It’s been an impressive week for the Labour government, with trade deals with both India and the US. Ed Balls and George Osborne consider: what does this say about the Starmer government’s ‘softly-softly’ approach to the wildly unpredictable Trump administration? Being the first in the world to ink a deal with the Americans is nothing to be sniffed at, even if it is a little light on the details – but they both agree the big prize will be a deal with the European Union.... What role will free labour movement play? And what price will Labour be willing to pay, considering the all-important need to keep voters placated on matters of immigration and the economy? 

Back home, Nigel Farage claims his Reform Party is now the official opposition of the land following a bruising local election for both the major parties. Ed and George consider how both Labour and the Tories will need to position themselves to keep their base. 

Plus, they turn to the matter of interest rates. The US Federal reserve opted to keep the base rate steady, while the Bank of England has granted borrowers something of a reprieve. What does this say about the direction of the British economy? 

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Producer: Miriam Hall

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