Labour’s spending review has no credibility
Planet Normal
Louisa Wells
4.7 • 2.7K Ratings
🗓️ 11 June 2025
⏱️ 61 minutes
🧾️ Download transcript
Summary
Chancellor Rachel Reeves has outlined her spending review and your co-pilots are here to wade through the madness with Telegraph Columnist Gerard Lyons.
Allison thinks Rachel Reeves is going on a ‘spending frenzy’ and racking up too much national debt to cover her costs.
Meanwhile Liam thinks the Chancellor is throwing out big numbers to make it appear Labour is increasing spending but is concerned the money will come from pension funds to cover the cost.
Gerard Lyons is concerned about the Chancellor being able to control her spending and thinks her ‘fiscal rules’ are back-to-front policy making.
Read more from Liam: https://www.telegraph.co.uk/authors/liam-halligan/ |
Read more from Allison: https://www.telegraph.co.uk/authors/a/ak-ao/allison-pearson/ |
Read Allison: ‘Dear Tim Davie, here are 10 easy ways to get Reform voters to watch the BBC’ https://www.telegraph.co.uk/news/2025/06/11/attract-more-reform-voters-to-the-bbc/ |
Read Allison: ‘Woke police chiefs whinge about underfunding when the real problem is their warped priorities’ https://www.telegraph.co.uk/news/2025/06/10/woke-police-chiefs-whinge-underfunding-real-problem-warped/ |
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Transcript
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| 0:00.0 | The Telegraph. |
| 0:08.8 | This episode of Planet Normal is sponsored by avid reader press. |
| 0:13.5 | Legendary investor Ray Dallio's new book, How Countries Go Broke, The Big Cycle, explains the mechanics behind big debt crises. Larry Summers says |
| 0:22.9 | Dahlio's brilliant, iconoclastic approach is an invaluable resource, and Hank Paulson says |
| 0:28.4 | it provides a solution to what is the biggest and most certain threat to our prosperity. |
| 0:33.6 | Read it to understand the greatest economic issue of our time. Available now, wherever books are sold. |
| 0:43.6 | Five. |
| 0:44.7 | The idea of the BBC trying to find ways of pleasing reform voters is just too delicious to ignore, really. |
| 0:52.2 | Four. |
| 0:53.6 | The taste of cordite is in the air. |
| 0:56.3 | Three. |
| 0:57.4 | In a scoop of analysis, I'm going to suggest that an awful lot of people |
| 1:01.3 | tipped out of asylum hotels will soon be camping in a park near you. |
| 1:08.0 | What we saw today in terms of the areas under her control, there are big question marks that need to be asked. |
| 1:14.9 | One. |
| 1:18.3 | We have lift-off. |
| 1:21.7 | Welcome once again to Planet Normal, the Telegraph podcast with Alison Pearson. |
| 1:26.2 | Hello. |
| 1:26.9 | And me, Liam Halligan. We've just |
| 1:29.2 | been listening to Rachel Reeves' Spring Statement, haven't we, co-pilot? Money's tight, |
| 1:34.1 | and yet Rachel from accounts has magicked up billions of pounds to give away an extra spending, |
| 1:38.9 | throwing yet another bone to the Labour Party faithful, following orders not just from |
... |
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