Podcasts about obr

Bull markets don't last forever. When you're in the throes of one, it can feel like they do. But they don't, and at a certain point you have to sell.Gold bull markets can feel even more eternal. Not just because the metal itself is eternal, but because the story comes along that we are going back to a gold standard, or that the Great Purge, which many economists of the Austrian school say is inevitable after fifty years of fiat decadence, is finally upon us.I get that argument. But it is too neat, too deterministic. Real life is much more mucky.So today I want to consider a very important question, and I want to try and answer it honestly:Where are we in this bull market?Has gold already peaked? It's possible. The spike to $5,600/oz at the end of January had many of the hallmarks of a blow-off top.Or perhaps $5,600 was just a mid-cycle peak, such as we saw in 2006 or 1975-76 during previous bull markets.Or is this bull market still in its infancy?I'm going to study this bull market through every lens I can think of: price, time, valuation, participation, market structure, macro context and sentiment.My bias going in is that we are mid-cycle, as I argued in my Great Forecast last week. Let's see where I end up. 1. DurationThere have been two great gold bull markets since the end of the gold standard: 1971-1980 and 2001-2011. Both lasted nine to ten years.When did this one begin?It depends how you define it.You could take the bear-market low of $1,045 in late 2015. You could take the $1,160 retest in 2018. You could take 2019, when gold broke out of its multi-year base.Technical analysis is often in the eye of the beholder. Just like bull markets.You could even argue late 2022, when the current acceleration began.If you start in 2015, this bull market has already lasted ten years. That would put it right in line with the duration of previous cycles, and you could argue it is close to exhaustion.If you start in 2018 or 2019, there may be several years left to run.I favour 2018. Just as gold hit $250 in 1999, rallied, and then returned to roughly the same level in 2001 before the real bull market began, the 2018 low feels like the equivalent retest. Of course this is debatable.And there is always the possibility that this bull market lasts longer than previous ones.Verdict: mid- to late-cycle.2. Relative valuation vs other assetsOilWith gold at $5,200 and WTI crude around $87, it takes roughly 60 barrels of oil to buy one ounce of gold.Historically this ratio ranges between 6 and 30.The only time oil has been this cheap relative to gold was in the 2020 pandemic collapse, when oil went negative.My view: it's not so much that gold is expensive as that oil is cheap. Plus commodities inevitably get cheaper as we get better at producing them. (As long as you don't measure the price in fiat).Gold vs the S&P 500With the S&P around 6,765, it takes about 1.3 ounces of gold to buy one unit of the index.This ratio has been as high as 5 - at the peak of Dotcom in 2000, and the nadir of gold - and as low as 0.2 (during the depths of the 1930s and at the 1980 gold peak).Gold is therefore on the expensive side relative to equities, but not at historic extremes.This ratio could fall further if equities fall or gold rises.Gold vs US housingThe US housing market varies enormously by region - Beverely Hills is not Detroit, Miami Beach is not McDowell County - so national averages should be treated cautiously. But they still give a rough guide.We are now below the 2011 level and approaching 1980 territory in terms of how many ounces of gold buy a typical home.Pretty extreme.Overall verdict: late-cycle. Warning signal3. Institutional ownershipGold is still under-owned in institutional portfolios.Even after the recent rally, gold represents only a tiny fraction of global portfolio allocation compared with equities and bonds.Gold mining equities are even more neglected.Verdict: mid-cycle4. Central banksCentral bank buying slowed to 863 tonnes in 2025, down from record levels in 2024, but still well above the 2010-2021 average.However, the World Gold Council reported that central banks purchased only 5 tonnes in January, below the monthly average of 27 tonnes. I would not read too much into that. Much buying is reported with delays, and China in particular reveals little about its activity. The usual assumption is that central bank buying is an early or mid-cycle phenomenon. I am not entirely convinced. If the real driver of this bull market is de-dollarisation and reserve diversification amidst a wider geopolitical shift, then official buying could persist for years.Gold currently represents just under 30% of central bank reserves. The US dollar still accounts for roughly 56%.I don't think this bull market ends until gold sits north of 50% having overtaken the dollar itself.Question: is the war in Iran going to arrest of accelerate de-dollarisation? You know the answer. Verdict: mid-cycle5. Retail participationRetail demand is growing. 2025 saw record bar and coin demand. ETF inflows are rising, but they are not exploding. Mining companies are finally attracting interest again.Silver went briefly manic last month, which is not a healthy sign, but the episode is already unwinding.Verdict: mid-cycleBy the way, due to its senior currency status, the US dollar is going to preserve its purchasing power better than the pound, which is a car crash waiting to happen. I keep getting asked, “is it too late to buy gold?”. If you are in the UK, . We are turning into South Africa and the currency will go the same way. The 40% loss of purchasing power that the pound has seen since 2020 is not going to reverse. If anything it accelerates. Thus …If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.6. LeverageLeverage is difficult to measure precisely.You can look at: futures positioning on Comex, options activity, speculative flows into junior miners, retail spread betting and more. The short answer is this: gold is a crowded trade, but it is not a mania.If it were a mania, the geopolitical shock in Iran last week would have triggered violent liquidations. Instead gold held up remarkably well.Verdict: mid-cycle7. Mining equitiesMining stocks had an excellent 2025. Word is that PDAC last week (the world's largest mining conference), was the like of which had not been felt since 2011 and the last top. That is a warning sign.This chart shows the ratio of the XAU (large mining companies) to gold since 1988. On a relative basis the miners are still phenomenally under-owned, and we now have a text-book base, formed over 9-years, in place. If this ratio goes back to levels of the early 0 0s , miners will multiply many times over.But these declines began with the emergence of the ETFs and the many alternative ways to own gold without taking on individual company risk. The ratio does not have to go back 00s levels.Maybe. But that base is a thing of beauty.Typically the end of a gold bull market would coincide with massive rallies in junior miners, an exploration IPO boom and a merger-and-acquisition frenzy.We are seeing healthy signs of activity, but nothing like that yet.Verdict: mid-cycleI'm delighted to report that The Secret History of Gold - Myth, Money, Politics and Power, published by Penguin Life, comes out in the US next month. (The US version is published by Pegasus). Order yours now - via Barnes and Noble or Amazon8. The narrative - gold to $150,000?Gold got some coverage in publications like The Economist and the Financial Times last month, but the story is far from mainstream.Ask most people about de-dollarisation, Triffin's dilemma or central bank reserve diversification and you will get blank looks.However, some familiar late-cycle narratives are beginning to appear.One is that silver is being remonetised.It isn't.Silver may well be an important strategic metal, but its monetary role was as medium of exchange. That role is not coming back because we no longer use physical money. That function has been digitised.Gold, by contrast, retains its role as as store of value - a function that silver never had to anything like the same extent. Silver may have use as a speculative asset. It may well rise in price. It may even overshoot spectacularly. But it is not being remonetised. That will not happen, unless Eastenders turns into Mad Max.Another narrative that sometimes appears near major peaks is the US national debt relative to gold reserves. In 1980, headlines declared the US was “solvent again” because it could have used its gold to fully settled its debt.Today US debt is roughly $39 trillion. To settle that debt using America's 262 million ounces of gold, the gold price would need to be roughly $150,000 per ounce.When arguments like that start circulating, it means the narrative can't go much further and the cycle is close to exhaustion.We are not there yet.Verdict: mid-cycle9. Real yieldsLast but not least: real interest rates.This would be the 10-year Treasury yield minus inflation, or the 10-year TIPS yield.Gold bull markets tend to end when real yields rise sharply.In 1980, Paul Volcker pushed interest rates toward 20% and real yields surged. Gold then entered a twenty-year bear market. At the 2011 peak, real yields rose from deeply negative to positive and gold topped within months. From 2020–2022 real yields went negative again and gold surged, until they rose in 2022 and gold stalled.Today nominal yields are relatively high, but inflation remains elevated, the Fed is under pressure to ease (as are most central banks) and fiscal deficits are enormous.Real yields therefore sit around zero or slightly positive, depending on how they are measured. That is not restrictive enough to kill the gold bull market.The danger signal would be inflation falling sharply while nominal yields stay high, pushing real yields well above +2%. We are some distance from that.Verdict: mid-cycleIf you are interested in following the real yield argument, Charlie Morris is the man. He gets it better than anyone, and I heartily recommend you follow his work via his Atlas Pulse. Get your copy here - it's free.ConclusionIf gold continues rising it will pull silver and mining equities higher with it.The spike in silver last month to around $125 looked very much like a mid-cycle blow-off, and a period of consolidation is now both likely and healthy. Looking across all the indicators, most point toward a mid-cycle environment rather than a late-cycle one.What superb content. You really should upgrade.Duration and relative valuation raise some concerns, but these are just one or two of nine indicators. Everything else suggests the bull market has not yet reached its final, most speculative phase.In other words: this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.$8 to $10,000 by the end of the decade is a very real possibility.Thanks very much for being a subscriber to Flying Frisby.Until next time,DominicPS I have discussed gold largely in dollar terms, because the market is quoted in dollars. But if you are in the UK the case for owning gold has less to do with the dollar and far more to do with the pound. Sterling has already lost roughly 40% of its purchasing power since 2020, and that trend is not going to reverse. If anything it will accelerate. It's not just the ineptitude of successive governments, but unelected permablob (in this case the Treasury, the OBR, the Bank of England, the FCA et al) that actually runs the show. The system- if you can call it that - is the problem and it's not going to change. The incentives are to spend more, borrow more and debase the currency slowly over time. You cannot fix that system. But you can protect yourself from it. And that means owning some gold.DisclaimerI am not regulated by the Financial Conduct Authority (FCA) or any other regulatory body as a financial advisor. Therefore, any information provided in this newsletter does not constitute regulated financial advice. It is solely an expression of opinion. Small-cap stocks are inherently risky. Please conduct your own due diligence and consult with a financial advisor, if you have any doubts. Remember, markets can both rise and fall, especially in the case of small and mid-cap stocks. I am not aware of your individual financial circumstances, so only invest money that you can afford to lose. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

This podcast episode delves into the intricacies of operating a nonprofit organization, particularly in the context of disaster relief. We elucidate the misconceptions that often surround charitable entities, notably the expectation that they should function devoid of financial prudence. The discussion reveals our commitment to supporting local businesses during crises, highlighting the importance of sustaining community ties while fulfilling our mission. Additionally, we explore the necessity of maintaining a viable financial structure within nonprofit operations to ensure ongoing assistance to those in need. Ultimately, we call upon listeners to engage with organizations that resonate with their values, emphasizing the collective effort required to effectuate meaningful change in society.Links referenced in this episode:OBR.orgCompanies mentioned in this episode:Painted Hills Natural BeefOBRThis podcast uses the following third-party services for analysis: OP3 - https://op3.dev/privacy

Global markets are sliding — and this week's selloff is shaking everything from oil and gas to bonds and gold. Dan Coatsworth and Danni Hewson break down what's driving the volatility, how past geopolitical conflicts have affected stock markets, and what it all means for investors, portfolios, and your money right now.  We also unpack Chancellor Rachel Reeves' Spring Statement, including the key wins, the potential risks, and what the new OBR forecasts could mean for your personal finances, UK economy outlook, and interest rates.  In company news, Greggs surprises the market despite falling profits, TG Jones (the new name in front of old WH Smith stores) struggles on the high street, and BrewDog investors face a harsh lesson in why crowdfunding is not the same as stock market investing.  There's also an important update on wills you'll want to know about — plus two expert interviews exploring the biggest trend in global markets: AI investing.  Orbis' Simon Skinner discusses US sectors with an AI tailwind, while Brown Advisory's Colby Stilson explains why major tech names are issuing bonds to fund massive AI infrastructure projects.  A huge week, big market moves, and crucial insights for anyone following investment markets, financial news, and longterm investing.  If you enjoy this episode, please like and subscribe.    Timestamps  [02:16] – Market sell-off: What's moving shares, oil, gas & bonds  [02:43] – Middle East tensions: How markets behaved in past conflicts  [15:39] – Spring Statement: What Rachel Reeves' update means for your money  [19:11] – Greggs results reaction  [24:11] – TG Jones struggles on the high street  [27:54] – BrewDog takeover and the risks of crowdfunding  [32:17] – Free Will Month explained  [34:50] – AI interview 1: US sectors with an AI tailwind (Simon Skinner, Orbis)  [48:40] – AI interview 2: Why big tech is issuing bonds (Colby Stilson, Brown Advisory)  [01:00:48] – Closing & next week's ISA special 

This week on The Rundown host Alain Tolhurst takes a look at the state of the economy after a low-key Spring Statement from the Chancellor Rachel Reeves.She unveiled figures from the OBR which suggested there were the green shoots of a potential recovery, only for the outbreak of war in the Middle East to send shockwaves through global markets, threatening another period of stagflation which could choke off any longed-for growth.To discuss whether Reeves was right to try and not make headlines and stick to the Government's promise of just one fiscal event per year - or if she is being too passive in the face of global headwinds and a failure to make a dent in unemployment, on the panel is Labour MP Luke Murphy, who sits on the Treasury select committee, alongside James Smith, chief economist at the Resolution Foundation think tank, and Nick Ridpath, research economist at the Institute for Fiscal Studies.To sign up for our newsletters click hereThis year's Women in Westminster: The 100 is out for 2026. Supported by Lloyds Banking Group, it is a celebration recognising the outstanding achievements of women and the vital role they play in shaping public life. Click here to see who has made this year's listPresented by Alain Tolhurst, produced by Nick Hilton and edited by Ewan Cameron for Podot

In the past week, news headlines have been dominated by the conflict in the Middle East. It has pushed up oil and gas prices, and as such, concerns over our household finances in Britain.Georgie Frost, Lee Boyce and Helen Crane discuss what the conflict means for investors, mortgage rates, price at the petrol pumps and energy bills - is there anything you can realistically do to keep a lid on the potential for runaway inflation?With the potential for inflation to spike, does that spell the end of a 'nailed on' base rate cut and what are your rights if you have a holiday or flight booked which is hit by the disruption? We also saw the Chancellor deliver the Spring Statement on Tuesday - growth downgraded, unemployment up and predictions house prices will rise by more than £40,000 between now and 2031. But with events in the Middle East, are the OBR predictions wildly out-of-date already?There is now more than £1trillion held in tax-free Isas. With a month to go until the end of the tax-year, thee has been a number of top deals launched - but are they worth opening? Hosted on Acast. See acast.com/privacy for more information.

Dayton and Ridge dive into the new OBR book, talking terrain, models, and points. Is it good or are we calling it a nerf? 

The Chancellor has been on her feet in the Commons – the backdrop?The momentous conflict unfolding in the Middle East - so was it a “non-event” that dated almost immediately? Or did the Spring forecast give us clues to the direction of the government?Rachel Reeves reiterated that her economic plan was “the right plan” but have the government made certain assumptions and do the OBR agree with them?Sam at the Resolution Foundation thinktank and Anne in Berlin debrief the contents of Spring Forecast and pour over all key economic indicators - with a focus on areas which might be trouble down the tracks.

CELÝ ROZHOVOR V DÉLCE 56 MIN. JEN NA ⁠HTTPS://HEROHERO.CO/CESTMIR⁠⁠⁠⁠ A ⁠HTTPS://FORENDORS.CZ/CESTMIR „Měl jsem pocit, že jsem vyšetřovaný já a ne člověk, který napsal nenávistný komentář,“ říká právník a aktivista Kryštof Stupka o případu, se kterým se obrátil na Evropský soud pro lidská práva. Ještě před pár lety přitom věřil, že když se člověk v Česku obrátí na policii, dostane ochranu. „Byl jsem přesvědčený, že žiju v zemi, kde je bezpečno. A když se něco pokazí, můžu jít na policii a tam řeknou: uděláme nejvíc pro to, abychom zabránili, že vám někdo uškodí,“ popisuje Stupka, jak se postupně tahle představa rozplynula. Začalo to po teroristickém útoku na queer bar Tepláreň v Bratislavě v roce 2022. Pod jeho tweet o chystané pietě tehdy někdo napsal komentář přející smrt gayům a naznačil, že útok měl být ještě rozsáhlejší. Stupka podal trestní oznámení, přičemž následoval výslech, ze kterého měl aktivista pocit, jako by byl viníkem on sám a nikoli člověk, v jehož výrocích policie spatřovala provinění v podobě podpory terorismu. Musel obhajovat, jak ho čin mohl zasáhnout, ale později zjistil, že ve spise skončily i jeho soukromé e-maily a výpisy z bankovního účtu - včetně adresy rodičů a míst, kam chodí. A že tyto informace dostal i obviněný. „Obrátil jsem se na policii, protože jsem očekával ochranu a ne to, že mě vlastně ještě vystaví nebezpečí,“ popisuje, že by teoreticky bylo možné informace ve spise zneužít. Zásadní pro něj už nebylo, jak případ skončí, ale jakým způsobem s ním stát zacházel. Dnes už podle svých slov neřeší jednotlivý nenávistný komentář, ale jde mu o to, aby se změnilo postavení obětí v trestním řízení - i proto vítá, že se bude Evropský soud zabývat věcí přednostně. „Může z toho být precedent a lze tím nastavit chápání lidských práv,“ popisuje právník a aktivista. Stupka ale zároveň otevřeně mluví o proměně vlastního aktivismu v době, kdy si od něj dával kvůli celému případu pauzu. Přiznává, že byl v některých věcech „hodně woke“, někdy tlačil na perfekcionalitu jazyka i postojů a že se tím trochu ztratil celý cíl jeho snah. Zpětně také vnímá, že v prostředí kulturních válek se často řešily „blbosti, které někoho nezajímají, akorát lidi naštvou“, místo věcí, které lidem opravdu mohou pomoci. Co se podle něj musí změnit, aby se znovu dalo věřit, že stát skutečně „pomáhá a chrání“? Obává se, že se útok v Bratislavě může opakovat a proč tomu napomáhají sociální sítě? A jak být dnes aktivistou, který opravdu pomáhá? Poslechněte si celý rozhovor.

Catch up on a recording of our recent event discussing the outlook ahead of the Chancellor's Spring Forecast. The Autumn Budget was barely three months ago, but the UK has experienced plenty of economic and political drama since then. In the short time between OBR forecasts, there have been encouraging signs on the public finances and the outlook for inflation. But growth remains sluggish and uncertainty elevated amid rising geopolitical tensions. There are some signs of productivity ‘green shoots', but the risk is they are indicative of higher unemployment.   Speakers Karen Ward - Managing Director at JPMorgan Asset Management Yael Selfin - Vice Chair and Chief Economist KPMG in the UK Andy King - Specialist Partner at Flint Global James Smith - Chief Economist at the Resolution Foundation Ruth Curtice - Chief Executive at the Resolution Foundation (Chair)

Brendan joins us once again for this go-round of the OBR release.  Enjoy!

Nezlomný, přímý a ochotný riskovat všechno!EisKingpedii přináší Nakladatelství Slovart a v této epizodě se podíváme příběh Nikiho Laudy – trojnásobného mistra světa, který přežil peklo Nürburgringu, vrátil se za 42 dní zpět do kokpitu a o titul přišel o jediný bod. Muže, který nebyl miláčkem davů, ale symbolem disciplíny, analýzy a neochvějné vůle. Od dluhů a odporu rodiny přes Ferrari a legendární souboj s Jamesem Huntem až po půlbodový triumf nad Alainem Prostem a roli v éře dominance Mercedesu.Obrázky k tématu dané epizody najdete zde:  https://www.instagram.com/za_horizontem_podcast/

This week on The Tax Factor, Malli Kini and Neil Insull begin with a roundup of the Top 3 tax stories making headlines, setting the scene for a wide-ranging and thought-provoking episode. They then turn to the Mark Glen vs HMRC case, examining the tax treatment of female hair loss businesses and the broader implications for medical expense claims. The discussion also covers the Miss Odina financial abuse story, highlighting the tax considerations involved and the wider issues it raises, before analysing why reports of an OBR document being accessed ahead of its official publication matters for transparency and public trust. The episode concludes with a look at the latest developments surrounding loan charge settlement terms, explaining what affected taxpayers should be aware of and how HMRC’s approach continues to evolve.See omnystudio.com/listener for privacy information.

This is the latest in my series of podcasts explaining how economics works in the credit crunch and now virus pandemic era. This week I give my thoughts on DP is said to have grown only marginally (say 0.1-0.2%), is it possible that in fact it declined, because the ONS understated inflation by a margin greater than the claimed growth? what proportion of the increase in retail sales in the UK, as reported today, is down to gold purchases. Also previous month? What are your views on Robert Jenrick's appointment, Shaun, and in his speech this week? Reforming rather than abolishing the OBR, narrowing the BoE's remit but retaining its independence, reinstating the two-child cap, retaining the triple lock etc

It is Robert Jenrick's big day out today. The newly-minted Reform ‘shadow chancellor' made his first speech this morning, where he had the chance to show what kind of chancellor he would be and – sporting a snazzy pair of specs – he had plenty of soothing words to calm the jitters of the bond markets.The top news lines from his presser was his decision to kill Reform's two-child benefit cap – Nigel Farage's big offer to Labour voters last summer – and the announcement that he he would support the independence of the OBR and the Bank of England. Is this a missed opportunity for Reform UK? Oscar Edmondson speaks to Michael Simmons and Tim Shipman. 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.

We are live at the A.I. Impact summit in New Delhi where Mistral CEO Arthur Mensch tells CNBC that a large proportion of enterprise software could end up heavily disrupted by artificial intelligence. German chemicals giant Bayer settles a $7.25bn litigation deal regarding of thousands of lawsuits over the roundup weedkiller. The agreement has pushed shares up by more than 7 per cent at yesterday's market close in Europe. The Reform UK party is to launch its plans for the OBR and the BoE later today but the central bank's independence is not up for discussion.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Opravdu jste si mysleli, že největší drama Formule 1 se odehrává v první zatáčce po startu?EisKingpedii přináší Nakladatelství Slovart a v této epizodě se vydáme na jízdy, které se neodehrály v ideální stopě. Podíváme se na vztahy pilotů Formule 1, které zasáhly do jejich kariér, výkonů i toho, jak byli vnímáni okolím. Od divokých časů Jamese Hunta, přes emočně složité období Lewise Hamiltona, až po milostný trojúhelník Maxe Verstappena.Lásky, rozchody, náhrady a tiché výměny, které bolely víc než ztracené místo na startu. Příběhy, které se odehrávaly mimo trať, ale jejich dopad byl na trati často velmi dobře vidět.Protože ve Formuli 1 se někdy nejezdí mimo ideální stopu jen v závodě, ale i v životě. A pokud Vás životní osudy zajímají ještě víc do hloubky, tak na stránkách Nakladatelství Slovart najdete knihy s příběhy, které přesahují hranice paddocku F1.Obrázky k tématu dané epizody najdete zde: https://www.instagram.com/za_horizontem_podcast/Staň sa našim PILOTOM na celú sezónu alebo MECHANIKOM na mesiac a využívaj množstvo benefitov. Viac na eisking.tv

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.

How has 2025 changed the outlook for Britain's political parties? George Osborne and Ed Balls reflect on the events that have defined public opinion and led to unprecedented changes in the polls. What went wrong for Keir Starmer's government? Why does Kemi Badenoch's leadership now look more stable? They also name what could potentially be the four most influential moments of 2026. Are losses in the Scottish, Welsh and local elections inevitable for Labour? Will the US mid-terms signal a resurgence or decline for Donald Trump? Could US-China state visits present an opportunity for a stronger relationship between the countries? And just how significant will the first OBR forecast since the Budget be, when it arrives in the spring?Finally, Ed and George crown their Politicians of the Year, and take a look back at some of the best, worst, and most surprising political moments of 2025.Don't forget to vote for us as the Political Podcast Award's People's Choice of the year. Follow the link to vote: https://politicalpodcastawards.co.uk/the-peoples-choice-award/ And we love hearing from you, so please don't forget to send all your EMQs to questions@politicalcurrency and make sure to include a voice note of your question.Plus, why not give the gift of Political Currency this Christmas! Kitchen Cabinet members get a Christmas card from Ed and George, a Political Currency mug and even more exclusive perks including our newsletter and access to live events. Sign yourself or a loved one (or an enemy) up today: tr.ee/gift-pcPlease note: Kitchen Cabinet is only available via Patreon.EXCLUSIVE NordVPN Deal ➼ https://nordvpn.com/politicalcurrency Try it risk-free now with a 30-day money-back guarantee!Credits:Research: Sam BurtonProduction: Paige Reynolds and Eve JonesVideo Editor: Maha Al-BadrawiExecutive Producer: Ellie CliffordPolitical Currency is a Persephonica Production and is part of the Acast Creator Network.Hosted on Acast. See acast.com/privacy for more information. Hosted on Acast. See acast.com/privacy for more information.

Šéf hnutí ANO Andrej Babiš se znovu dočkal premiérského křesla. A může začít dělat, co chce. Jenže co to vlastně je?„Babiš byl roky ministrem financí, vedl už dvě vlády. O tom, jaký bude premiér, toho ale víme překvapivě málo. Převládne u něj touha po pomstě a stane se z něj autoritář jako z Obrána a Fica? Nebo zůstane hlavně pragmatik?“ ptá se v podcastu Václav Dolejší.Babiš už v minulosti hodněkrát ukázal, že dokáže úplně otočit. „Do politiky vstupoval když ne jako pravičák, tak středopravičák. Aby později změnil úplně všechno - program, marketing i voliče - a stal se levičákem,“ popisuje Lucie Stuchlíková.Podobný obrat udělal přerodem z liberála vzývajícího nové technologie a průmysl budoucnosti v konzervativce, jehož program leží hlavně ve zvyšování důchodů. A teď se čeká, jestli a jak moc se odstřihne od západního politika a přiblíží se východu.„Nadějí v tomhle může být Donald Trump, k němuž Babiš vzhlíží. Trump požaduje větší investice do obrany. Jestli se chce Babiš podívat od Bílého domu, nemůže to brát na lehkou váhu,“ říká Stuchlíková.Jistota nemáme ani ohledně rozpočtu. Babiš v minulosti byl spíš jestřábem, který hlídal výdaje, dnes chce rozhazovat všude možně. „Ale nevím, jestli to nakonec bude tak horké, jak se všichni bojí. Pokud by v průzkumech vycházelo, že lidé se bojí vysokých schodků, Babiš klidně zase otočí. A v něčem už se to děje,“ dodává Dolejší.Komu všemu se chce Babiš pomstít? Za kolik jsou na prodej zbytky sociální demokracie a komunistů? A koupí je vůbec někdo? Poslechněte si čerstvé Vlevo dole!----Vlevo dole řeší politické kauzy, boje o vliv i šeptandu z kuloárů Sněmovny. Vychází každou středu v poledne.Podcast pro vás připravují Lucie Stuchlíková (@StuchlikovLucie) a Václav Dolejší (@VacDol), reportéři Seznam Zpráv.Další podcasty, ale taky články, komentáře a videa najdete na zpravodajském serveru Seznam Zprávy. Poslouchejte nás na webu Seznam Zpráv, na Podcasty.cz nebo ve své oblíbené podcastové aplikaci.Své názory, návrhy, otázky, stížnosti nebo pochvaly nám můžete posílat na adresu audio@sz.cz.Sledujte @SeznamZpravy na sociálních sítích: Twitter // Facebook // Instagram.Seznam Zprávy jsou zdrojem původních informací, nezávislé investigace, originální publicistiky.

It's nearly Christmas, but there is still lots of excitement to be had in Westminster, including Keir Starmer's trip to the Liaison Committee. This is where the Prime Minister sits in front of senior MPs and is grilled on various policy areas. Today's topics included the leaks (Wes Streeting and the OBR) and Keir Starmer's integrity more generally, as well as the farm tax, the House of Lords and the government's long-anticipated strategy to counter violence against women and girls. How did today's proceedings expose the ‘paucity' of Starmer's Labour?Oscar Edmondson speaks to Isabel Hardman and James Heale.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.

This week I sit down with Stan Hays CEO of Operation BBQ Relief. Stan and I talk all things OBR and Stan drew the curtains back on what it talks to organize and execute a mission in times of need. https://operationbbqrelief.org/

Wrapping up the stories of the week… Jacob Jarvis is joined by Rafael Behr to break down the stalled US–Russia peace talks, Putin's strong-arming, and what Trump's shaky negotiating team tells us about the state of American power. Back in Westminster, they dig into the fallout from the OBR's budget leak and what it all means for Labour's economic credibility. Plus: Trump's latest embarrassing moment caught on camera, Raf's heroes and villains, and the story that slipped under the radar this week.   • 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 Jacob Jarvis with Rafael Behr. Producer: Liam Tait. Audio editor: Simon Williams. 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 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 drama rages on, one week after Chancellor Rachel Reeves stood at the dispatch box to deliver her second Budget. Richard Hughes has resigned as OBR chair following the catastrophic budget leak and calls for Rachel Reeves to do the same have not let up. Ed Balls and George Osborne look at the “shambolic” fallout of the budget, and how Labour have once again grasped defeat from the jaws of victory in yet another communications disaster for the party. Then, the pair discuss David Lammy's drastic measures to scrap juries for the majority of cases in England and Wales. Is this the biggest change to our justice system since the Magna Carta or a necessary step to solve the mounting backlog of cases, bringing the courts to the brink? And why on earth didn't anybody prepare the ground for it?Finally, Ed and George look across the channel to the rise of the far right in Germany and France. With the AfD and National Rally looking on the cusp of electoral victory and Reform's path to power looking inevitable, what lessons can Keir Starmer learn from his European allies to stop Nigel Farage securing the keys to No 10? Thanks for listening. To get episodes early and ad- free join Political Currency Gold or our Kitchen Cabinet. If you want even more perks including our exclusive newsletter, join our Kitchen Cabinet today:

In this week's show Patrick Gray and Adam Boileau discuss the week's cybersecurity news. It's a quiet week with Thanksgiving in the US, but there's always some cyber to talk about: Airbus rolls out software updates after a cosmic ray bitflips an A320 into a dive Krebs tracks down a Scattered Lapsus$ Hunters teen through the usual poor opsec… … as Wired publishes an opsec guide for teens. Microsoft decides its login portal is worth a Content Security Policy South Korean online retailer data breach covers 65% of the country This week's episode is sponsored by Nebulock. Founder and CEO Damien Lewke joins to talk through their work bringing more SIgma threat detection rules to MacOS. This episode is also available on Youtube. Show notes Airlines race to fix their Airbus planes after warning solar radiation could cause pilots to lose control | CNN Congress calls on Anthropic CEO to testify on Chinese Claude espionage campaign | CyberScoop Post-mortem of Shai-Hulud attack on November 24th, 2025 - PostHog Update: Shai-Hulud and the npm Ecosystem: Why CTEM Must Extend Beyond Your Walls | Armis Glassworm's resurgence | Secure Annex 4.3 Million Browsers Infected: Inside ShadyPanda's 7-Year Malware Campaign | Koi Blog Post by @spuxx.bsky.social — Bluesky Meet Rey, the Admin of ‘Scattered Lapsus$ Hunters' – Krebs on Security The WIRED Guide to Digital Opsec for Teens | WIRED Perth hacker Michael Clapsis jailed after setting up fake Qantas Wi-Fi, stealing sex videos - ABC News Ed Conway on X: "The person who first downloaded the OBR's document at 11:35 on Budget day (I'm guessing someone at Reuters, given they first reported it) had already guessed the web address and tried and failed to download it 32 times so far that day(!) https://t.co/6iLm2uEUj2" / X Reuters accused of hack attack | ZDNET The Destruction of a Notorious Myanmar Scam Compound Appears to Have Been ‘Performative' | WIRED Microsoft tightens cloud login process to prevent common attack | Cybersecurity Dive Fortinet FortiWeb flaws found in unsupported versions of web application firewall | Cybersecurity Dive Cryptomixer platform raided by European police; $29 million in bitcoin seized | The Record from Recorded Future News Officials accuse North Korea's Lazarus of $30 million theft from crypto exchange | The Record from Recorded Future News Data breach hits 'South Korea's Amazon,' potentially affecting 65% of country's population | The Record from Recorded Future News NSA Contractor Groomed Teenage Girls On Reddit, DOJ Alleges Nebulock developed coreSigma for MacOS coreSigma repo:

This week: Rachel Reeves reels as Labour's Budget unravels – and a far-left Life of Brian sequel plays out in Liverpool.After a bruising seven days for the Chancellor, Michael and Maddie ask whether Reeves's position is now beyond repair. Did Keir Starmer's bizarre nursery press conference steady the ship – or simply confirm that the government is panicking? And is the resignation of the OBR chair a shield for Reeves – or a damning contrast with her refusal to budge?Then: the inaugural conference of Your Party delivers pure comic gold. As Zarah Sultana's collective-leadership utopians clash with Corbynite diehards and Islamist independents, Michael explains why the far left's civil war matters more than Westminster thinks. Could independents erode Labour's urban base? And with Jeremy Corbyn now looking like the centrist dad of the movement, what does this chaos tell us about the future of the British left?And finally: Christmas is coming. Maddie and Michael share their rules for 'sound' gift-giving and give their book recommendations.Produced by Oscar Edmondson.To submit your urgent questions to Michael and Maddie, go to spectator.co.uk/quiteright Hosted on Acast. See acast.com/privacy for more information.

Morse code transcription: vvv vvv US authorised second Venezuela boat strike, White House says OBR heads resignation leaves potential landmines for Reeves Newspaper headlines OBR chief resigns and Reeves clings on Twelve further prisoners mistakenly released, says David Lammy Italian town freezes Pavarotti statue knee deep in Christmas ice rink, angering widow British Fashion Awards 2025 Baby bumps and Traitors stars Whens the right time to put your Christmas tree up Car made famous by Bond was left to rust on a drive now its worth 1m Meningitis B vaccinations calls after Pontypool student, 18, dies Devastating toxic spill seen as test of whether African countries can stand up to China

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

Another week at the despatch box, but this time Keir Starmer had to fight off attacks from the opposition on the fallout from the budget which led to the resignation of the head of the OBR over the weekend. Safe to say Kemi Badenoch made great hay off the decision.Grace Blakeley interview: https://youtu.be/LFVgYXfegkQClive Lewis interview: https://youtu.be/qc1E_t68ehsSubscribe to How to Rebuild Britain now: https://linktr.ee/howtorebuildbritain Hosted on Acast. See acast.com/privacy for more information.

Today we're going to be talking about David Lammy, and his brand new plans to drastically reduce the number of jury trials in the UK in an attempt to address the backlog. With the backlog of cases due to be heard in courts already at 78,000, and heading for 100,000, the Justice Secretary believes that only radical solutions can tackle the ‘courts emergency'. But is he being too radical? This comes on the same day that Lammy announced that 12 prisoners have been accidentally released in the last three weeks.But first, the Budget fallout continues and there has been a resignation but – crucially – it's not the Chancellor. After the OBR leaked the Budget early, its chairman Richard Hughes has taken the fall and resigned last night. Does this ease or increase the pressure on Rachel Reeves?Oscar Edmondson speaks to James Heale and Isabel Hardman.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 explores why Richard Hughes has quit as head of the OBR after a Budget-day publishing blunder, and what it means for trust in the watchdog's forecasts.Trainees at an accountancy firm will be sent on secondments at bars, pubs and restaurants to help develop their 'front of house' skills - Sean finds out why. And it's Christmas advert season; can local shops compete with the big brands? Small businesses in Hexham, in Northumberland, have banded together to have a go by creating their own Christmas Ad.

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 ★

In this Mark and Pete Budget Special, our intrepid duo dive into the chaos, comedy, and quiet despair of Britain's latest economic rumblings. First up: the OBR leak that spilled early forecasts across Westminster like a carelessly opened hymnbook, revealing sluggish growth, stubborn borrowing, and a government hoping nobody notices the fine print. Then it's on to the endlessly controversial mansion tax, where homeowners panic, politicians posture, and Mark calmly explains why half the country is suddenly checking their Zoopla valuation with sweaty palms.Pete brings the theological lens, Mark brings the economic logic, and together they explore the growing maze of ISAs, the rise of salary sacrifice, and the lingering chill of the threshold freeze — Britain's favourite stealth tax. Along the way, expect dry humour, a touch of pulpit wisdom, and a brutally honest look at how ordinary people will fare as the nation stumbles forward.Finally, the pair unveil their fateful fiscal forecast: a wry yet hopeful prediction of Britain's economic future, mixing biblical perspective with British grit. Faith meets finance, wit meets wisdom, and listeners get a sharply insightful guide to navigating the quirks of the UK economy.

Morse code transcription: vvv vvv Car sharing company ZipCar to end UK operations Trump releases fraudster executive days into prison sentence Teenage girl dies in minibus crash near Tadcaster Grammar School OBR chair Richard Hughes resigns over Budget day publishing error ORR reverses Avanti West Coasts Manchester London ghost train plan Zelensky says Ukraine territory most difficult issue, as US envoy prepares to meet Putin Police consider corporate manslaughter charges in Post Office scandal Doctors to stage five day strike before Christmas Luigi Mangione in court as lawyers seek to rule out notebook, gun and other key evidence Teen dies after getting out of ambulance on M5

November was a whirlwind month for cryptocurrencies, and it seems that volatility is carrying over into December with Bitcoin posting its worst single day decline since March yesterday. Meanwhile, the head of the U.K.'s budget watchdog resigned after the OBR accidently released its report ahead of Chancellor Rachel Reeves' budget last week. And in an exclusive interview with CNBC, the Bank of England's Megan Greene laid out her outlook for the economy, and what she'd need to see in the labour market and inflation figures to prompt a rate cut.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Live from a new studio, Laura and Seán reflect on Rachel Reeves' autumn budget and the controversy surrounding the OBR.Watch our Paul Collier interview here: https://youtu.be/f51urcvWmsMSubscribe to How to Rebuild Britain now: https://linktr.ee/howtorebuildbritain Hosted on Acast. See acast.com/privacy for more information.

Will Bain speaks to a former Treasury economist about the claims Chancellor Rachel Reeves misled the public over stronger OBR forecasts before her tax-raising Budget.Also, while there was disappointment this budget didn't have much to offer in the way of economic growth, there was a glimmer of hope for tech start ups hungry for investment. We speaks to a CEO on why the future may be brighter for her sector.And we find out from a former confectionery buyer on what it takes to get to Christmas chocolate on the supermarket shelves.

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

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.

Dixon Cox is back again! This week: -Rachel Reeves' disastrous budget makes life worse for hard-working Brits -Kemi Badenoch eviscerates Reeves in the House of Commons -The two-child benefit cap is scrapped, but who will it help the most? -The OBR leaks the entire budget in advance -David Lammy decides to undo Magna Carta by scrapping jury trials for most crimes Watch the full episode here: https://www.nickdixon.net/p/labour-punishes-workers-with-disastrous Sign up now to watch the full episode, with extra content not available anywhere else, and get full versions of all our previous Dixon Cox episodes, as well as the bonus podcast I do with Paul on non-political topics. Plus my new podcast with based vicar Jamie Franklin. You will also get access to the full versions of all my guest interviews with the likes of David Starkey, Carl Benjamin, Ben Habib, Andrew Doyle and loads more in the archive. And you can chat to me in the private chat group if you are so inclined. Sign up for £5 a month, or just over £4 with the yearly option, and allow us to keep producing all this work. Many thanks, Nick Nick's links Substack: nickdixon.net YouTube: https://www.youtube.com/@nick_dixon  X: https://x.com/njdixon  Paul's links X: https://twitter.com/PaulCoxComedy  YouTube: https://www.youtube.com/@paulcoxcomedy  Comedy clubs: https://www.epiccomedy.co.uk/ 

Contact us and share your opinionJoin Andy and Gandhi as they cover the impact of the budget, the BMA being out of GP negotiations and other plans for GPs by the DAUKAgendaWes Letter 27/11/25BMA lose exclusive negotiating role in GP contractBudget 25 - impact for GP?DAUK Your GP here for you campaignBMA set to lose exclusive GP contract negotiating role in Englandhttps://www.pulsetoday.co.uk/news/breaking-news/bma-set-to-lose-exclusive-gp-contract-negotiating-role-in-england/ Not our role to negotiate GP contract', says RCGPhttps://www.pulsetoday.co.uk/news/contract/not-our-role-to-negotiate-gp-contract-says-rcgp/ NHSE primary care director Dr Amanda Doyle: Patients deserve consistent online access - by Amanda Doylehttps://www.pulsetoday.co.uk/views/2025-26-contract/nhse-primary-care-director-dr-amanda-doyle-patients-deserve-consistent-online-access/ Budget 2025ContextLong waitLots of leaks and kite flyingNot least OBR leak on the dayhttps://www.nhsconfed.org/publications/autumn-budget-2025#:~:text=The%20overall%20budget%20for%20health,in%20the%20OBR's%20inflation%20projection. Wimslow practice videohttps://www.youtube.com/watch?v=1zNQN8VJLVI Medics Moneyhttps://www.youtube.com/watch?v=u0KEiv6cR8U Doctors demand new GP contract and £40-per-patient funding uplifthttps://www.pulsetoday.co.uk/news/contract/doctors-demand-new-gp-contract-and-40-per-patient-funding-uplift/Doctors' Association UK (DAUK) has demanded that the Government increase core GP funding per patient by £40 a year as part of a new ‘patient-centred' GP contract. The group's ‘Your GP, here for you' campaign proposes funding these changes by increasing per-patient funding by £40 a year to £209 – a move it says would bring the figure in line with inflation over the last decade. Advocate for a patient centred GP contracthttps://dauk.org/our-call-for-new-patient-centred-gp-contract/ Wes Letter 27/11/25Dear Colleagures… To GPs and bypassing the GPCFirstly, I want to say a heartfelt thank you to you and your teamsPatient satisfaction with general practice is improving, with 73.9% reporting a good overall experience, up from 67.4% in July 2024. This is a significant achievement, and the credit is all yours.Background to previous negotiation milestones with labour …We struck the first contract deal with the BMA GPCE in 4 years last year, backed by £1.1billion in 2025/26 (an 8.9% cash uplift), the biggest in over a decade.Within months of entering government, we invested an additional £82 million into the ARRS scheme and removed red tape to allow you to recruit over 2,500 extra GPs. I am now actively looking at ways I can introduce further flexibilities into the scheme to continue boosting GP employment.To ensure general practice is rewarded for the additional work you take on through advice and guidance, we have introduced a financial Boost your triage skills with our dynamic 5-session live webinar course, tailored for primary care clinicians. Led by Dr. Gandalf and Dr. Ed Pooley, this comprehensive training covers all facets of remote patient triage—digital, on-call, and more. Gain practical knowledge, exclusive tips, and direct access to our experts through open Q&A sessions. Elevate your ability to manage primary care challenges effec Subscribe and hear the latest EPIC episode. Join Dr Mike as he shares how to get started and fly using EMIS to make your life easier with this clinical systembit.ly/EMIScourse

It's the morning after the economic night before and the response to Rachel Reeves's Autumn Budget has been emphatically negative.On this edition of The Daily T, Camilla Tominey and Tim Stanley reflect on the Chancellor refusing to apologise for breaking Labour's pledge not to raise tax, the chairman of the OBR offering to resign after the Budget was leaked and some of the commentary criticising Kemi Badenoch's response in the chamber as too personal.They're also joined by former Treasury advisor to Kwasi Kwarteng and Jeremy Hunt, Cameron Brown, who rails against the Chancellors plans that “dis-incentivise saving” and make you ask “what's the point in setting up a business?”We want to hear from you! Email us at thedailyt@telegraph.co.uk or find @dailytpodcast on TikTok, Instagram and X► Sign up to our most popular newsletter, From the Editor. Look forward to receiving free-thinking comment and the day's biggest stories, every morning. telegraph.co.uk/fromtheeditorProducers: Lilian Fawcett and Hugo Verelst-WaySenior Producer: John CadiganVideo Producer: Will WaltersStudio Operator: Meghan SearleExecutive Producer: Charlotte SeligmanSocial Producer: Nada AggourEditor: Camilla Tominey Hosted on Acast. See acast.com/privacy for more information.

There will be no growth in the UK.Chancellor Reeves' budget was designed to placate left-wing back benchers, who want greater spending, and the bond markets. In that, it has succeeded. For now.The ever-shrinking part of the country that actually builds wealth (and remember there are only 3 ways to build real wealth: you grow stuff, you mine stuff or you make stuff. Everything else is just pushing it about) is being further taxed to pay for it all. There are now extra taxes on property, dividends and savings, while fiscal drag means more people will pay higher rates of income tax (closing in on 25% of workers by 2030, apparently), further diminishing their chances of improving their lot. Never mind the currency debasement of the money they are being paid in.Stealth taxes, such as fiscal drag, get my goat because they are so disingenuous. But perhaps of greater concern are doors which have been opened to new sources of taxation. The extra levy on high value properties, for example, has been set at £2,500 per year for properties in the £2-£5 million bracket, and £7,500 for properties above.A £2 million house in London is not some decadent billionaire plaything: it is often a mere terraced house built 150 years ago for an ordinary working man and his family.My friend, who is uber successful and very left wing, has an expensive house in Hampstead. She was actually happy about this tax, because she thought it was fair - and because she thought she was going to get hammered for higher taxes elsewhere. What she doesn't realise is that this is just the beginning. The door is now open to further property taxes and the only way is up.What's more, as currency gets debased, fiscal drag means more and more properties will fall into this category.Income Tax began as a tax only on higher earners. Within a few decades, ordinary workers were hit. Now they're paying higher rates. These new property taxes will go the same way.Never mind that you bought the property with taxed income, and then paid stamp duty. It's endless.Between that, landlord taxes, extra tenant protection, Section 24 and the plethora of petty regulation, the age of the small landlord in Britain is now over. Renting, like so many other parts of the economy, will become the domain of larger corporations. And we will all lose because of it.It also means that real estate is over as an investment. All it really was was a shield against currency debasement, but those days are now behind us.Similarly, the door is now open for local authorities to charge a visitor levy. This tourist tax will start small and then rise, like every other tax in history. We already have the tax on moving that is stamp duty, now we have this. If you tax movement, people will move less. If you have no movement, you have no growth. It really isn't that difficult.They do not seem to understand that capital flows to where it is welcome. If you tax it, it will not come; it will go. What is the golden rule of the magnum opus? More taxes or higher rates do not equal greater revenue. But the reverse.We are now, as you know, taxed at the highest rate since the Second World War. What is the money going on? You don't need me to tell you how much is being spaffed. Waste, fraud, incompetence, misallocation. Government is the most inefficient means of spending money there is. As if to prove my point, they couldn't even make the announcement about how they're going to spend your money competently. They've spent the last few months leaking stuff. Leaking is a tool of government, so when it backfires, at least we have some karma. Meanwhile, the source of the leak, the OBR, rarely if ever gets a prediction right. How much is being drained from the productive to fund that thing? How many bad choices are made as a result of its utterances?The state is already disproportionately large and it is only going to get bigger Where do the salaries of those who work for the state come from? The ever-decreasing sector of the economy that actually builds wealth. Even if you are providing some essential state service and are being well paid to do it, you are still a dependent, because it is the shrinking part of the economy that actually builds wealth that is the ultimate source of your wages.Millionaires and billionaires, assuming they haven't made their wealth through crony capitalism or government subsidy, are not the problem - they are the solution. We want to attract them here, not frighten them away. They create employment. Our lives are better for likes of Jeff Bezos and Elon Musk, not worse. The same goes for investment, profit, saving, trade, growth. We want to attract them not deter them.The opposite applies to deficit spending, money printing, currency debasement, suppressed interest rates, high taxes, tax traps, welfare, dependency, regulation and bureaucracy. You want to deter them not attract them. Yet I am afraid all we are doing is the latter.If you pay people to be unproductive, you will get more unproductive people. If you tax people who are productive, you will get fewer productive people. What is so hard to understand?We can rant and rave. It won't do any good. This is the path we are on. We are following the template of South Africa. (It was actually me that coined the term “the South Africanisation of everything”, something I am quite proud of). We keep thinking that things can't get any worse. But they can and will. It is gradual and incremental. We are frogs being boiled while suffering water torture. The country is going to get even more socialist. All you can do is look after yourself and your family.If you are young and reading this, the best thing you can do is leave, as so many are already doing. It is just so hard to build a future for yourself when you are so heavily taxed, and then the money you are paid in is being debased. Leave, travel the world, have adventures, learn, become a Sovereign Individual. The world is a big place. There are better futures to be had elsewhere.It's all happening just as I said it would in Daylight Robbery, by the way, even the mileage taxMany of us, however, because of our circumstances, do not have the option to leave.So what to do?Real estate, as already mentioned, is now dead as an investment. It's too easy a target for taxes. UK companies are going to find life that much harder - the rising minimum wage will reduce employment (and thus increase the burden of dependents). It's also going to mean higher costs for you as this tweet demonstratesIf companies do well, they will face further taxes. Dividend taxes are a deterrent too. We are not quite at the point where UK companies are un-investible (in fact there is a wall of US capital that wants to buy the UK), but the foundations are not exactly enticing.The one compensation for saving in fiat was interest, but taxes here are going to go up too. So cash is crapAs we have long argued on these pages, you need to park capital where governments can't touch it, tax it or debase it. The best forms of non-government money are gold, if you want something physical, and bitcoin, if you prefer something digital.We are not yet at the point where they try to tax or confiscate your gold and bitcoin, but we are on the trajectory I'm sorry to say.All those horrible bitcoiners crowing about how much money they've made - do you honestly think taxing or confiscation of bitcoin won't meet with public approval? You're just another one of those loathsome rich people creating inequality.It's coming, but we are not there yet.Bitcoin is in one of its down seasons. But it is still the best performing asset class of the last 15 years. And if you don't like it, fine, own gold instead. There is plenty more gas in that particular tank.Reeves may have staved off a tantrum in the gilt markets, and a resulting fall in the pound, but she has created an even bigger problem for her successors.We need fewer taxes, lower taxes and simpler taxes. It all starts there. Reeves has chosen a path in the opposite direction, the road more travelled. And it takes us further along the road to serfdom. If you live in the Third World Country such as the UK, I urge you to own gold or silver. The bullion dealer I recommend is The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, the US, Canada and Europe or you can store your gold with them. More here.Sunday's thought piece has become the most viewed piece in this Substack's history. Take a look, in case you missed it:Until next time,Dominic This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

A £26bn tax rise, pension changes and an accidental OBR publication. There's a lot to unpack from the Chancellor Rachel Reeves's budget.US President Donald Trump has responded to the shooting of two national guard members who were targeted near the White House.There's been a fatal fire in Hong Kong with 300 people still missing.And the Prince of Wales has told John Cleese his children have just discovered his hit 1970s sitcom Fawlty Towers and "love it".Sophy and Wilf get you up to speed on all the day's news, in just 10 minutes.Follow Cheat Sheet here to never miss an episode: 'https://podfollow.com/cheatsheet/

As Budget days go, today was unprecedented. The complete list of measures announced by Rachel Reeves – along with their costings and economic impacts – was leaked by the Office for Budget Responsibility (OBR) an hour before the Chancellor took to her feet. The OBR apologised and called it a ‘technical error'.The headline is tax hikes to the tune of £26 billion, income tax thresholds will be frozen again and the tax burden will hit a record high at 38 per cent of GDP. Was this the most farcical Budget in history?Michael Simmons speaks to James Heale and Tim Shipman.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.

The OBR may have mistakenly released Reeves' budget too early, but it was just in time for Prime Minister's Questions. Hugo Rifkind unpacks the exchanges with The Times' Chief Political Correspondent Patrick Maguire. Hosted on Acast. See acast.com/privacy for more information.

In this episode, Carl sits down with Stan Hays, co founder and CEO of Operation BBQ Relief, to talk about what it really looks like to feed people on the worst day of their lives. From the recent deployment to Jamaica after a massive hurricane to the emotional weight of serving their thirteen millionth meal, Stan shares the stories behind the numbers, including the moment a simple pulled pork sandwich became a symbol of love, humanity and hope.Joining the conversation in studio is champion pitmaster Tillman Lee Nelson III of Tillmans BBQ. Tillman rolls in with award winning brisket, his Perfect 200 rub and honest talk about the grind of the competition circuit, marriage on the road, barbecue family and why he still watches every face in the room when people take that first bite. Together, Stan and Tillman dig into why barbecue has such a deep emotional pull, how the barbecue community shows up for each other, and what it means to use food as a vehicle for comfort, connection and service.Key takeaways: • What it takes for Operation BBQ Relief to activate in places like Jamaica and why safety, dignity and cultural respect matter as much as the food. • How a pulled pork sandwich, a parking lot and one stranger's gratitude helped Stan find his “why” and changed how he sees the work forever. • Why competitive barbecue is a family sport for Tillman, how his wife Amy became the real secret weapon, and why the barbecue community feels like a second family. • Simple ways listeners can get involved, from volunteering with OBR at OBR.org to supporting the people doing the cooking in their own communities.About Walk-In Talk Podcast and Walk In Talk Media:Walk-In Talk Podcast is hosted by food industry veteran and storyteller Carl Fiadini, shining a light on the flavor, the hustle and the heart of the industry. Walk-In Talk is the official podcast for the New York, California and Florida Restaurant Shows and the Pizza Tomorrow Summit, and the on-site media partner for the US Culinary Open at the NAFEM Show. Walk In Talk Media is also the North American media platform for The Burnt Chef Project and regularly supports cause driven partners like Operation BBQ Relief and Hogs for the Cause. Recorded at Ibis Images Studios, where food photography comes alive and Carl gets the first bite. Learn more at thewalkintalk.com.Mentioned in this episode:Aussie Select - Fully cooked, premium Australian lambFully cooked, premium Australian lamb—ready to serve and packed with clean flavor.RAK Porcelain USA -Tableware We use RAK for all in-studio tableware—clean, durable, and designed for chefs. Metro Foodservice Solutions Kitchen and back-of-house systems for better flow and function.Citrus America Citrus America – Commercial-grade juicing systems built for speed and yield.

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

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

There are reports that the OBR will downgrade Britain's productivity growth forecasts, increasing the size of the black hole facing the Chancellor at the end of the month. This continues the spate of bad news for the Chancellor on the economy – but can we trust the figures? James Heale and Michael Simmons join Patrick Gibbons to talk about what this means ahead of the budget, whether anger over the money wasted on asylum hotels can be linked to the cost-of-living crisis and what Rachel Reeves is doing in Saudi Arabia this week.Plus: is a debate over the customs union really what Britain wants right now?Produced by Patrick Gibbons.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.