To tax, but who to tax, that is the question
Political Fix7 Nov 2025

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

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.

Episoder(586)

Why would anyone want to become an MP?

Why would anyone want to become an MP?

The chaos in parliament over the vote on a Gaza ceasefire motion has segued into a debate on the threats facing MPs – and the lengths deemed appropriate to safeguard against them. A tumultuous week in...

23 Feb 202438min

Tories reel from by-election blows

Tories reel from by-election blows

The Conservatives suffer a double blow, losing two safe seats to Labour, amid growing signs that Rishi Sunak’s party is losing votes to the populist Reform UK party. The FT’s Lucy Fisher is joined by ...

17 Feb 202433min

Will Labour’s green U-turn weaken Starmer?

Will Labour’s green U-turn weaken Starmer?

Keir Starmer dismantles Labour’s flagship pledge, shredding the party’s £28bn green investment plan. The FT’s Jim Pickard joins Miranda Green and chief political commentator Robert Shrimsley to assess...

9 Feb 202431min

Introducing: Swamp Notes from The FT News Briefing

Introducing: Swamp Notes from The FT News Briefing

If you have questions about this year's US presidential election, we have answers.Swamp Notes is a new podcast from the FT News Briefing. Listen every Saturday morning as our journalists analyse and d...

5 Feb 20241min

Who still votes Conservative?

Who still votes Conservative?

The Conservatives are languishing in the polls, while Labour is riding high – but beneath the headline figures, how does the voter appeal of the main parties break down by sex, age and other factors? ...

2 Feb 202436min

Who’s behind the Tory plots?

Who’s behind the Tory plots?

The FT’s Whitehall Editor Lucy Fisher is joined by the FT’s George Parker and Robert Shrimsley to lift the veil on the Tory party plots against the prime minister. As rightwingers prepare to launch th...

26 Jan 202431min

Introducing Untold: The Retreat

Introducing Untold: The Retreat

Introducing Untold, a new podcast from the special investigations team at the Financial Times. In its first series, The Retreat, host Madison Marriage examines the world of the Goenka network, which p...

22 Jan 20241min

Destination Rwanda?

Destination Rwanda?

The government’s plan to send undocumented migrants to Rwanda has overcome a series of hurdles in the House of Commons, but how will it fare in the Lords? FT columnists Miranda Green and Stephen Bush ...

19 Jan 202432min

Populært innen Politikk og nyheter

giver-og-gjengen-vg
aftenpodden
aftenpodden-usa
forklart
stopp-verden
popradet
det-store-bildet
nokon-ma-ga
fotballpodden-2
rss-gukild-johaug
dine-penger-pengeradet
lydartikler-fra-aftenposten
rss-ness
hanna-de-heldige
aftenbla-bla
rss-espen-lee-usensurert
rss-dannet-uten-piano
rss-penger-polser-og-politikk
frokostshowet-pa-p5
bt-dokumentar-2