Budget, boats and a by-election

Budget, boats and a by-election

Author: Financial Times October 24, 2025 Duration: 28:43

Chancellor Rachel Reeves received a rare bit of good news from lower inflation statistics this week, which could reduce government borrowing ahead of the November Budget. But the uphill struggle to improve Labour’s standing in the polls continues after a drubbing in Caerphilly, the embarrassing failure of the one-in-one-out migrant policy and the chaotic start to the grooming gang inquiry. Host George Parker is on hand to dissect the week along with deputy political editor Jim Pickard, UK chief political commentator Robert Shrimsley and the FT’s northern England correspondent Jennifer Williams. Plus, is the King getting poor advice from the PM over Prince Andrew in the wake of further damaging revelations about the prince’s links to Jeffrey Epstein?


Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Robert: @robertshrimsley or @robertshrimsley.bsky.social; Jen on X @JenWilliamsMEN and Jim on X @PickardJE


Want more?  

Labour suffers seismic by-election defeat to Plaid Cymru in Caerphilly

UK borrowing costs fall in boost for Rachel Reeves

Reeves vows to clear way for BoE rate cuts with cost of living pledge

Grooming gang victims call for minister to resign

A defining crisis for Britain’s royals

Britain’s flawed support for Jaguar Land Rover


Clips from: Sky & Parliament Live TV


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Presented by George Parker. Produced by Clare Williamson. The executive producer is Flo Phillips. Audio mix and original music by Breen Turner. The FT’s acting head of audio is Manuela Saragosa. 


Read a transcript of this episode on FT.com


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Every Friday, the team behind Political Fix gathers to make sense of the week's political turbulence. This isn't just a recap of headlines; it's a deep, often lively conversation that pulls back the curtain on how decisions are really made in Westminster and beyond. You'll hear from the Financial Times journalists who are actually there, in the corridors and committee rooms, paired with expert voices who provide crucial context. Together, they untangle complex policy debates, analyse the shifting alliances, and question the strategies defining Britain's future. The result is a clear-eyed, authoritative look at the forces shaping the nation, delivered with the FT's signature rigor and insight. Tuning into this podcast feels like gaining access to a private briefing, one that prioritizes substance over noise. It’s for anyone who wants to move past the soundbites and understand the real stories and personalities driving the political agenda. New episodes arrive weekly, offering a consistent and essential perspective on a landscape that never stops moving.
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