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The LRB Podcast

UK Election Special: The Economy

The LRB Podcast

London Review of Books

Society & Culture

4.4582 Ratings

🗓️ 3 July 2024

⏱️ 57 minutes

🧾️ Download transcript

Summary

The day before the election, James Butler is joined by William Davies to talk about something everyone seems to agree on: the very poor state of the UK’s public finances. The past fourteen years of Conservative rule began with the technocratic austerity of George Osborne and ended with the return of the ‘grown-ups’, Jeremy Hunt and Rishi Sunak, to inflict more pain. In between came the chaos of Brexit and the Truss-Kwarteng ‘mini-budget’. What will a likely Labour government pick up from this? Are we still stuck in the age of Osborne, or will something resembling the public investment strategy of Bidenomics emerge through initiatives such as the National Wealth Fund and Great British Energy, as Rachel Reeves has promised? Read Will's latest LRB piece: https://lrb.me/davieselectionpod Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hello, welcome to the fourth episode in a special UK election series from the London Review of Books.

0:06.3

I am James Butler, and I've been taking an in-depth look before Election Day at some of the big issues in the campaign,

0:12.8

or issues that really should be big in the campaign, at least. And we're nearly there. It's polling day

0:19.2

tomorrow, and on the face of it the last few weeks

0:21.5

couldn't have gone much worse for Rishi Sunak. The only obvious change in the opinion polls

0:25.7

has been the increased support for reform at the expense of the Conservatives and Labour are

0:29.7

still on course for some kind of earth-shattering, record-breaking majority. The question really

0:34.9

only seems to be how large. One thing everyone seems to

0:39.4

have agreed on in this campaign is that the UK finances are in bad shape. There's been a recession,

0:45.1

inflation, higher interest rates, the cost of living crisis, and no promise from anyone that any of

0:50.2

this will get much better in the near future. But how have we got here? Is it down to COVID

0:55.4

and the war in Ukraine, or is it more fundamental? Are there structural problems with how the

0:59.8

economy has been run over the past 14 years? Are we still living in the age of George Osborne?

1:05.2

And what might Starmonomics look like? With just 24 hours left to make up your mind today,

1:10.2

we're talking about the economy.

1:13.4

And joining me to do just that is William Davies, a political economist at Goldsmiths and

1:18.5

frequent contributor to the LRB, whose most recent book is called This Is Not Normal, the Collapse of

1:24.9

Liberal Britain, and who has written in the latest issue of the paper

1:27.8

about the last 14 years of Tory rule. Hello Will. Hi, nice to be here. We're almost at the

1:35.0

very end of the campaign now and is there anything that has really struck you or surprised you

1:40.4

or really sparked your interest over the course of the campaign? Anything that you haven't expected, especially as we're now closing into the end?

1:47.7

I have to say, nothing that has pleasantly surprised me, I'm sorry to say.

...

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