So the Labour government under the Chancellor Rachel Reeves just done their first budget.

What's it all about?

A new Utopia Dawns.

I'm joined by the brilliant economist James Medway, who is also, of course, the host of

Macrodose, or one of the hosts.

A great host, a brilliant host.

Do you check out Macrodose for all the knowledge you need about economics, I would say.

How are you, James? How are you doing?

I'm very well, thank you. It's nice to see you again, Owen. It's been a while, actually, hasn't it?

It has been around. We need to make up for that in real life. You don't have long. We're going to

make this pithy. Firstly, hit me with your overall response to the budget. Well, look, Rachel Rees needed to pull off something spectacular this time after what's

been months of just sort of nothing much happening, the government's looking somewhat adrift,

Stama himself becoming increasingly unpopular, sliding the polls, general sense of like,

what are they all doing?

This was the time to try and turn it around politically.

That meant they actually had to lay out a very convincing, I think, a break with the past,

a clear vision of the future, something to say about what the country might look like in five years' time

at the end of this Parliament.

And honestly, I don't think that this budget did that.

I mean, it is big.

A lot of the changes announced are significantly bigger than we've seen on tax increases in recent budgets over the last few years.

But it doesn't do that job of saying, okay, things are now going to look seriously different.

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