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Political Fix

Budget, boats and a by-election

Political Fix

Financial Times

Politics, News, News & Politics

4.21.2K Ratings

🗓️ 24 October 2025

⏱️ 29 minutes

🧾️ Download transcript

Summary

Chancellor Rachel Reeves received a rare bit of good news from lower inflation statistics this week, which could reduce government borrowing ahead of the November Budget. But the uphill struggle to improve Labour’s standing in the polls continues after a drubbing in Caerphilly, the embarrassing failure of the one-in-one-out migrant policy and the chaotic start to the grooming gang inquiry. Host George Parker is on hand to dissect the week along with deputy political editor Jim Pickard, UK chief political commentator Robert Shrimsley and the FT’s northern England correspondent Jennifer Williams. Plus, is the King getting poor advice from the PM over Prince Andrew in the wake of further damaging revelations about the prince’s links to Jeffrey Epstein?


Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Robert: @robertshrimsley or @robertshrimsley.bsky.social; Jen on X @JenWilliamsMEN and Jim on X @PickardJE


Want more?  

Labour suffers seismic by-election defeat to Plaid Cymru in Caerphilly

UK borrowing costs fall in boost for Rachel Reeves

Reeves vows to clear way for BoE rate cuts with cost of living pledge

Grooming gang victims call for minister to resign

A defining crisis for Britain’s royals

Britain’s flawed support for Jaguar Land Rover


Clips from: Sky & Parliament Live TV


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Our email address is politicalfix@ft.com


Presented by George Parker. Produced by Clare Williamson. The executive producer is Flo Phillips. Audio mix and original music by Breen Turner. The FT’s acting head of audio is Manuela Saragosa. 


Read a transcript of this episode on FT.com


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Transcript

Click on a timestamp to play from that location

0:00.0

Our economy is not broken, but I do accept that for too many people, it's not working as it should.

0:11.0

That has to change.

0:13.0

The Chancellor there, addressing this week's first ever regional investment summit in Birmingham,

0:19.0

all part of her month-long marathon to balance the books

0:22.3

ahead of the November 26 budget. And for once, there was a small bit of good news for Rachel

0:28.0

Reeves after the publication of softer than expected inflation stats, feeding through crucially into

0:33.7

lower government borrowing costs. So the focus shifted to another government department,

0:39.7

the Home Office, hit by bad headline after bad headline,

0:43.9

from the migrant mess up to the implosion of the grooming gang's inquiry.

0:48.0

Four victims on the rape gang's survivors panel have resigned,

0:52.5

and they've resigned because they've lost all confidence in the government's inquiry.

0:58.3

And that came shortly before another opposition party leader chimed in with this question.

1:03.7

Given the revelations about Royal Lodge, will the Prime Minister support a select committee inquiry

1:10.1

so all those involved can be called for

1:12.7

evidence, including the current occupant. That current occupant, well, we'll get to him too.

1:19.5

Welcome to Political Fix from the Financial Times with me, George Parker. I'm joined in the studio

1:24.5

by my FT colleagues Deputy Political Editor Jim Pickard.

1:28.1

Hi, George.

1:29.0

The UK chief political commentator Robert Shrimpsey.

1:32.0

Hello, George.

1:32.7

And the FTs Northern England correspondent, Jen Williams, down the line from Manchester City Centre.

1:37.6

Hi, Jen.

...

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