To tax, but who to tax, that is the question

To tax, but who to tax, that is the question

Author: Financial Times November 7, 2025 Duration: 34:49

With just three weeks to go until the Budget, Rachel Reeves gave a surprise speech to reset expectations on who she’s planning to hit with more taxes on November 26. This has fuelled further speculation about whether the government's central manifesto pledge to not raise income tax rates is now doomed. 


Host Miranda Green is joined by FT colleagues Jim Pickard, Sam Fleming and Katie Martin to discuss the chancellor’s options: a pick’n’mix of tax rises or breaking a central pledge to the electorate. What then happens to the Labour government’s credibility, and how are the markets likely to react? Plus: can Reform become fiscally respectable?


Follow Miranda @greenmirandahere.bsky.social; Jim @pickardje.bsky.social; and Katie @katie0martin.ft.com


Want more?   


What are Rachel Reeves’ tax options in the Budget? 


Bond markets are winning the Budget stand-off 


Robert Shrimsley: The inescapable logic of Labour’s choices 


Inside Politics: Why Rachel Reeves won’t raise income tax


Paywalled: End of The Line: how Saudi Arabia’s Neom dream unravelled 


Sign up here for Stephen Bush's morning newsletter Inside Politics for straight-talking insight into the stories that matter, plus puns and tongue (mostly) in cheek analysis. Get 30 days free.


Plus, the FT is hosting a live webinar on November 28 on what the UK Budget will mean for your money. You can put questions to FT journalists Claer Barrett, Stuart Kirk, Tej Parikh and special guest, tax expert Dan Neidle. Get your free pass now at ft.com/budgetwebinar


Our email address is politicalfix@ft.com


Political Fix was presented by Miranda Green and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The video engineers are Bianca Wakeman and Andrew Georgiades. The FT’s acting co-head of audio is Manuela Saragosa.


Clip from ITV


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
The Nowak murder: when tragedy meets politics [not-audio_url] [/not-audio_url]

Duration: 45:48
What began as a local tragedy in Southampton has quickly become a national flashpoint. Questions about policing and trust in UK institutions are dominating the debate, as party leaders compete to shape the public respons…
Should Labour heed Tony Blair? [not-audio_url] [/not-audio_url]

Duration: 38:57
Tony Blair’s lengthy – and excoriating – 5,600-word essay on the future of the Labour Party and Britain has set Westminster alight this week. The former prime minister's critique has sparked a lively debate, and triggere…
Game on: All eyes on Makerfield by-election [not-audio_url] [/not-audio_url]

Duration: 45:24
Andy Burnham running for the Makerfield by-election has become far more than a contest for a safe Labour seat. It is being seen as a proxy battle over Sir Keir Starmer’s leadership, Labour’s direction after its bruising…
Burnham eyes Labour crown as Starmer clings on [not-audio_url] [/not-audio_url]

Duration: 44:44
In a dramatic week at Westminster, Wes Streeting has quit as health secretary and ex-deputy prime minister Angela Rayner has said her wrangling with HMRC is finally over – but neither has launched a leadership challenge.…
Ask Political Fix: Starmer’s fightback, election turmoil and defence [not-audio_url] [/not-audio_url]

Duration: 50:16
You sent in your burning questions, now our panel answers them. Will Sir Keir Starmer’s ‘relaunch’ work? Has Britain become ungovernable? Will the UK’s voting system be reformed, is the student loans system punishing you…
Election special: snap analysis [not-audio_url] [/not-audio_url]

Duration: 36:15
It’s been a dreadful night for Labour as council seats across the country have turned from red to turquoise. The Conservatives have not fared much better with Reform UK the big winner so far. With results still coming in…
Labour braces for ballot box bloodbath [not-audio_url] [/not-audio_url]

Duration: 37:25
With just one week to go before voters across the UK deliver their verdict on Sir Keir Starmer’s government – our panel discusses another agonising week for the PM, Labour’s forecast devastation at the polls, and how No…
Introducing: The Story of Money [not-audio_url] [/not-audio_url]

Duration: 1:17
The economist John Kenneth Galbraith once quipped that “there can be few fields of human endeavour in which history counts for so little as in the world of finance.” This show sets out to prove the opposite. Each week, F…
The Mandelson-Starmer saga stumbles on [not-audio_url] [/not-audio_url]

Duration: 37:26
The rolling drama over the appointment of Lord Peter Mandelson as US ambassador is eating the government alive, with more committee hearings coming next week and crucial elections for Labour on May 7. This week’s host Mi…
Labour lambasted over defence [not-audio_url] [/not-audio_url]

Duration: 35:04
It’s not just the Trump administration attacking the UK’s defence capabilities. Now a Labour grandee and former head of Nato, Lord George Robertson, has accused Sir Keir Starmer of ‘corrosive complacency’ over delays to…