question of whether taxes are going to have to rise again in autumn. They look at the very important assumption being made by the OBR, which if it turns out to be wrong could mean there is a £48billion black hole in the sums. And is the entire thing a charade anyway and damaging to our future prospects? Simon explains why he thinks so. Finally, campaigners like Gary Stevenson claim this could all be solved with a wealth tax - is that where we will eventually end up?

Today, Chancellor Rachel Reeves announced a set of measures aimed at restoring her fiscal headroom.Adam and Chris are joined by Faisal Islam and Dharshini David to unpack everything the Chancellor revealed today, including cuts to welfare spending. Plus we dive into the Office for Budget Responsibility's forecast - and their many, many, charts. You can now listen to Newscast on a smart speaker. If you want to listen, just say "Ask BBC Sounds to play Newscast”. It works on most smart speakers.You can join our Newscast online community here: https://discord.gg/m3YPUGv9New episodes released every day. If you're in the UK, for more News and Current Affairs podcasts from the BBC, listen on BBC Sounds: https://bit.ly/3ENLcS1Newscast brings you daily analysis of the latest political news stories from the BBC. It was presented by Adam Fleming. It was made by Miranda Slade with Anna Harris, Shiler Mahmoudi and Julia Webster. The technical producer was Rohan Madison. The assistant editor is Chris Gray. The editor is Sam Bonham.

This week's AJ Bell Money & Markets podcast takes a closer look at the key items from Chancellor Rachel Reeves in her Spring Statement. There were big changes to economic and inflation forecasts by the Office for Budget Responsibility. However, the Chancellor insisted her longer-term plans were still intact – namely, to bring public finances under control and drive growth in the economy. Laura Suter, Charlene Young and Dan Coatsworth analyse the major announcements in the Spring Statement and how they will impact your money. They also chat about key areas that were missing from the Spring Statement and whether they might be coming later on – or not at all, given what the Chancellor has just announced. The team talk savings, investments, pensions, ISAs, mortgages and how markets reacted to the news.

This week, Ed Balls and George Osborne take on some of the most difficult challenges facing society today. With millions of people of working age not in a job - officially called economically inactive - the pair consider the current costs to society and how to fix them. Columnist for the Times and former MP Matthew Parris asks George directly: Didn't he see this coming with the introduction of personal independence payments? And the Office of Budget Responsibility is meant to be apolitical – but does the government of the day at least have a little sway on its forecast? And considering the size of public spending in the UK, is the Trump Administration's Department of Government Efficiency, referred to as DOGE, even more relevant in this country?Plus, how can psychology play a greater role in politics and policy … You could have been listening to this episode of EMQs early and ad-free! And not only that… 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/politicalcurrencyProduction support: Caillin McDaidTechnical Producer: Danny PapeProducer: Rosie Stopher and Miriam Hall Executive 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. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.

This week Ed Balls and George Osborne look at what makes a smart, successful opposition party. Is disagreeing with everything the government of the day says the best way to do it? Or are there some judicious, selective compromises to be made? And who are the best examples of politicians who've made some well played, cross party agreements? Amid global tumult, they consider the question: is democracy dead? What will happen if President Donald Trump's policies are a roaring success? And the pair remember being interviewed by Andrew Neil. Was it an opportunity to relish, or one to avoid? Plus, former Tory adviser Malcolm Gooderham phones in to ask: can the Office of Budget Responsibility keep to their growth forecast of 2 percent? And what would the fallout be if there were to be a downgrade?You could have been listening to this episode of EMQs early and ad-free! And not only that… 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/politicalcurrencyProduction support: Caillin McDaidTechnical Producer: Danny PapeProducer: Rosie Stopher and Miriam Hall Executive 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. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.

Regno Unito, la situazione a 5 anni da BrexitCinque anni fa veniva sancita l'uscita del Regno Unito dall'Unione Europea. Il 31 gennaio 2020, alle ore 23.00 (ora di Londra), mezzanotte presso la sede dell'Ue a Bruxelles, il Regno Unito lasciava ufficialmente il blocco dopo 47 anni di appartenenza che avevano portato la libera circolazione e il libero scambio tra il Regno Unito e altri 27 Paesi europei. Per i sostenitori della Brexit, il Regno Unito era ora una nazione sovrana responsabile del proprio destino. Per gli oppositori, era un Paese isolato e limitato. Cinque anni dopo, le persone e le imprese stanno ancora lottando con le scosse di assestamento economiche, sociali e culturali. L'Office for Budget Responsibility del governo prevede che le esportazioni e le importazioni del Regno Unito saranno entrambe inferiori di circa il 15% nel lungo periodo rispetto a quelle che si sarebbero avute se il Regno Unito fosse rimasto nell'Ue, e la produttività economica sarà inferiore del 4% rispetto a quella che sarebbe stata altrimenti. Commentiamo insieme a Giorgia Scaturro, collaboratrice di Radio24 da Londra.

The Institute for Fiscal Studies  - or IFS - has become the nation's go to institution for judgements about tax, spending and borrowing. And the Office for Budget Responsibility – the OBR – is the independent official watchdog that assess the viability and sustainability of the government's economic plans. Our guest today, Sir Robert Chote has run both organisations and knows better than anyone on the planet how they both work. He now heads the UK Statistics Authority.  Season 7 of the We Society Podcast from the Academy of Social Sciences continues to tackle the big questions through a social science lens. Throughout this series, you'll be hearing some of the best ideas to shape the way we live. Hosted by journalist and Academy President Will Hutton, we interview some of Britain's top social scientists and public figures from across the globe to explore their evidence-led solutions to society's most pressing problems. Don't want to miss an episode? Follow the We Society on your favourite podcast platform and you can email us on wesociety@acss.org.uk and tell us who we should be speaking to or follow us on X https://twitter.com/AcadSocSciences This is the first episode of Season 7, and there will be episodes released every week so be sure to subscribe and rate the podcast. Find out more about the Academy of Social Sciences here: https://AcSS.org.uk

As President-Elect Trump's new administration takes shape, all eyes are on fiscal policy that may follow. Our Global Chief Economist Seth Carpenter uses the United Kingdom's recent election as a guide for how markets could react to a policy shift in the US. ----- Transcript -----Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist, and today I'll be talking about the US election and fiscal policy and what lessons we might be able to draw from the fiscal experience in the UK. It's Wednesday, November 13th at 10am in New York. In a lot of our recent research, the US election has figured prominently, and we highlighted three key policy dimensions that the US administration is going to have to confront. Immigration, tariffs, and, of course, fiscal policy. We're going to keep elections as a theme, but it might be useful to draw some comparisons to the UK to see what lessons we might have for the US. We think the experience in the UK, which recently proposed a new fiscal budget months after an election, is relevant mostly because of the time between taking power and the budget being presented. While markets are in the business of anticipating changes, the process of actually creating policy is a lot more cumbersome and time consuming. In this week, where we've seen lots of expectations already being priced in, it's probably useful to try to think about that process of forming policy in the UK and see what lessons it implies for the US. Back in May, the UK elected a new government, changing party control after 14 years. A key moment for markets came just over a week ago, though, when the new government's presentation of their budget for the next fiscal year came up. Now, we should remember, the trust government had faced a market test when the announcement of their budget proposals led to a big sell off in interest rates. As a result, markets were keenly attuned this time to the new labor government's budget, particularly because the US fiscal position requires a primary balance to stabilize the debt to GDP ratio. And in particular, when their debt costs rise, when interest rates go up, the primary balances that are needed keep increasing if they want to keep the debt stable. Now, the new labor government proposed to fill a funding gap through tax increases while simultaneously increasing Government investment spending. To manage some of the communication challenges here, many of these proposals, especially about the tax increases, they were made public in advance. The likelihood of additional government spending was also well known, and UK rates had moved higher for months leading up to the formal presentation of the budget. But, markets reacted on the day of the budget reveal, despite all of that prelude. The degree of front loading of the investment spending was seen as a surprise in markets, as was the Office of Budget Responsibility's concurrent assessment that the policy would lead to higher growth, higher inflation, and as a result, a need for higher interest rates. Now, conversations with clients have brought up the similarities of the US and the UK. US interest costs are steadily rising as the cost of the debt reprices to the current yield curve. And, over time, the ratio of interest expense on the debt relative to, say, the GDP of the country, well, that's going to continue to rise as well, and it will very soon eclipse its previous all time high. So, fiscal consolidation would be needed in the United States if we really want to see a stabilized debt to GDP ratio. Markets will need to assess the credibility of fiscal policy and the scrutiny will increase the higher the interest burden gets. The budget process for the US is much less clear cut than that in the UK and deliberations and debates will likely happen over most of 2025. And there's an additional question of how much revenue tariffs might be able to generate on a sustained basis. History suggests that trade diversion tends to limit those revenue gains. All of these facts taken together suggest that the outlook for US fiscal policy will continue to evolve for quite some time. Well, thanks for listening, and if you enjoy this show, please leave us a review wherever you listen to podcasts and share thoughts on the market with a friend or a colleague today.

Former chancellor Jeremy Hunt joins Kamal and Gordon Rayner in the Daily T studio for an exclusive sit-down interview.He calls this week's upcoming Budget as being the “most damaging since the 1970s”, accuses the Office for Budget Responsibility of doing political favours, and describes Rachel Reeves' talk of a £22 billion black hole as ‘fiction.'Kamal and Gordon also ask him what it's like to deliver a Budget as chancellor, as well as who he's voted for in the Conservative leadership contest.We want to hear from you! Email us at TheDailyT@telegraph.co.uk or find us on X, Instagram and TikTok @dailytpodcastSenior Producer: John CadiganExecutive Producer: Louisa WellsAdditional production from James ShieldPlanning Editor: Venetia RaineyStudio Operator: Meghan SearleVideo Editor: Luke GoodsallSocial Media Producer: Rachel DuffyOriginal music by Goss Studio Hosted on Acast. See acast.com/privacy for more information.

When it comes to governing our economy, estimates rule the day. We want to know what effect a policy might have on the government's budget, on economic growth, on employment…in the next 1 year, 5 years, 10 years…you get the idea. If you want to make (or critique) public policy, you better have numbers to back it up. To get those types of estimates, economists and politicians often rely on institutions like the Office for Budget Responsibility in the UK, or the Congressional Budget Office in the United States. As a result, their estimates and fiscal projections form crucial data points in our modern politics and policymaking. We like to think that these estimates and projections (not to mention, the people who make them) come from somewhere outside of our partisan politics. That while our values might be debatable, the numbers, at least, aren't.But, as Mark Blyth's guest on this episode explains: that idea is a fantasy, and to the extent it obscures the values and politics that are baked into organizations like the Office of Budget Responsibility, it's a dangerous one. On this episode, Mark Blyth talks with Ben Clift, author of “The Office for Budget Responsibility and the Politics of Technocratic Economic Governance.” In it, he pulls back the curtain on Britain's Office for Budget Responsibility, and reveals the hidden processes and ideologies that shape the estimates and projections that come out of it. In doing so, he shows how the OBR – and other institutions like it – are much more political than they appear. Learn more about and purchase “The Office for Budget Responsibility and the Politics of Technocratic Economic Governance”Learn more about the Watson Institute's other podcastsTranscript coming soon to our website

The Battle of BrusselsWith co-pilot Pearson making a triumphant return to the rocket this week there's much madness to discuss including the Cass report, what the Office of Budget Responsibility is really about and some drama from Brussels…Joining your co-pilots to share what really happened at the explosive National Conservative Conference in Brussels is MP Miriam Cates, who explains why the events that unfolded were so chilling for our freedom of speech.Allison also reveals some exclusive extracts from her recent interview with former Liz Truss and Liam explains why the claims that the former PM ‘crashed the economy' are simply a myth.Also hopping aboard to discuss the worrying state of Iranian relations to the West is UK-Iranian Journalist Daniel Kazan Rad.Read more from Liam: https://www.telegraph.co.uk/authors/liam-halligan/ |Read more from Allison: https://www.telegraph.co.uk/authors/a/ak-ao/allison-pearson/ |Read Allison's interview with Liz Truss: https://www.telegraph.co.uk/politics/2024/04/15/liz-truss-interview-ten-years-to-save-the-west/ Need help subscribing or reviewing? Learn more about podcasts here: https://www.telegraph.co.uk/radio/podcasts/podcast-can-find-best-ones-listen/ |Email: planetnormal@telegraph.co.uk |For 30 days' free access to The Telegraph: https://www.telegraph.co.uk/normal | Hosted on Acast. See acast.com/privacy for more information.

Jeremy Hunt said the government would cut National Insurance by 2 per cent, would abolish the non-dom tax status and would raise the threshold for child benefits in his Budget today. To discuss the new measures, Katy Balls speaks to Kate Andrews and David Miles, from the Office for Budget Responsibility.