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


Thames Water’s credit rating slashed to ‘junk’


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: 

https://ft.com/insidepoliticsoffer


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



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
Introducing Untold: Toxic Legacy [not-audio_url] [/not-audio_url]

Duration: 2:16
Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncovers a lead poisoning epidemic across the UK. You might be living with lead and not know it: the toxin is often invisible t…
Has Kemi Badenoch silenced the critics? [not-audio_url] [/not-audio_url]

Duration: 34:57
Conference season is over for another year and after a rousing speech from Conservative leader Kemi Badenoch to the party faithful, the Political Fix panel is asking: has she done enough to silence her critics and revers…
Coming soon from Tech Tonic: Mission to Mars [not-audio_url] [/not-audio_url]

Duration: 1:40
US President Donald Trump has pledged to “plant the stars and stripes on the planet Mars”, China could send its first crewed mission to Mars within a decade, and Elon Musk wants people to actually settle on Mars, transfo…
Labour’s conference comeback? [not-audio_url] [/not-audio_url]

Duration: 36:27
This week, the Political Fix team comes to you from Liverpool — with all the news from the annual Labour Party Conference. Sir Keir Starmer struck a patriotic tone to the Labour faithful, promising to fight Nigel Farage’…
Does Starmer have a northern problem? [not-audio_url] [/not-audio_url]

Duration: 32:16
As the prime minister prepares for his annual party conference, the mayor for Greater Manchester, Andy Burnham, seems to be mounting a thinly veiled bid for the Labour leadership. In numerous interviews given to the medi…
Trumpery, pageantry and the ‘special relationship’ [not-audio_url] [/not-audio_url]

Duration: 41:05
President Donald Trump landed in Windsor this week for his historic second state visit to the UK. What ensued was a celebration of pomp and pageantry fit for a king: a Red Arrows flyby, a lavish banquet in a castle, and…
Starmer in a spin as the ‘Dark Lord’ bites the dust [not-audio_url] [/not-audio_url]

Duration: 31:21
After the toe-curling revelations about Lord Peter Mandelson’s connections with the convicted paedophile Jeffrey Epstein, the ambassador’s departure seemed inevitable to all - with the exception of some in Downing Street…
Bonus ep: How the UK is navigating the Trump era [not-audio_url] [/not-audio_url]

Duration: 31:45
US President Donald Trump is coming to the UK next week. What can we expect from his visit? And where do things stand between the US and the UK? In this special bonus episode, our two FT political chat shows, Political F…
Rayner, Reeves and Reform [not-audio_url] [/not-audio_url]

Duration: 32:26
It wasn’t the start to the new parliamentary term that Prime Minister Keir Starmer hoped for. His insistence that his focus is now on “delivery, delivery, delivery” was eclipsed by the furore surrounding the deputy prime…
Farage, flags and the ghosts of Labour’s past [not-audio_url] [/not-audio_url]

Duration: 32:47
Just as Sir Keir Starmer was stealing a few days' summer holiday, Reform unveiled its immigration policy, former Labour heavyweights called for a withdrawal from the European Convention on Human Rights, and Tony Blair po…