Labour confronts £20bn black hole

Labour confronts £20bn black hole

Author: Financial Times July 26, 2024 Duration: 34:40

The chancellor Rachel Reeves is about to confront the British public with the size of the black hole in the country’s finances. A funding shortfall of about £20bn is likely to lead to tax rises at the Budget later this year. So — how to fix the problem? The FT’s political editor George Parker sits down with colleagues Stephen Bush and Robert Shrimsley to consider the government’s options. Plus, the FT’s infrastructure correspondent Gill Plimmer outlines the scale of the debacle that is the cancellation of the high-speed rail link between Birmingham and Manchester. 


Want more? Free links:


Rachel Reeves to pave way for UK Budget tax rises in ‘spending audit’


Expect a Tory leadership race mired in bitter and personal fights


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Britons may need to be put off taking trains due to HS2 curtailment, watchdog says 


Follow George on X @GeorgeWParker, Stephen @stephenkb. Robert @robertshrimsley, Gill @gillplimmer1


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

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Presented by George Parker. Produced by Audrey Tinline.

The executive producer is Manuela Saragosa. Audio mix and original music by Breen Turner. The FT’s global head of audio is Cheryl Brumley. 


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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