Doom, gloom and not much headroom: Spring Statement

Doom, gloom and not much headroom: Spring Statement

Author: Financial Times March 28, 2025 Duration: 38:13

Rachel Reeves was forced to slash spending to balance the books in her Spring Statement this week. Welfare spending will be cut more deeply than initially trailed, prompting warnings that 250,000 people — a fifth of them children — could be plunged into poverty. Economists also fear the chancellor will face further tough choices — more cuts or a fresh tax raid — in the autumn. Host Lucy Fisher is joined by the FT’s George Parker and Stephen Bush, as well as economics commentator Chris Giles to discuss the winners and losers, and the main economic takeaways. The panel also examines the impact of Donald Trump’s escalating tariff war on Britain and the global economy. 


Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher, Stephen Bush @stephenkb.bsky.social, @stephenkb George Parker @GeorgeWParker @georgewparker.bskyb.social, Chris Giles @chrisgiles.ft.com


Have a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us. 


Want more? Free links: 


From miserable to mediocre: the Reeves challenge continues 

Spring Statement did not stem the fiscal doom loop 

Reeves’ repair job avoids tax increases – for now 

Ministers play down likely rise in poverty from UK welfare cuts, says charity 


Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. 


Presented by Lucy Fisher. Produced by Lulu Smyth. The executive producer is Manuela Saragosa. Original music and mix by Breen Turner. The FT’s head of audio is Cheryl Brumley.


Read a transcript of this episode on FT.com


Hosted on Acast. See acast.com/privacy for more information.


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.
Author: Language: English Episodes: 100

Political Fix
Podcast Episodes
Trump turbulence: How should Labour play it? [not-audio_url] [/not-audio_url]

Duration: 38:33
Donald Trump returned to the White House this week, with a host of radical plans that threaten to heavily affect the UK – spanning tariffs, the Ukraine war, energy and climate policy. How should the British government ha…
Reeves vs the markets [not-audio_url] [/not-audio_url]

Duration: 43:11
Turmoil in the bond markets has caused turbulence for Rachel Reeves this month, with grumbles about her performance – and that of the UK economy – growing louder. This week, Political Fix asks who’s in charge: the chance…
Musk and the new political playbook [not-audio_url] [/not-audio_url]

Duration: 42:13
Elon Musk’s hostility towards the UK government, and Sir Keir Starmer in particular, continues to escalate – prompting concerns he’s been radicalised by his own algorithm. What’s driving the technology billionaire’s fixa…
2025: Labour’s year of pain? [not-audio_url] [/not-audio_url]

Duration: 44:02
After a rocky start in office for Labour, the next 12 months will prove pivotal for the UK government. Sir Keir Starmer must grapple with dismal popularity ratings, tough public finances, anaemic growth forecasts and a s…
Quizmas special: Political Fix’s nerd out! [not-audio_url] [/not-audio_url]

Duration: 40:35
Who threatened to launch an aquatic assault on the Dutch town of Leiden? And which political candidate pledged to force water bosses to take a dip in British rivers? Find out as host Lucy Fisher puts the full Political F…
Farage: more popular than the PM [not-audio_url] [/not-audio_url]

Duration: 35:56
Reform UK is now beating Labour in one pollster’s survey, while party leader Nigel Farage is Ladbrokes’ favourite to succeed Keir Starmer as the next prime minister. This week Political Fix examines whether Reform is a s…
Will Starmer’s new milestones become millstones? [not-audio_url] [/not-audio_url]

Duration: 38:04
Sir Keir Starmer unveiled six fresh pledges as part of a major government reset this week, which included diluting a green target and redefining his economic goals. It followed a tumultuous start to government for Labour…
Assisted dying: The vote [not-audio_url] [/not-audio_url]

Duration: 38:46
MPs will vote on assisted dying this week for the first time in almost a decade. There are ramifications for the NHS, questions over legal oversight, and ethical considerations that all feed into this highly emotive and…
Labour’s beef with farmers [not-audio_url] [/not-audio_url]

Duration: 36:20
After winning swaths of rural seats in the general election, Labour’s relationship with the countryside has nosedived, amid a row over the government’s plan to impose inheritance tax on some farms. Host Lucy Fisher is jo…
EU or US? UK plays piggy in the middle [not-audio_url] [/not-audio_url]

Duration: 37:54
As Donald Trump makes his first appointments, speculation in Whitehall grows: will the UK move closer to the US or cosy back up with the EU?The FT’s Lucy Fisher is joined by Political Fix regulars George Parker and Rober…