BP is working to roll out EV charging hubs in the UK, and we're keeping oil and gas flowing from the North Sea.

It's and, not all. That's how BP is backing Britain.

While today we're mostly an oil and gas, we increased the proportion of our global annual investment that went into our lower carbon and other transition businesses from around 3%

in 2019 to around 23% in 2023.

BP.com slash and not all.

Welcome to political fix from the Financial Times with me, Lucy Fisher.

Chancellor Rachel Reeves delivered her maiden fiscal statement this week, the first Labour budget in almost 15 years.

She announced £40 billion of tax rises and $70 billion a year extra spending to boost public services.

But will she succeed in turbocharging growth and repairing years of

underinvestment? Well, today we've got something a bit different for you, a live special edition

of the podcast with a terrific panel answering all your questions about the budget. I was joined on

Friday lunchtime for this FT live event by my colleague and political fix regular

George Parker, FT economics editor Sam Fleming, and Ft columnist Samia Caines. We started by

summing up the key announcements and considering the market and political reaction to the budget.

So sit back and enjoy. To kick off, I want to set the scene.

Sam, can you just take us briefly through what the key takeaways were from the budget?

Sure.

I mean, I suppose the big takeaway was the enormous tax rise that Rachel Reeves announced the 40 billion increase in taxation by the end of the forecast period at the end of the

parliament. The biggest measure in there being an increase in employer national insurance.

This helps fund, as you said, a large increase in public spending, both in the form of day-to-day

spending but also capital spending. That kicks in quite quickly in the next fiscal year.

So it's quite a front-loaded spending package.

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