Political Fix28 Nov 2025

Budget bonanza: tax highs and growth lows

After months of speculation, predictions and U-turns, Rachel Reeves finally announced her Budget this week. And, symptomatic of the chaos this Budget has wrought, there was one final twist: the entire Budget appeared on the Office for Budget Responsibility's website 45 minutes before the chancellor was set to give her speech. It sent the media and the markets into a spin…the key takeaway: a historic tax rise achieved without officially breaking the government’s manifesto promise. So what are the crucial implications of this Budget? Who are the winners and losers? And what is the political fallout for Labour?

Host George Parker is joined by economics editor Sam Fleming, markets columnist Katie Martin and politics columnist Stephen Bush to break down this long-awaited Budget.

Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Stephen @stephenkb.bsky.social‬, @stephenkb; and Katie @katie0martin.ft.com

What did you think of this episode? Let us know at politicalfix@ft.com

Want more? Free links:

Rachel Reeves’ Budget raises UK taxes to all-time high

‘Spend now, pay later’: Rachel Reeves’ Budget delays the fiscal pain

Reeves’ Budget fails her own 3 claims

Rachel Reeves’ gambit

The four audiences Reeves’ ‘high-wire’ Budget must satisfy

If you want to find out what the budget means for your personal finance, check out a special episode of the FT's Money Clinic podcast, wherever you get your podcasts.

Sign up here for 30 days free of Stephen ‘Inside Politics’ newsletter. You can listen to Katie on Unhedged here, or search ‘Unhedged’ wherever you listen.

To sign up for free to the new FT Alphaville newsletter on Substack, go to ftav.substack.com

Political Fix is presented by George Parker, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s acting co-head of audio is Manuela Saragosa.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Det här avsnittet är hämtat från ett öppet RSS-flöde och publiceras inte av Podme. Det kan innehålla reklam.

Avsnitt(599)

Live special: Ten years after Brexit

Ten years ago, the UK voted in a referendum to leave the EU. Since that Brexit vote, the country has been through six prime ministers, the political landscape has splintered, relations with the EU hav...

25 Juni 57min

Can anyone challenge Andy Burnham for PM?

Can any other Labour MP amass sufficient support to challenge Andy Burnham for the top job, or is his ascent to No 10 now all but assured? Just 24 hours after Sir Keir Starmer’s resignation as prime m...

23 Juni 35min

Exit Starmer, enter Burnham

With Andy Burnham sworn in as an MP and on track to become the UK’s seventh prime minister in 10 years after Sir Keir Starmer’s resignation today, host Lucy Fisher is joined by political editor George...

22 Juni 24min

Unseating Starmer: Burnham’s next move

Andy Burnham has stormed the Makerfield by-election, clearing the pathway for him to challenge Sir Keir Starmer for the top job in Downing Street. Starmer has vowed to defend his position, but will Bu...

19 Juni 40min

Makerfield or bust: Burnham goes for broke

With a week to go until Makerfield heads to the polls in what may turn out to be the most consequential by-election in British history, host Lucy Fisher, northern England correspondent Jen Williams an...

12 Juni 45min

The Nowak murder: when tragedy meets politics

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 shap...

5 Juni 45min

Should Labour heed Tony Blair?

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 ...

29 Maj 38min

Game on: All eyes on Makerfield by-election

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...

22 Maj 45min