This is Hugo Rifkin.

Now we're going to be unpacking the politics of the day and the stuff that's even more important than politics too, from whether we should trust the Chancellor's figures, to why Lily Allen ranks her friends based on importance.

And I would, of course, never rank my columnists, like any good presenter, I love them all equally.

But here are two of my favourites.

They're Manvin Rana, hello Manveen. Hello.

Hello.

How are you? Do you say that to all of them?

When they bring me cakes, for sure. And Fraser Nelson, hello Fraser.

I've got no cakes. You know what? You came with Manveen. You've...

I've eaten one of hers. In a Pavlovian way, I'm associating you with Manveen's cake.

So that's, yeah, that's good.

Look, let's start now, though, by talking about the spending review, of course,

because Rachel Reeves has been out about defending our spending review this morning.

The Chancellor is hoping to turn things around with an extra £113 billion in capital investment.

But GDP figures this morning show that the economy is currently going in entirely the wrong direction, shrinking by 0.3% in April.

The Chancellor spoke on Times Radio this morning. She gave this explanation of the poor figures.

If you dig into the numbers that were published today, trade numbers were weak, production numbers were weak.

But since then, of course, we have secured trade deals with

the United States, with India, and with the EU as well. So I'm not going to read too much into

those numbers, but do I want to grow our economy? Absolutely, I do, because by growing the economy,

we can put more money in working people's pockets, and that is what I am determined to do as Chancellor.

Fraser, I'll try and phrase this in the right way,

...