Political Fix31 Loka 2025

Reeves’ £30bn treasure hunt

With a month to go until the Budget, chancellor Rachel Reeves needs to find a projected £30bn to balance the books. And the forecasts are not in her favour, with the OBR’s bigger than expected productivity downgrade dealing another blow to the Treasury this week. So where will the chancellor find the money – and if Labour have no choice but to break their manifesto tax pledge, where will that leave them with the electorate?

Host George Parker is joined by associate editor and columnist Stephen Bush, chief UK commentator Robert Shrimsley and the FT’s economics editor Sam Fleming.

Follow George: @georgewparker.bsky.social, @GeorgeWParker; Stephen at @stephenkb and Robert @robertshrimsley.bsky.social

Want more?

Reeves faces £20bn hit to public finances from productivity downgrade

Keir Starmer puts Labour MPs on notice for Budget tax rises

Starmer refuses to stand by manifesto tax pledge

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Our email address is politicalfix@ft.com

Political Fix was presented by George Parker 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 Petros Gioumpasis. The FT’s acting co-head of audio is Manuela Saragosa.

Clip from BBC

Read a transcript of this episode on FT.com

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