Is winter fuel U-turn a leadership 'fiasco' for Labour?

Political Currency

Persephonica

Business, Economy, George Osborne, Westminster, Politics, News, Money, Ed Balls

4 • 855 Ratings

🗓️ 22 May 2025

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

Did someone say U-turn? Ed Balls and George Osborne have been saying it for a while, actually, when it comes to the matter of the controversial winter fuel tax cut. Now that the government has walked it back, will it do the trick and soothe voters and ease tensions with Labour MPs? Ed thinks the approach is “politically and technically messy”. George, for his part, thinks it’s nothing short of a damaging “fiasco” for Labour.

Meanwhile, David Lammy announced this week the suspension of trade talks with Israel, in light of the escalating violence in Gaza. Does this signal a shift in the UK-Israel relations? And will it make much difference to the crisis if it does? George isn’t so sure…

Plus, the pair discuss the newly-minted, post-Brexit deal with the EU - did Britain make the right calls and the right concessions? And a trip down banking regulation memory lane: is it time to wind back bank ringfencing, an ongoing legacy from the Osborne era?

And a reminder, we’re doing our first Political Currency live show - we’ll be taking to the stage on Thursday 5th June 2025 at SXSW London. Want a chance to grab a FREE ticket and a pass to the WHOLE six day business conference, worth £600?! Sign up to be a Kitchen Cabinet member to hear how you can get your hands on a ticket!

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Producer: Miriam Hall

Senior Producer: Silvia Maresca

Video Editor: Oliver Geraghty

Executive Producer: Ellie Clifford

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Transcript

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0:00.0	The world is complex, but understanding it doesn't have to be.
0:02.3	The economist connects the dots across politics, business, science and culture,
0:06.3	keeping you informed and prepared for what's to come.
0:09.2	Look, when decisions in Beijing shift markets in New York or a populist wave ripples to your doorstep,
0:14.2	the economist explains the what and the why before your morning coffees even brewed.
0:18.9	And with a global team of reporters,
0:22.4	they make complicated issues clear so you can navigate with confidence.
0:24.7	Search the economist and make sense of the world around you. This is political currency with Ed Balls and George Osborne.
0:51.1	So we're back in the studio in Shortwich and George Osborne. You are the new statesman cover star.
1:04.6	I was shocked to discover why George Osborne still runs Britain. You know, I'm listening at the moment on audiobook to the Godfather.
1:13.5	And of course, that's that great line of one of the movies.
1:16.9	Every time I try and get out, they keep pulling me back in.
1:20.1	Apparently, I'm pulling all the strings in Whitehall.
1:23.5	If only it were true, I mean, if only, if only I still was running the country. But sadly, you know, the Conservative Party and the electorate took a different view.
1:34.1	Austerity was a radical economic experiment, but 15 years on, it has become the new orthodoxy, says Will Dunn, with a picture of you, the puppet master, with Rachel Reeves, the puppet.
1:46.5	I have to say, I think she'd rather have a horse in her bed than that front page, I would say.
1:53.6	But that's, you know, can you imagine poor Rachel?
1:56.0	She'll have rolled her eyes at that one.
1:57.5	Oh, yeah.
1:58.0	More Godfather references in case people wondering what the hell
2:01.1	it's talking about. But the, yeah, I probably she wasn't thrilled, but I think, look, I would
2:06.5	make the argument, wouldn't I? That austerity was not a choice. It's a necessity when you've got
	...

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