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_

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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

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‘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

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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

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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

Subscribe to Paul’s substack here

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Prime Minister Keir Starmer and Reform party leader Nigel Farage clashed on economic issues this week. Farage said his party was the champion of the working class, while Starmer warned Farage’s proposed spending rises amounted to “fantasy promises”. Host George Parker is joined by the FT’s Stephen Bush, Chris Giles and Anna Gross to discuss Reform’s fiscal plans. Plus, Labour’s chancellor Rachel Reeves has plenty of fiscal problems of her own. The panel discusses whether or not her economic arithmetic is adding up.

Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Stephen @stephenkb.bsky.social‬, @stephenkb; Chris @chrisgiles.ft.com‬, @ChrisGiles_; Anna @annasophiegross.bsky.social‬, @AnnaSophieGross

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Do Reform UK’s tax and spending plans add up?

British politics is choice between Labour and Reform, says Starmer

Will Rachel Reeves bend her fiscal rules to help balance the books?

IMF gives Rachel Reeves political cover to ‘refine’ UK fiscal rules

Clips from ITV News on YouTube; Reform UK on YouTube

Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of best newsletter at the Future of Media Awards, 2023 and 2024

Presented by George Parker, and produced by Ethan Plotkin. 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

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The UK and EU announced a historic deal to ‘reset’ their relationship this week. Keir Starmer called the deal a “win-win”, while a “gobsmacked” Kemi Badenoch labelled it a “surrender”. Who’s right? Host George Parker is joined by the FT’s Miranda Green, Peter Foster and Andrew Bounds who unpack the agreement and analyse who came out on top. Plus, the prime minister has handed over the Chagos Islands to Mauritius, and it didn't come cheap. The panel discusses Starmer's negotiations on the world stage and how they are playing out for him, and his opponents, at home.

Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Miranda @greenmirandahere.bsky.social, Peter @pmdfoster @pmdfoster.bsky.social, Andrew @andybounds.bsky.social, @AndyBounds

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UK and EU agree post-Brexit reset at showpiece summit

UK-EU post-Brexit reset: the key points

Britain will be negotiating with Europe forever

UK to pay £101mn a year to hand over Chagos Islands to Mauritius

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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

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It’s been another turbulent week for Labour after Keir Starmer announced a crackdown on legal migration. The prime minister gave what has since become a controversial speech suggesting the UK is at risk of becoming an “island of strangers” – and home secretary Yvette Cooper announced an end to all social care visas, tighter rules for highly skilled visas, more rigorous English language tests, and more. Host Lucy Fisher is joined by the FT’s Robert Shrimsley and Jim Pickard to dissect the policies, as well as the reaction to Starmer’s speech and where Labour’s position leaves the Tories on immigration. Plus, the panel delves into the Downing Street briefing about a whole host of new prison reforms set to drop next week.

Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher; Jim @pickardje.bsky.social; Robert @robertshrimsley, @robertshrimsley.bsky.social

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Starmer rejects Enoch Powell parallel after ‘island of strangers’ speech

Democracy’s downward spiral leaves Starmer no leeway on immigration

Liz Truss regime’s ‘moron premium’ still looms over UK economy

Badenoch pivots to economy in bid to fend off Reform threat

Some prisoners in England who breach release terms face short jail sentences

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 Lucy Fisher, 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.

Our first Q&A special episode is finally here! You sent in questions, now our panel answers them. Is the UK-US trade deal worth the paper it’s signed on? Could the UK benefit from a brain drain from the US? Is there any chance of Keir Starmer being booted out by his party before the next election? Host Lucy Fisher is joined by the FT’s Stephen Bush, Miranda Green and Robert Shrimsley to discuss a range of topics spanning politics, policy and foreign affairs. Plus, the team peels back the curtain on how we calculate our weekly stock picks.

Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher; Miranda @greenmirandahere.bsky.social, Stephen @stephenkb, @stephenkb.bsky.social, Robert @robertshrimsley, @robertshrimsley.bsky.social

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Britain’s trade deal with Trump may not be good news for the world

Win for UK cars will not cushion the probable blow to taxpayers

Yvette Cooper’s shadow looms UK trade ambitions

In tough times, good policy becomes even more important

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 Lucy Fisher, 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.

This week, we’ve seen Reform UK trounce Labour and the Conservatives across England in local elections.

Nigel Farage’s party has secured a fifth MP, clinched two mayorships and seized control of at least seven councils.

In response, Prime Minister Sir Keir Starmer is vowing to go harder and faster with his reforms, while Kemi Badenoch’s leadership of the Conservative party is coming under scrutiny.

Host Lucy Fisher is joined by podcast regulars George Parker, Robert Shrimsley and Stephen Bush to dissect what the results mean for the government, the opposition and traditional two-party politics in the UK.

Have a question for our panel? Drop us a line at politicalfix@ft.com. Record a voice note with your name and question, and email it to us.

Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher; Robert @robertshrimsley.bsky.social, @robertshrimsley,

Stephen Bush @stephenkb.bsky.social, @stephenkb and George Parker @GeorgeWParker @georgewparker.bskyb.social

Want more? Free links:

Reform UK sweeps English councils in local election rout

Nigel Farage shakes British politics with election surge

Multi-party politics heightens danger for muddled Labour

Reform wins first UK council in local election surge

Plus: The final State of Britain newsletter from Political Fix regular Pete Foster reflecting on his five or more years as the FT’s public policy editor, covering Brexit and its impact on UK government and business.

Post-Brexit UK: stuck between an unreliable US and a mercantilist EU

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 Lucy Fisher. Produced by Clare Williamson. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The FT’s head of audio is Cheryl Brumley.

Read a transcript of this episode on FT.com

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