Labour’s long-awaited spending review dropped this week. Rachel Reeves unveiled funding settlements for government departments – and a newly upbeat tone after the gloomy promise of hard times in her previous Commons set pieces. The NHS and defence were prioritised but other departments and services face a squeeze. Are dividing lines now clear as Labour fights for a second term in power? Why did even the experts call Reeves’ speech “baffling”? Will voters notice any benefit – and in time for an electoral dividend? Host Miranda Green is joined by regular panellists Stephen Bush and Jim Pickard, as well as the FT’s economics commentator Chris Giles, to discuss.

Follow Miranda @greenmirandahere.bsky.social, Jim @pickardje.bsky.social, Stephen @stephenkb.bsky.social‬, @stephenkb; Chris @chrisgiles.ft.com‬, @ChrisGiles_

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

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Rachel Reeves will be forced to raise taxes in autumn, economists predict

Only a crisis will wean the west off debt

England’s social housing funds ‘less generous’ than £39bn settlement suggests

UK suffers worst monthly contraction since 2023

Labour has made its big play. Are you not convinced?

Sign up here for 30 days free of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. And here’s Chris Giles’ latest newsletter.

Presented by Miranda Green, 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.

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UK chancellor Rachel Reeves has had an action-packed week. She made a U-turn on winter fuel payments, announced plans to spend billions of pounds on new transport schemes and, following the prime minister’s latest announcement, she now has to find yet more money to fund a rise in defence spending. So where does this leave the chancellor ahead of the spending review next Wednesday? And who will be the winners and losers? Host George Parker is joined by the FT’s Robert Shrimsley, Sam Fleming and Jennifer Williams to discuss.

Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Sam Fleming @Sam1Fleming, Robert @robertshrimsley, @robertshrimsley.bsky.social, Jennifer Williams @jenwilliamsft, @jenwilliamsft.bsky.social

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

Want more? Free links:

‘Accept it or you have to walk’: Labour’s UK spending review battles enter final stage

Rachel Reeves to back Manchester-Liverpool rail link in transport spending boost

Reeves can no longer outrun Labour’s early choices

Rachel Reeves vows to reinstate some winter fuel payments this year

Reform UK chair Zia Yusuf resigns from party

Sign up here for 30 days free of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award.

Presented by George Parker, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The broadcast engineer is Rod Fitzgerald. The FT’s acting co-head of audio is Manuela Saragosa.

Read a transcript of this podcast on FT.com

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

In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election.

Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts.

Episodes will also be available on the FT’s YouTube channel.

If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com

Read Martin’s FT column here

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