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Shop in the app, online and in stores. Happy New Year and welcome to The Rest is Money with me, Steph McGovern.

And with me, Robert Peston, I hope you've had a wonderful Christmas.

And now let's talk about a bloody awful year we've all had and what we can expect.

It's going to get better, guys.

We hope.

But no, as we end 2025 and start 2026, we wanted to kind of take stock of what's been an incredibly dramatic year.

I feel like you can definitely say that about 2025.

It was really dramatic.

There was lots of big developments,

you know, new government in place, Trump obviously in his liberation day, the tariffs and things like that, lots of stories connected to AI, to trade deals and all sorts. So we're going

to talk a bit about what's been important in all of that

and where does that take us next. So Robert, do you want to kick things off for us? Because we were

expecting, weren't we? When the new government came in, we'd had the big budget in autumn in 2024,

44 billion pounds worth of tax rises. We were told at the time, you know, there wouldn't be any more need for tax rises because Reeves had it sorted

and everything looked like, yes, okay, it was a big pressure on businesses, those tax rises.

But hopefully with the view that things would get calmer and the

economy would start to grow more. But, I mean, that was just the start of a very tumultuous year.

What are your thoughts?

So, look, we are currently living through quite now an extended period of economic flatlining of zero growth. We've had

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