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Former deputy prime minister John Prescott died yesterday at the age of 86. Often described as a ‘political bruiser’, Ed Balls and George Osborne remember Prescott differently: as a policy powerhouse and as a skilled negotiator between Blair and Brown. Does a comparable player exist in today’s Labour government? And, Ed recalls the moment he was involved in a car chase with ‘Two Jags’ himself.
With the assisted dying bill facing a second reading next week, the pair consider whether it will pass or be voted down. Is the issue set to be off the agenda for a generation, or could Starmer rescue the bill?
Plus: the Budget may not have fallen apart, but with Scottish Labour sending different messages, farmers (and Jeremy Clarkson) on the march and mortgage rates rising, we take a look at its political impact. Are any u-turns on the horizon?
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Production support: Caillin McDaid
Technical Producer: Oliver Geraghty
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With incensed British farmers set to descend on London in protest to the government’s new rules on inheritance tax for agricultural property, Ed Balls and George Osborne consider the likelihood of the Treasury reversing course. What made George change his mind on the so-called “pasty tax” in 2012 - and will Rachel Reeves consider a similar u-turn?
This past week marked a special anniversary – the day George thought the UK would go to the polls. Should Rishi Sunak have let his run go a little longer? Author and journalist Tim Shipman, who has examined the issue of Sunak’s timing in his latest book Out: How Brexit Got Done and the Tories Were Undone asks George and Ed their view on when the Tories should’ve called the election. They also consider: does Donald Trump’s election, and his love of protectionist policies, make the idea of the UK joining the European Union Customs Union more justifiable?
And… exactly what is Gerrymandering? Professors Balls and Osborne are here to explain.
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Production support: Caillin McDaid
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Political Currency is a Persephonica Production and is part of the Acast Creator Network.
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Fehlende Folgen?
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The second era of Trump is a little over a week old, and the president-elect is making waves with his cabinet appointments. An attorney general who has been investigated by the House ethics committee for sexual misconduct allegations (which he vehemently denies)? Welcome, Matt Gaetz. Trump’s pick for defence secretary? Pete Hegseth, a Fox News host who’s a proponent of American-made ammo.
George Osborne and Ed Balls consider what the spillover will be for the UK. Will the recently cooked-up Chagos Islands deal get messy? And will Britain find itself more exposed to America than the US itself when it comes to the economic fallout?
And while Nigel Farage still appears to be jostling to become UK ambassador to the US, Peter Mandelson is strongly tipped for the job. Do unusual times call for an ambassador with a little ‘British allure’?
Back home, and the Labour government has increased tuition fees for the first time since 2017. With that, and the cut in the winter fuel payment, George says he’s really starting to get on board with the Starmer government…
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Donald Trump’s return has provoked days of soul searching among Democratic voters. But the pollster with one of the most accurate predictions of the outcome, James Johnson of JL Partners, has asked George Osborne and Ed Balls to shake off the gloom and consider any positives. Is there a silver lining in a second Trump presidency? George has some ideas, while Ed is struggling…
Votebeat editorial director Jessica Huseman asks: does the world see the US as an international example of democracy any more? Did it ever?
And Susanna Reid from Good Morning Britain has rung in to ask what Trump’s re-election tells us about what voters truly want.
Plus: with Kemi Badenoch now leading the Tories, George and Ed answer the question: what does the shadow cabinet …actually do?
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It’s beginning to sink in: Donald Trump 2.0 is now upon us. George Osborne and Ed Balls think seismic shifts in the global economy could be ahead. Could his aggressive trade policies chip away at the UK’s growth plans?
Trump has also claimed he could end the Ukraine war in a day. Does that mean a peace deal – or appeasement? Meanwhile Nigel Farage is offering up his services as a British ambassador to Trumpworld. Would despatching Farage to Mar-a-Lago be a relief for Keir Starmer?
And the new Tory leader, Kemi Badenoch, faced her first PMQs this week. Ed and George review her debut performance at the despatch box.
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Donald Trump is set to make his return to the White House after a stunning overnight victory against Kamala Harris in the US election, just as George Osborne and Ed Balls predicted. But was this just a simple case of ‘It’s the economy, stupid!’
Ed thinks the Harris loss could be a warning to UK’s Labour party members – if they don’t get UK living standards up, could they go the way of the Biden Democrats too? George, meanwhile, thinks Trump’s win exposes a fundamental challenge for the Left that it is now too focused on identity politics and not on people's living standards.
They also question: will Donald Trump seek vengeance for Labour’s ill-advised involvement in the election? Nigel Farage was the only British politician with a major presence in the US overnight. Does his time at the Trump victory party mean Reform will be getting some help from Trump in years to come?
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Rishi Sunak spoke at his last PMQs. But George Osborne reveals why it may not be the last time we see him in No 10... He and Ed Balls discuss whether perceptions of politicians can ever change.
Former cabinet member Caroline Spelman asks if a spoiled ballot is a waste of time. And Laura Trevelyan, co-host of the podcast Heirs of Enslavement asks whether countries should apologise for their role in the transatlantic slave trade.
Plus - Love the pod? We thought so. Ed and George clarify whether a declaration of love at the top of your question is a prerequisite for getting a spot on the show...
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Political Currency is a Persephonica Production and is part of the Acast Creator Network.
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The dust has settled on Rachel Reeves’ budget, and despite a strong performance from the Chancellor, George Osborne and Ed Balls have noticed a few glaring omissions. Child poverty? Didn’t really rate a mention. How about some of the New Labour classics like getting people back to work? Pensioners? Nope. So how did this crucial economic pitch to the nation stack up? Ed and George consider how the fallout might impact Labour all the way to the next election.
Meanwhile, the polls are telling us the historic US election is set to be a squeaker, with Kamala Harris and Donald Trump in a dead heat. The betting platforms and markets are telling a different story, however. George has the latest on who the world’s major financiers are expecting to be in the White House come January …
And speaking of going to the polls, Japan’s snap election just backfired – did anyone in the UK notice? Ed and George question if we should be paying more attention to this major world economy.
Remember, you can catch up on our Budget Hot Take here: tr.ee/pc-live
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Political Currency is a Persephonica Production and is part of the Acast Creator Network.
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Has Rachel Reeves done enough to get away with announcing £40 billion of new taxes?
In a special YouTube LIVE episode, Ed Balls and George Osborne give their immediate reaction to the Chancellor's first budget. Was it “big and bold and historic” or a “cross your fingers and hope for the best" moment?
Who wins and loses from the budget? And how big a gamble is it for Labour's fortunes?
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Political Currency is a Persephonica Production and is part of the Acast Creator Network.
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Has the reaction to the Winter Fuel Payment cut scared Labour from making more big budget moves on welfare? And what ever happened to the tradition of the Chancellor knocking back a brandy while delivering the Budget? Ed and George discuss the best drinks of choice when outlining an economic plan to the nation… and what other Treasury traditions are in place.
Plus, is it a brief, is it a leak or is it just a plain old trail? The pair breakdown the terms and mull some of the most famous, career-ending leaks in British political history.
And with the US election just over a week away, what is the level of support for Donald Trump amongst the UK population? Do more Brits than we think secretly admire the Republican nominee’s approach?
Finally, for all you listeners desperate to join our Record Club, Ed has followed up his first suggestion of Kuunnelmia by Jukka Perko with another Scandi recommendation: Hoven Droven.
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Political Currency is a Persephonica Production and is part of the Acast Creator Network.
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Drumroll, please. After keeping his cards pretty close to his chest throughout the Tory leadership campaign, George Osborne is ready to name who he thinks should seize the Tory crown. With the race now whittled down to just two people – Kemi Badenoch and Robert Jenrick – George explains why a possible exit from the European Convention on Human Rights has swayed his choice and what might put him off voting Conservative at all...
Meanwhile, members of the Labour party are in hot water after Donald Trump accused them of election interference. Ed Balls thinks the party’s decision to get involved in a foreign country’s election could be described in a few ways (mainly as naive, gauche and definitely a mistake.)
And, less than a week away from the first Labour budget in 14 years, has the party done enough to convince voters, the markets and business leaders there’s a plan for economic growth?
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Frenemies George Osborne and Ed Balls talk about great political friendships and rivalries. What was the unspoken understanding between former Prime Minister David Cameron and George that made their allegiance last? And which Conservative friendships were soured by Brexit?
They answer the question: Are economists just making it up as they go along? How can Rachel Reeves just change the definition of fiscal rules? And with questions from all over the world this week, Ed and George ponder: should we be rethinking about how we teach second languages?
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How can Rachel Reeves solve her £40 billion budget gap without breaking Labour’s manifesto promise? Ed Balls and George Osborne take a deep dive into the tax hikes she has and hasn’t ruled out - and whether she can fairly class raising employer National Insurance contributions as manifesto-friendly.
Elsewhere, Labour continues to woo the business community - this time at its International Investment summit. But can an event like this overcome the very real barriers to growth that the UK faces?
And, with the passing of controversial SNP titan Alex Salmond, Ed and George look back on his legacy, and the state of his former party.
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The killing of HS2 was one of the defining features of the former government’s final days but there’s now talk the high speed rail line to Manchester might happen after all. Northern Powerhouse Chief Executive Henri Murison asks what Ed Balls and George Osborne make of the chatter that it could be revived, in the form of the so-called ‘HS2 light’.
How should we truly define a “pensioner”? Does it just mean someone who is actually receiving a pension, or someone who is of pension earning age? And should pensioners with wealth be treated in the same way as those without?
Plus, Ed and George share their favourite moments of political barb and banter. What was George’s scariest moment as a politician?
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Political Currency is a Persephonica Production and is part of the Acast Creator Network.
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James Cleverly has made a stunning exit from the Tory leadership race, leaving Kemi Badenoch and Robert Jenrick as the final two to duke it out. George Osborne and Ed Balls consider if that’s thanks to some cunning political strategising or just a good old-fashioned cock up. Now, of the two who is more likely to take the crown? George thinks Jenrick is more “malleable” – is that what an opposition leader needs to be? Is Badenoch Mrs T(hatcher) or T(russ)?
Meanwhile, the lead up to the budget is intensifying with the IFS Green Budget being published this week. Can Rachel Reeves change her fiscal rules without spooking the markets?
Finally, what is the role of Downing Street’s Chief of Staff? With Sue Gray's departure, what can Morgan McSweeney learn from his predecessors to right her wrongs and rebuild the government’s image?
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Ed Balls and George Osborne consider their biggest political mistakes and their proudest moments in office with a question from former Deputy Prime Minister Therese Coffey. What tax move did George make – against all prevailing advice, mind you – that he remains pleased with to this day? And what would Ed have done differently in the handling of the Baby P tragedy?
Speaking of mistakes, some of our attentive listeners have sent in a few corrections for Ed and George to face. In a move unfamiliar to most politicians, they’re willing to admit when they are wrong, judiciously of course…
And live from the Tory party conference this week, the Conservative Mayor of Tees Valley Ben Houchen asks if Rachel Reeves is really supportive of devolution? Sounds like the jury is still out as to whether or not the Treasury is really behind it…
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Keir Starmer has caved and returned thousands of pounds in freebies given to him by a Labour donor, in an attempt to close a rather embarrassing chapter for the government. But has he successfully hosed it down? Ed Balls and George Osborne consider whether it's a textbook case of what not to do when you have a PR snafu on your hands.
Meanwhile, tensions are escalating in the Middle East. Is there a risk of the conflict intensifying, or is the situation under control? And what does it mean for the West?
And with the highly anticipated budget now merely weeks away, they take a look at what Rachel Reeves has on her plate. Is this shaping up to be the “relaunch” budget Labour needs, or are we on the verge of a new era of anti-growth…
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Has the Tory leadership contest just been decided? Our man on the ground George Osborne is reporting directly back to Ed Balls from today’s Conservative Party Conference leadership hustings. Is the crown James Cleverly’s for the taking after a storming speech?
Plus, George is joined by Tory watchers-extraordinaire, Michael Gove and Danny Finkelstein, for their post-hustings analysis.
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Ed Balls and George Osborne open up this week on their most ardent, contrarian views. Is reincarnation real? Political reincarnation, perhaps. George shares how his thoughts have moved with the times and how he has reached some fresh conclusions on cannabis – conclusions with which, it turns out, Ed completely disagrees.
And, they field questions straight from the Labour party conference. Tips for the new Chief Secretary to the Treasury Darren Jones? Ed and George are happy to oblige. And what do they make of the demands for food security and environmental improvements amid rumours about cuts to the agricultural budget?
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Who’s hungry enough to seize the Tory crown? As the Conservative Party Conference nears, the leadership contest is heating up. Of the four hopefuls, who will get the backing of the party’s elder statesmen Michael Gove and Boris Johnson? George knows who Boris wants as leader, and that person isn’t currently in the race…
Labour’s wrapped up its party conference, which was light on announcements and heavy on gloom. Both George Osborne and Ed Balls are wondering why so sad? A trip to the UN seems like a break at this point for Keir Starmer, so what can they do to turn those frowns upside down?
And across the Atlantic, it's a story of Trump’s tariffs and Kamala’s capitalism – with the US presidential race reaching the pointy end, how much is the economy playing a role in the campaign?
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