Budget bonanza: tax highs and growth lows

Budget bonanza: tax highs and growth lows

Author: Financial Times November 28, 2025 Duration: 39:53

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.com


What 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 claims


Rachel Reeves’ gambit


The four audiences Reeves’ ‘high-wire’ Budget must satisfy


If 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.


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Political 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


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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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