Rachel reeves

Wednesday

Oscar Edmondson

Why Rachel Reeves is safe, for now

14 min listen

Foreign affairs are inescapable this week, with the readout from the meeting yesterday between Russian and American diplomats in Saudi Arabia. We understand that Trump told Putin that Ukraine will be part of the next round of peace talks. However, Trump’s shock-and-awe foreign policy continues to deliver significantly more shock than awe, especially after he seemingly blamed Ukraine for starting the war. What is he thinking? Could there be more to Trump’s foreign policy than he is letting on?  Back in the UK, pressure is mounting on Rachel Reeves as more inaccuracies in her CV come to light, and inflation rises to 3 per cent. There have been murmurs that

Thursday

Daniel Hannan

Reversing our economic decline is not easy, but it is simple

Our immiseration came swiftly and stealthily. At the start of the 21st century, Britain was a prosperous country. Ambitious people fought to come here. We trusted that, over time, we would become wealthier – an expectation that had been accurate for most of the previous two centuries. Since the millennium, Britain and western Europe have pretty much stopped growing – especially if we ignore the impact of immigration and calculate GDP per head. Reversing this slowdown should be the top issue at every election, but it is surprisingly under-discussed. In theory, almost all our politicians want growth. Keir Starmer and Rachel Reeves keep describing it, nasally and tautologically, as their

Dot Wordsworth

Does Rachel Reeves know what ‘kickstart’ means?

To ‘kickstart economic growth’ is the first (‘number one’) of Labour’s five ‘missions’ to rebuild Britain. That is what the manifesto announced last year. The mission is not just economic growth, but kickstarting it. On 29 January, Rachel Reeves, the Chancellor of the Exchequer, said in a speech that she was ‘going further and faster to kickstart economic growth’. I can see that she might be going further, but it is not easy to see what ‘faster’ means here, although it is true that, since economic growth has slowed down since the election in July, there is more opportunity for going faster. I suppose the word kickstart was chosen because

Thursday

Martin Vander Weyer

Britain’s Trumpists should be careful what they wish for

When I visited Toronto with a UK delegation last winter, conversation focused on the issues of immigration, housing and inflation that were contributing to the unpopularity of Justin Trudeau, who finally announced his resignation as prime minister last month. The prospect of Donald Trump’s return to the White House was the slumbering python in the chandelier above the conference table: I sensed our hosts preferred not to think about how bad it might turn out to be. Well, now they know. In response to Trump’s declaration of 25 per cent tariffs on Canadian goods, plus 10 per cent on imported energy, Trudeau retorted with tariffs on many billions worth of

Richard Madeley

I’m torn on capital punishment

There’s no statute of limitations on reporting a government minister’s embarrassing oops-a-daisy. It’s no good them doing a duck-dive, hoping that by the time they resurface everyone will have forgotten all about it. I remember after the Salisbury poisonings in 2018, Gavin Williamson, who was defence secretary at the time, appeared genuinely thrown when I brought up his Vicky Pollard-like comments about the Kremlin (‘Go away and shut up!’) in a live TV interview a few weeks later. I think it’s fair to say the exchange that followed wasn’t his finest hour. So it was when Rachel Reeves appeared on Good Morning Britain last week. It was the Chancellor’s first

Thursday

Martin Vander Weyer

I’m being driven mad by Microsoft Outlook

Call me a cynic, but I suspect this week’s headlines about a revival of Heathrow’s third runway plan amount to little more than a political game. Arguments for and against this project have been aired many times over, from a white paper in 2003 to the Davies Commission’s final report (in favour) in 2015. Much to the detriment of London’s status as a global city, the runway has stayed in the long grass – due to marginal-seat politics under the flight path as much as genuine environmental concern – while no satisfactory alternative at Gatwick or Stansted has ever advanced and the advent of the Elizabeth line is Heathrow’s only

Rod Liddle Rod Liddle

My money-saving tips for Rachel Reeves

It is always upsetting to watch a woman enmired in distress and so I thought I might ride on my trusty charger to the assistance of Rachel Reeves, the Chancellor, with a few suggestions as to where she might make spending cuts. Rachel needs these cuts because she can’t raise taxes and the British economy is lying flat on its back in an alleyway with wee dribbling down its leg. Growth is what we need, plus some serious savings to the Exchequer. Clearly, most civil servants should be sacked – bringing a bounteous gift to the nation’s coffers My first suggestion would be to cut the rate of benefits by

The Spectator

Portrait of the week: DeepSeek, Duke of Sussex’s damages and an iceberg the size of Cornwall

Home The government would invest 2.6 per cent of GDP a year to create growth, Rachel Reeves, the Chancellor of the Exchequer, said in a speech. Standing behind a placard reading ‘Kickstart economic growth’, she kept repeating the word ‘growth’. Welfare and the visa system would be reformed. A third runway at Heathrow would bring 100,000 jobs. But net zero, she said, was the ‘industrial opportunity of the 21st century’. Earlier she had said that the government’s own Finance Bill implementing October’s Budget would be amended to soften the effects of its tax measures against non-domiciled residents. The Ministry of Defence ordered £9 billion worth of nuclear submarine reactors from

Wednesday

Katy Balls

‘Props to Rachel’

12 min listen

Today was the day for Rachel Reeves, as she delivered her big growth speech in Oxfordshire. This was not this government’s first attempt to pivot towards a more business-friendly, growth-generating narrative, but it was its best effort. The headline announcement is, of course, a third runway at Heathrow, throwing her support behind the ‘badly needed’ expansion. However, a lot of what was announced will sound familiar to recently departed Tories, who laid the groundwork for Labour’s plans to properly connect the South East (or the ‘Oxford–Cambridge Arc’, as it has been repackaged). Will Rachel Reeves get her growth? Katy Balls speaks to Michael Gove and Kate Andrews. Produced by Oscar

Monday

Cindy Yu

Is Donald Trump warming to Keir Starmer?

16 min listen

Starmer and Trump have finally spoken, with a 45 minute phone call taking place between the two leaders. The pair reportedly discussed the ceasefire in Gaza, and trade and the economy, with Starmer attempting to find common ground by talking up his plans for deregulation. Cindy Yu speaks to Katy Balls and Kate Andrews about their relationship. Do these early signs suggest it will be wholly positive, or are there thornier issues to come?  Also on the podcast, Rachel Reeves is set to deliver a speech this week outlining her plans for growth – just how important is this week for her? Produced by Patrick Gibbons and Cindy Yu.

Thursday

Katy Balls

Reeves vs Miliband

10 min listen

After last week’s bond market jitters, the Chancellor pledged to go ‘further and faster’ to improve the UK’s anaemic economic growth. It looks as though Rachel Reeves’ hunt for growth could come at the expense of Labour’s green agenda. Reeves is poised to make a series of announcements over the next month, starting with a softened stance on non-doms and approval for Heathrow’s third runway – as well as expansions at Gatwick and Luton airports. The move indicates a shift in priorities, with economic growth taking precedence over climate targets. Ed Miliband, the Energy Secretary, is believed to be privately opposed to the airport expansion scheme. What happened to the

The Spectator

Portrait of the week: Trump’s inauguration, Israel-Hamas ceasefire and cardboard humans comfort lonely fish

Home Axel Rudakubana, 18, pleaded guilty to the murder of three girls in a knife attack at a Taylor Swift-themed dance class at Southport on 29 July 2024, and to ten attempted murders as well as possessing al Qaeda literature and producing the poison ricin. He had been charged with murder on 31 July but police insisted then that the incident was not being treated as terror-related; the culprit was charged with two terrorism offences on 29 October. From 30 July, rioting had swept the country for a week. Now it was disclosed that the murderer had been referred three times to Prevent, the anti-terrorism programme, when he was 13

Wednesday

Oscar Edmondson

Should Rachel Reeves be at Davos?

12 min listen

It’s Davos day two, and Rachel Reeves has touched down in Switzerland to continue her hunt for growth. On the agenda today was a fireside chat with the Business Secretary on ‘The Year Ahead for the UK’, and she will also be attending a series of meetings with business leaders. The party line is that ‘the time to invest in Britain is now’; however, she will be doing this from the sidelines, having not been given one of the headline speaking slots. Can she bring home the bacon? And why is Davos so important? Oscar Edmondson speaks to Katy Balls and Rupert Harrison, former chief of staff to George Osborne.

Thursday

Matthew Parris

Why was everyone fooled by Rachel Reeves?

It is some time since I could claim any close acquaintance with the daily skirmishes of workaday Westminster. From risers and fallers on the stock exchange of parliamentary esteem I stand somewhat aside these days: no longer a war correspondent sending back dispatches from the battles between tribes in the febrile atmosphere and smelly carpets of that suffocating fake-gothic palace. Such warfare needs to be reported, but in this I yield to colleagues better placed to report. It seemed Starmer and Reeves had allowed themselves to be persuaded that what they were not was enough If I’ve had any useful contribution – if as a commentator I’ve shed any light

The Spectator

Portrait of the week: Tulip Siddiq quits, Sturgeon splits from husband and Trump spared jail

Home Tulip Siddiq resigned as economic secretary to the Treasury, although she was found not to have broken the ministerial code; she had, however, lived in a flat provided by allies of her aunt, Sheikh Hasina, the deposed prime minister of Bangladesh, apparently under the impression that the flat was a gift from her parents, despite having signed a Land Registry transfer form for it. Rachel Reeves, the Chancellor of the Exchequer, flew to China and met He Lifeng, one of the four vice-premiers. In her absence the cost of government borrowing rose again, with the yield on 30-year gilts rising to 5.42 per cent, the highest for 27 years. Downing Street

Thursday

Kate Andrews

Borrowing costs soar – will Rachel Reeves have to go back on her word?

12 min listen

Long term borrowing costs for the government have reached levels not seen since 1998, and 10 year UK gilts are now at their highest point since the 2008 financial crash. Both surpass the levels seen during the Liz Truss premiership – and this hasn’t gone unnoticed by the former PM. A set of similar circumstances, but could the consequences be the same? What are the economic – and political – challenges facing Keir Starmer and Rachel Reeves? James Heales speaks to Kate Andrews and Katy Balls to unpack the latest tranche of economic data. Produced by Patrick Gibbons. 

Monday

The Spectator

The growing wealth gap between Britain and the US

New year predictions are always rash, but it feels as though one aspect of the story of 2025 can already be written. The gap between the economic fortunes of the US and Europe will continue to widen – and Britain will be trapped very much on the European side of the divide. In three weeks’ time the US will have a new leader, one who will unashamedly put the interests of US business first. Donald Trump’s threat of punitive tariffs may or may not be realised (as in his first term, it could prove to be a negotiating tool to press for the removal of restrictions on US exports and

James Heale James Heale

Rachel Reeves’s new year’s resolution

On Christmas Day, 12 million people watched the will-they-won’t-they couple Smithy and Nessa finally marry after 17 years in the finale of the hit BBC comedy series Gavin and Stacey. Yet for all the cheery sentiment, it’s a depressing thought that – statistically – in the real world the characters would be earning roughly the same amount at the series’ end in 2024 as they were at its beginning in 2007. Rachel Reeves’s task this year is to spring Britain from its low-growth trap. The early signs are not encouraging. Those captains of industry whom she once so assiduously courted are turning hostile. The Confederation of British Industry says private

Martin Vander Weyer Martin Vander Weyer

My business predictions for 2025

Headed for ‘the worst of all worlds’ is not where any of us would wish to find ourselves at the start of the new year. But that was the phrase used by the CBI economist Alpesh Paleja to sum up the predictions of member businesses – of reduced hiring and output, rising prices and weak growth. Since that survey, a revision to zero of the official growth figure for the third quarter of 2024 and reports of depressed pre- and post-Christmas consumer spending have provoked even darker whispers of a return to recession. Whence cometh such pessimism? Has it bubbled out of the Tories’ black hole of fiscal shame? Can

Friday

James Heale

Is Rachel Reeves turning into George Osborne?

18 min listen

Labour is supposed to be going for growth, so Keir Starmer and Rachel Reeves will be disappointed with the news today that the economy unexpectedly shrank in October, and for the second month in a row. Rachel Reeves’s mood seems to have visibly changed in the last month or so, is she having her George Osborne moment? And can she turn things around, or have the dynamics of the Labour–UK plc relationship changed irreversibly?  James Heale speaks to Katy Balls and Isabel Hardman. Produced by Patrick Gibbons and Oscar Edmondson.