Cash Ruins Everything Around Me: How the City captured the Treasury

The Bunker – News without the nonsense

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News, Government, Politics, Society & Culture

4.6 • 1K Ratings

🗓️ 18 December 2022

⏱️ 29 minutes

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Summary

Treasury “orthodoxy” is the Tory punchbag – but it only acts the way it does because it’s already been colonised by free marketeers, says Aeron Davis, author of Bankruptcy, Bubbles and Bailouts: The Inside History of the Treasury since 1976. He tells Ahir Shah why Britain now has two Chancellors and no real Prime Minister; why our economic fate is determined by people who’ve never worked in a real business… and how deregulation ended up outsourcing the entire British economy to the City. “Rishi Sunak is our first investment banker PM. We’ve finally reached that peak.” “Every review of financial governance was filled with financiers – and what they did was serve the share price.” Written and presented by Ahir Shah. Producers: Jet Gerbertson and Alex Rees. Assistant Producer: Kasia Tomasiewicz. Music by Kenny Dickinson. Audio production: Alex Rees. Lead Producer: Jacob Jarvis. Group Editor: Andrew Harrison. THE BUNKER is a Podmasters Production Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	My name is Stan. I'm at. Nice to meet you. So you took up photography where? I've always loved
0:05.5	photography but I turn it into earning a living at 60. I enrolled on a day course.
0:11.8	Well college. I loved going to college. It's good you can retry. I'm enrolled on the day course. But college?
0:13.0	I loved going to college.
0:14.0	It's good you can retrain and do something.
0:16.0	Yeah, yeah.
0:17.0	Let's talk about working, learning, saving and making the most of living longer.
0:22.0	Phoenix Group is the UK's largest long-term savings and retirement business.
0:28.0	Search Phoenix Group living longer.
0:30.0	Pets brings so much joy.
0:32.0	From those happy greetings at the door to the warm cuddles on the sofa.
0:37.0	So give a little love back with Dental Life from Purina, a range of delicious chues made for dogs and tasty snacks for cats that help clean and support your pets, teeth and gums, essential for their overall well-being and a happy, healthy life. They give you plenty of smiles so look
0:55.5	after theirs with dental life. Pick up dental life in the pet food aisle. Hello and welcome to the bunker daily I'm Ahir Shah.
1:11.6	Following the collapse of the trust government, mercifully brief, merciless
1:15.3	in many other ways, Rishi Sunak and Jeremy Hunt swept into power promising fiscal rectitude
1:20.3	and the ability to reassure the markets.
1:23.0	At times it feels like the government is headed not necessarily by a Prime Minister but by two
1:27.6	Chancellor of the Exchequer.
1:29.7	The Treasury is at the heart of so much that the British government both does and fails to do
1:34.3	and is subject of increasing interest and scrutiny across the political spectrum.
1:38.7	Joining me to discuss the Treasury is Aaron Davis, Professor of Political Communication at Victoria University of Wellington in New Zealand,
1:46.4	an author of the new book Bankruptcy, Bubbles and Balouts, The Inside History of the Treasury
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