Facing down a fiscal firestorm
Political Fix
Financial Times
4.2 • 1.2K Ratings
🗓️ 6 June 2025
⏱️ 29 minutes
🧾️ Download transcript
Summary
UK chancellor Rachel Reeves has had an action-packed week. She made a U-turn on winter fuel payments, announced plans to spend billions of pounds on new transport schemes and, following the prime minister’s latest announcement, she now has to find yet more money to fund a rise in defence spending. So where does this leave the chancellor ahead of the spending review next Wednesday? And who will be the winners and losers? Host George Parker is joined by the FT’s Robert Shrimsley, Sam Fleming and Jennifer Williams to discuss.
Follow George on Bluesky or X: @georgewparker.bsky.social, @GeorgeWParker; Sam Fleming @Sam1Fleming, Robert @robertshrimsley, @robertshrimsley.bsky.social, Jennifer Williams @jenwilliamsft, @jenwilliamsft.bsky.social
What did you think of this episode? Let us know at politicalfix@ft.com
Want more? Free links:
‘Accept it or you have to walk’: Labour’s UK spending review battles enter final stage
Rachel Reeves to back Manchester-Liverpool rail link in transport spending boost
Reeves can no longer outrun Labour’s early choices
Rachel Reeves vows to reinstate some winter fuel payments this year
Reform UK chair Zia Yusuf resigns from party
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Presented by George Parker, and produced by Lulu Smyth. The executive producer is Flo Phillips. Original music and mix by Breen Turner. The broadcast engineer is Rod Fitzgerald. The FT’s acting co-head of audio is Manuela Saragosa.
Read a transcript of this podcast on FT.com
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Transcript
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| 0:30.8 | We are committed to spending what we need to deliver this review. |
| 0:34.9 | And everything that can be done will be done within the spending envelope |
| 0:39.6 | that we have. People should be in no doubt that the means test will increase and people |
| 0:44.9 | will get more people will get winter fuel payment this winter. Mr Speaker, three |
| 0:49.7 | weeks ago the winter fuel policy was set in stone. Two weeks ago, the Prime Minister you turned. |
| 0:57.0 | Today, the Chancellor is rushing her plans because she just realized when winter is. |
| 1:02.0 | Welcome to Political Fix from the Financial Times with me, George Parker. |
| 1:08.0 | You heard there, Kirstama, sort of committing, but not quite, |
| 1:12.4 | to increasing defence spending to 3% of GDP in the next Parliament. Rachel Reeves, |
| 1:17.9 | completing one of the slowest U-turns on record on winter fuel payments, and Tory leader, |
| 1:23.3 | Kemi Bajdnock having fun at the Chancellor's expense. Yes, it's been another big week for Rachel Reeves. |
| 1:29.7 | She'll have to find money in the future to fund a rise in defence spending |
| 1:32.8 | and to pay for a retreat on the £1.5 billion plan to cut winter fuel payments to pensioners. |
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