Austerity redux? Spring Statement lookahead
Political Fix
Financial Times
4.2 • 1.2K Ratings
🗓️ 21 March 2025
⏱️ 45 minutes
🧾️ Download transcript
Summary
It’s crunch time for chancellor Rachel Reeves next Wednesday, when she will present her Spring Statement to parliament. Downgraded growth forecasts and deep spending cuts to unprotected departments loom. Host Lucy Fisher is joined by regulars Miranda Green, Jim Pickard, and the FT’s economics editor Sam Fleming to debate whether Labour is ushering in a new era of austerity. Plus, FT Brussels bureau chief Henry Foy joins the panel to discuss Europe’s mounting security crisis and how it’s affecting the UK’s reset with the EU.
Follow Lucy on Bluesky or X: @lucyfisher.bsky.social, @LOS_Fisher, Jim Pickard @pickardje.bsky.social @PickardJE, Miranda Green @greenmirandahere.bsky.social, Henry Foy @HenryJFoy, @henryjfoy.ft.com, Sam Fleming @Sam1Fleming
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Presented by Lucy Fisher. Produced by Lulu Smyth. The executive producer is Manuela Saragosa. 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
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Transcript
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| 0:00.0 | Hello and welcome to Political Fix from the Financial Times with me, Lucy Fisher. |
| 0:07.5 | Coming up, a big moment for austerity. |
| 0:10.3 | We're looking ahead to next week's spring statement and how to keep the UK and Europe safe |
| 0:15.9 | if we can no longer depend on the US. |
| 0:19.2 | Joining me to talk about it all, our Political Fix regulars Miranda, |
| 0:22.7 | Hi Miranda. |
| 0:23.3 | Hello Lucy. |
| 0:24.3 | And Jim Pickard. |
| 0:25.1 | Hi, Jim. |
| 0:25.7 | Hi, Lizzie. |
| 0:26.6 | Also joining this week is Sam Fleming, the FT's economics editor. |
| 0:30.0 | Hi, Sam. |
| 0:30.8 | Hello, Lucy. |
| 0:35.3 | Before we kick off, a quick message from me and the Political Fix team, we've had a steady stream of requests for a while now for semi-regular Q&A bonus episodes. |
| 0:45.7 | So I can announce your wishes are command. If you'd like me to put a question to our panelists, please drop me a line at Political Fix at Ft.com. Or even better, |
| 0:57.4 | record a voice note with your name and your question and send it to the same inbox and then |
| 1:02.4 | we'll play it on the show. We'll launch this new semi-regular bonus format in a few weeks' time, |
| 1:07.3 | so watch this space and you can find more details in the show notes. |
| 1:15.5 | Well, next Wednesday is a big moment for the Labour government, unveiling the latest growth forecasts and updating the country on adjustments to Rachel Reeves' plan for the economy |
| 1:21.8 | with the spring statement. So, Sam, has been a bit of confusion in Westminster, to say the |
| 1:27.4 | least, possibly more widely, |
| 1:29.1 | about what next Wednesday will be. It's not a full fiscal statement, as we understand it. We |
... |
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