Kwasi Kwarteng on the Liz Truss meltdown, getting sacked and Kemi Badenoch’s future
Political Currency
Persephonica
4.1 • 1.5K Ratings
🗓️ 7 August 2025
⏱️ 59 minutes
🧾️ Download transcript
Summary
Kwasi Kwarteng reflects on what went wrong.
The former Chancellor joins Ed Balls to talk through the decisions behind the Truss mini-budget - from bypassing the OBR to what he now calls its “real intellectual failing.” He explains why the Bank of England’s intervention “killed the government,” and why he believes his sacking was no coincidence.
Kwarteng also looks ahead, urging the Conservative Party and Kemi Badenoch to focus on unity, and warning Rachel Reeves about the political cost of trying to rein in spending.
Plus, Ed and George turn to political speechwriting. Who writes the big speeches? What makes them stick? And how do you find the right words for someone else? From Trump rallies to Gordon Brown’s “no time for a novice,” the pair give us a peek inside the craft of effective political communication.
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Credits:
Producer: Miriam Hall
Senior Producer: Silvia Maresca
Video Editors: Maha Albadrawi
Executive Producer: Ellie Clifford
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Transcript
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| 0:00.0 | Hi, I'm Joe Wiley. And I'm Soie Ball. And we're here to tell you about a brand new podcast, Digit. |
| 0:06.3 | Digit is all about the things that Joe and I love. From the kids to the parents and all the stuff in between. |
| 0:13.5 | There's a lot going on when you get to this age. Listen wherever you get your podcasts and watch every episode on Spotify. Dig it. Every week. Every week. |
| 0:23.6 | For the rest of time. Yes. Okay, good. This is political currency with Ed Bulls and George Osborne. |
| 0:49.8 | With Ed Bulls no George Osborne. |
| 1:05.8 | He's off on holiday. |
| 1:07.1 | Instead, we're starting the first of our special summer episodes. |
| 1:10.7 | And I'm talking this morning to somebody who had a front row seat in one of the most dramatic moments in recent British economic history, former Chancellor Quasi Quarteng. |
| 1:19.6 | We've just, both of us, dashed over from White City, where we were both recording Good Morning Britain this morning, live on TV. |
| 1:27.4 | And good show, lots to talk about. Yes, I mean, I was very impressed. where we were both recording Good Morning Britain this morning live on TV. |
| 1:29.3 | And good show, lots to talk about. |
| 1:30.1 | Yes. |
| 1:40.3 | I mean, I was very impressed with the way that you, as a presenter, skipped from the budget to surgery, |
| 1:43.8 | cosmetic surgery, the issues relating to that. |
| 1:50.1 | And there's a really good blend, actually, on the show, which you do very well between serious political comment. |
| 1:54.2 | And lighter issues that, of course, affects so many people. I said the phrase Brazilian buttlift this morning in the context of government regulation of cosmetic surgery, more times than I expected to say on breakfast television. |
| 2:04.6 | Yes, it wasn't a phrase that I expected to hear from you. |
| 2:07.3 | I know. I actually turned to Ranvian and said, what is the difference between a Brazilian and a Brazilian buttlift? |
| 2:13.3 | And she said that was an inappropriate conversation to have so early in the day. So we moved on. |
| 2:17.2 | So I'm talking to quasi-qu Quatteng, MP since 2010, appointed as business secretary by Boris Johnson, |
| 2:24.9 | then Chancellor with Liz Truss, her short-lived premiership. |
| 2:29.9 | He delivered the mini-budget, one of the most dramatic events of recent years of economic history, |
... |
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