Is this Rachel Reeves’ last throw of the dice?
Political Currency
Persephonica
4.1 • 1.5K Ratings
🗓️ 6 November 2025
⏱️ 59 minutes
🧾️ Download transcript
Summary
Rachel Reeves has set the stage for a dramatic Budget, seemingly signaling a "massive political gamble" by preparing to raise taxes on working people. Ed Balls and George Osborne analyse her pitch-rolling: has she boxed herself in, becoming the market's "guarantor" against her own party? And can she possibly sell this to an already-squeezed public?
Meanwhile, Kemi Badenoch marks one year as Conservative leader - but, despite her sharp "waffle bomb" attack on the Chancellor, her poll ratings remain dire. Ed and George assess her performance: has she successfully stabilised the party's finances, or did she waste a year on identity politics instead of the economy? Plus, the pair explore why even Nigel Farage is suddenly pivoting away from tax cuts.
And, what can a "Democratic Socialist" mayor in New York teach UK politics? Ed and George debate the real lessons from Zoran Mandani's shock victory - is it about left-wing policy, or a masterclass in new communication and building the broad coalitions that Starmer, Badenoch, and Farage all need?
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Assistant Producer: Caillin McDaid
Senior Producer: Silvia Maresca
Video Editor: Maha Albadrawi
Executive Producer: Ellie Clifford
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Transcript
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| 0:00.0 | This is Political Coancy with Ed Bulls and George Osborne. |
| 0:30.9 | So we're here in the studio in Hoxton. |
| 0:32.5 | Busy show today. |
| 0:36.1 | So much to talk about this week in terms of big politics. |
| 0:37.0 | But before we do, |
| 0:38.2 | I think we have a bit of a track record on this podcast of looking out for our friends, promoting their careers. Tim Shipman, |
| 0:45.8 | now doing very well at The Spectator. We got him the job, basically, didn't we? I think we, |
| 0:50.8 | we definitely, we definitely helped him. I think he sort of acknowledged that now. But I was looking at Downing Street Tuesday morning. |
| 0:57.4 | Rachel Reeves doing the speech in Downey Street. |
| 0:59.1 | In the back row is a friend of this podcast, Tom Baldwin, |
| 1:04.1 | sitting with the Treasury team. |
| 1:06.2 | And I noticed this. |
| 1:07.1 | And I thought, what is going on? |
| 1:08.8 | I thought, is he writing a book about Rachel Reeves, having written the Kirstama |
| 1:13.0 | book? |
| 1:13.6 | Is he helping up with speeches? |
| 1:15.0 | Is he going to be the new Treasury Media Svengali? |
| 1:19.7 | Because, of course, Ben Nunn, her Treasury Media political operator, moving over into number |
| 1:25.7 | 10. |
| 1:26.3 | So, you know, is Tom Baldwin's career on the up? |
| 1:29.3 | Well, it's always on the up. He's always high. Yeah, I saw him actually earlier this week as well, |
| 1:33.7 | Nick Bowles' 60th birthday party, which, rather curiously, but very kind of Bowles style, was |
... |
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