The Budget unpacked
The Story
The Times
3.9 • 1.6K Ratings
🗓️ 27 November 2025
⏱️ 31 minutes
🔗️ Recording | iTunes | RSS
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Summary
After weeks of trailing, flip-flopping, and media briefings, the government finally unveiled its budget. And while there were no real surprises, questions– both practical and existential– remain. Has Rachel Reeves done enough to save her and Keir Starmer’s jobs? And what will it mean for you, the listener?
This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today: http://thetimes.com/thestory
Guests:
- Aubrey Allegretti, chief political correspondent, The Times, and
- Rachel Mortimer, deputy money editor, The Times and The Sunday Times.
Host: Manveen Rana.
Producer: Micaela Arneson.
Read more: This budget may end up dooming Labour’s election chances
What does the budget mean for you?
Further listening: The Business
Clips: BBC News, Channel 4 News, ITV News, Sky News, Parliament.
Photo: Getty Images.
Get in touch: thestory@thetimes.com
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Transcript
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| 0:00.0 | From The Times and the Sunday Times, this is the story. I'm Manvina. |
| 0:09.8 | It was the most heavily trailed budget, with weeks of leaking and kite flying. |
| 0:15.6 | In a rare pre-budget speech, the Chancellor refuses to rule out tax rises in the upcoming budget. |
| 0:21.6 | They've laid the groundwork for rises to income tax. |
| 0:24.6 | With a few U-turns along the way. |
| 0:26.6 | But now, the government has backed off. |
| 0:28.6 | And ministers say income tax won't rise after all. |
| 0:32.6 | And the leaks didn't stop there. |
| 0:35.6 | Before the Chancellor had even stood up, |
| 0:38.2 | the Office of Budget Responsibility, the OBR, |
| 0:41.2 | had already accidentally leaked the details of the budget |
| 0:45.0 | and their verdict on it. |
| 0:47.1 | Markets are responding to right now the 10-year guilt yield, |
| 0:50.6 | which is the key metric we're all looking at. |
| 0:53.0 | That has dropped quite sharply as a result |
| 0:55.1 | of this leak. By the time the budget was finally delivered, there was a lot of detail, but few |
| 1:01.1 | surprises, with one overwhelming message. Today I am asking everyone to make a contribution. |
| 1:09.2 | So what will the changes mean for you? |
| 1:12.2 | Did the budget do enough to convince the markets the economy is on the way up? |
| 1:17.1 | And did it do enough politically to save the beleaguered Chancellor and the Prime Minister |
| 1:22.3 | from the sceptics in their own party and beyond? |
| 1:32.8 | No. skeptics in their own party and beyond. The story today, the budget unpacked. |
... |
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