Ed Balls and George Osborne take us behind closed doors into the rooms where decisions are made. Having battled it out across the despatch box, the former Chancellor and shadow chancellor now meet in the studio to discuss the decisions that affect the nation’s pockets. Our frenemies have the knowledge and experience to explain how good politics follows the economics - and expose how the powerful become powerless when faced with market forces and political currents they can’t control. Join us every Thursday.
Send your messages or voice notes to questions@politicalcurrency.co.uk
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Political Currency is a Persephonica production.
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Ed Balls and George Osborne take us behind closed doors into the rooms where decisions are made. Having battled it out across the despatch box, the former Chancellor and shadow chancellor now meet in the studio to discuss the decisions that affect the nation’s pockets. Our frenemies have the knowledge and experience to explain how good politics follows the economics - and expose how the powerful become powerless when faced with market forces and political currents they can’t control. Join us every Thursday.
Send your messages or voice notes to questions@politicalcurrency.co.uk
Find us on social media @polcurrency
Political Currency is a Persephonica production.
Hosted on Acast. See acast.com/privacy for more information.
A dramatic U-turn from Labour has stopped them from breaking their manifesto, but it has also left the Budget looking messy and wide open to risk. The expected income tax rise has been shelved in favour of what some insiders call a “smorgasbord” of smaller taxes. In this episode of Political Currency, Ed Balls and George Osborne dig into whether this was a rushed scramble or a smart political play. - and the extent to which it has knocked Rachel Reeves off the story she had been shaping in the run up to Budget week.
Away from the Budget noise, all eyes turned to Shabana Mahmood and her sweeping overhaul of the asylum and refugee system. The announcement has split Labour supporters. Is this the arrival of what some are already calling "Mahmoodism"? And will these measures work in practice, or just push parts of the left toward the Greens or the Lib Dems?
Finally, George and Ed look from Tehran to California, where George’s former colleague Steve Hilton is suddenly leading the race for governor. Can his Trump style rhetoric, polished social media - and even the promise to control the weather - deliver an upset in a solidly Democrat state?
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What is the real purpose of Prime Minister's Questions? As an ‘infuriated’ listener asks why the Speaker can't force politicians to answer, George Osborne breaks down why PMQs is ‘political theatre’ and what most people misunderstand about it, while Ed Balls explains why David Lammy’s recent performance revealed the real procedural power the Speaker holds.
Then, prompted by a question from Shadow Cabinet minister Victoria Atkins, the pair break down when cross-party support actually works, and when it’s just a ‘bear trap’ for the opposition.
And, reporting from the COP summit in Brazil, the hosts of the Outrage & Optimism podcast ask why the UK failed to put money into the 'Tropical Forests Forever' facility, leading Ed and George to discuss the 'crumbled' political consensus on foreign aid.
Finally, the pair delve into the reality of rejoining the EU. Could the UK get the same deal as before? And what's the real obstacle to rejoining - could it be the Euro, the non-negotiable issue of free movement, or something else altogether?
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A bizarre briefing war has exploded in Westminster, with Wes Streeting accused of plotting a coup against Keir Starmer. Ed Balls and George Osborne analyse the ‘toxic culture’ in Number 10: who was really behind the briefing, and has this ‘self-destructive’ move inadvertently strengthened Streeting while fatally weakening the Prime Minister?
Meanwhile, the BBC is in turmoil, with its Director General and Head of News resigning over the Donald Trump Panorama controversy. With George himself now tipped for the top job, the pair unpack the corporate governance collapse. And, can Donald Trump really win his $1 billion lawsuit against the British broadcaster?
Finally, Ed and George turn to Donald Trump snubbing the G20 over his claims of a "genocide" in South Africa. They explore the deepening divisions in the MAGA movement over controversial figures like Nick Fuentes, and ask if this identity politics of the "woke right" is a brand that Nigel Farage is about to import to the UK.
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What political rival would you share a 12-hour flight with? Ed Balls and George Osborne dive into this very question, revealing the old foes and opposite numbers who would make the best long-haul companions.
And can an unpopular leader tank a popular policy? The pair debate how a leader’s image affects a government, and whether an unpopular messenger will derail a popular message no matter what. They also examine the meaning of 'fairness' in politics, and whether Labour or the Tories can truly lay claim to the term.
Finally, Ed’s new title as a "Lifelong Learning Ambassador" sparks a discussion on the 'Cinderella service' of adult skills and why no government can seem to get it right.
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Rachel Reeves has set the stage for a dramatic Budget, seemingly signaling a "massive political gamble" by preparing to raise taxes on working people. Ed Balls and George Osborne analyse her pitch-rolling: has she boxed herself in, becoming the market's "guarantor" against her own party? And can she possibly sell this to an already-squeezed public?
Meanwhile, Kemi Badenoch marks one year as Conservative leader - but, despite her sharp "waffle bomb" attack on the Chancellor, her poll ratings remain dire. Ed and George assess her performance: has she successfully stabilised the party's finances, or did she waste a year on identity politics instead of the economy? Plus, the pair explore why even Nigel Farage is suddenly pivoting away from tax cuts.
And, what can a "Democratic Socialist" mayor in New York teach UK politics? Ed and George debate the real lessons from Zoran Mandani's shock victory - is it about left-wing policy, or a masterclass in new communication and building the broad coalitions that Starmer, Badenoch, and Farage all need?
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Why won't Labour make rejoining the EU its new "silver bullet" against Nigel Farage? A listener challenges Ed Balls and George Osborne on tackling the "political third rail" of Brexit. Ed argues the EU wouldn't even want the UK back on its old terms - likely forcing the Euro and Schengen - while George predicts Britain will inevitably "creep back" towards the Single Market.
Then, a direct question from the Gates Foundation confronts the former Chancellors on the 40% cut to foreign aid. George, the Chancellor who delivered the 0.7% target, blasts the "remarkably silent" and "compliant" aid community, delivering a stark warning to "get louder" or face even more cuts.
Plus, with Tess Daly and Claudia Winkleman stepping down, could Ed and George be the new hosts of Strictly Come Dancing? The pair reveal how unscripted the podcast really is, George shares his favorite TikTok restaurant reviewer, and Ed reacts to his "hot phase" going viral on social media…
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Executive Producer: Ellie Clifford
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Keir Starmer has weathered one of the most brutal weeks of his tenure. The Caerphilly by-election collapse, a divisive Deputy Leadership election, and the mistaken release of a high-risk prisoner have ignited leadership speculation and exposed deep party tensions. Ed Balls and George Osborne debate where it's all gone wrong, and whether Starmer can hold on.
The pair then look ahead to the Budget and Rachel Reeves's fiscal black hole. Can she uphold Labour’s 'tax lock' manifesto pledge, or will she be forced to raise one of the 'big three' taxes? Ed and George analyse a choice that could be make-or-break for the government.
Finally, they dive into Donald Trump's whirlwind Asia tour. Following his major summit with Xi Jinping, they ask: is his tariff doctrine a chaotic madman theory, or is it successfully strong-arming new 'America First' trade deals?
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Is the centre ground of British politics dead? A 15-year-old listener challenges George Osborne and Ed Balls on the surge of Reform and the Greens, forcing them to ask if the centre can truly fight back against populism.
And why are bats, newts, and even spiders causing such chaos for British planning? The pair dive into the costly industry of species protection, discussing hundred-million-pound bat tunnels, a town centre stopped by spiders, and historic dockyards left unrenovated due to nesting birds.
Plus, the real historical reason for Parliament's subsidised bars, ‘sleepovers with mummies’ at the British Museum and George sets the record straight on what he actually did in his second government job as First Secretary of State.
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As Chancellor Rachel Reeves prepares for a tough Budget, a new narrative is emerging: it's all Brexit's fault. Ed Balls and George Osborne examine whether the 'Brexit blame game' is a smart political strategy or a 'backward-looking excuse' that voters won't buy. And they discuss if it's too late for Labour to build a compelling economic story.
Then, the pair dive into the 'appalling' turmoil inside Keir Starmer's No. 10. Are 'staggering' and 'juvenile' briefings against the new Cabinet Secretary a sign of a government in chaos? And as the Prince Andrew saga dominates the headlines, they debate the 'endgame' for the Senior Royal and why George believes it’s time for the Prime Minister to step in.
Plus, with George reporting from San Francisco, the pair give their take on the AI boom. With 'eye-watering valuations' for companies like OpenAI, is the world on the verge of an AI bubble bursting?
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Could Ed Balls ever be tempted to become a Tory? And would George Osborne ever consider joining the Labour Party? The pair are forced to confront the ultimate political taboo after a listener asks if they could “pull a Winston Churchill” and cross the floor.
George also recounts his recent on-stage reunion with Sir Nick Clegg, discussing with Ed whether the UK is destined for a multi-party system and if coalition governments are a recipe for success or instability.
Plus, the President of the National Farmers' Union directly challenges the hosts on the 'family farm tax,' asking whether the Treasury has become an impenetrable silo; could a stamp duty holiday solve the housing crisis; and why one listener has dubbed the podcast 'The Redemption of George Osborne'.
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Has the collapse of the China spy trial permanently damaged the Prime Minister? Ed Balls and George Osborne discuss how the ongoing saga of who knew what and when is causing untold damage to the Government.
And as Donald Trump declares ‘a new dawn’ in the Middle East, with the ceasefire appearing to be holding in Gaza, the pair debate if the US President should get the Nobel peace prize and whether the UK government is ‘delusional’ in thinking they had a hand in the process…
Plus, with the larger parties not getting a look-in, will the Sennedd by-election in Wales next week be the beginning of the political earthquake that shakes the UK? Prompted by ITV Wales’ National Correspondent Rob Osborne, Ed and George look at why Wales is often overlooked when it comes to nation-wide coverage and scrutiny.
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Executive Producer: Ellie Clifford
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Is the modern Conservative Party a repudiation of the Cameron-Osborne years? George Osborne is challenged by Ed Davey, who asks him to consider whether Kemi Badenoch's leadership means there's no place for him in the party he once helped lead.
Then, Ed Balls sets the record straight on one of New Labour's defining policies, revealing the true story behind making the Bank of England independent and taking credit from both Gordon Brown and Tony Blair.
Also on the agenda: the breaking of unwritten rules during party conference season, the politics of attending the Women's Rugby World Cup final, and the Brexit parallels of trying to reform the ECHR.
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Empty chairs, misspelling Britain, and a surprisingly good speech from Kemi Badenoch have brought a rollercoaster Conservative conference to a close. Ed Balls and George Osborne weigh up whether the highs outweighed the lows and ask if Badenoch has bought herself more time. And, with the threat from Reform looming, they ask: is a pact still on the table?
The pair then dissect one of the conference's biggest bombshells: the pledge to leave the ECHR. Is this another Brexit-in-the-making, or a savvy political move? And could Keir Starmer, the former human rights lawyer, be the one person with the credibility to reform the system and solve one of his biggest political headaches?
Plus, Ed and George dive into the Whitehall blame game over the collapsed China spy case. As the government's top figures point fingers, Ed reveals a stunning conspiracy theory about what might really be going on behind the scenes…
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Why is New Labour suddenly going viral on TikTok? In this week’s Ex-Ministers’ Questions, Ed Balls and George Osborne respond to their Gen Z fans who are remixing their greatest political moments into social media edits.
With Labour conference just finished, Ed and George ask whether Keir Starmer is really a Blairite, a Brownite, or breaking with New Labour altogether. They also debate what Starmer and Rachel Reeves need to do to put Scottish Labour back in contention at the Holyrood elections next May.
And before the Conservative conference begins in Manchester, George warns that the second year in opposition is always worse than the first, and sets out how the Tories and Kemi Badenoch might plot a comeback.
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Keir Starmer went into the Labour Party Conference in a perilous position, fighting off a 'rolling assault' from within his own party. In a make-or-break speech, he shifted his fire from the Conservatives to a new opponent: Nigel Farage. Was this a clever tactic to unite his base and redefine the political battlefield, or a risky gamble that elevates his rival? George Osborne and Ed Balls analyse the strategy, the rhetoric, and whether the speech has truly changed anything outside the conference hall.
And a bombshell has landed from Washington: Donald Trump, Benjamin Netanyahu, and the shock return of Tony Blair with a new Gaza peace plan. A week after clashing over whether the UK's role on the discussion around Palestine was irrelevant or a game-changer, Ed and George are back to debate who was right.
Meanwhile, Chancellor Rachel Reeves quietly floats a major change to the UK’s economic rulebook, proposing to scrap one of the OBR's two annual forecasts. Ed and George unpack a seemingly technical move with huge consequences for Britain's economic credibility.
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When does a party conference go well? And when does disaster strike? Ahead of the main party conferences, Ed Balls and George Osborne dive into their memories to reveal what really happens behind the scenes.
From George's first job as a Tory 'observer' faxing Tony Blair's speeches to No. 10, to Ed staying up so late he saw the breakfast TV crews setting up, they share the ultimate insider's guide to navigating this political “goldfish bowl”.
The pair are joined by special contributors with their own incredible stories: Lord Eric Pickles on his bizarre role managing Denis Thatcher's applause; Sir Oliver Letwin with a powerful, first-hand account of the 1984 Brighton bombing; and journalist Nick Robinson on the moment he confronted a furious Prime Minister.
Plus, Ed and George discuss what separates a good conference from a disastrous one, and why you should always be careful what you say in the lift…
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Donald Trump's wild speech at the UN General Assembly has done more than just cause a diplomatic headache; it's exposed the deep tensions simmering just below the surface of Keir Starmer's government.
His attack on Sadiq Khan saw senior ministers like Wes Streeting and Shabana Mahmood scrambling to respond, raising the question: in a party rife with leadership speculation, is loyalty still the best strategy? With mounting speculation that Manchester Mayor Andy Burnham is gearing up for a leadership challenge, Ed Balls and George Osborne dig into the manoeuvres and what they signal about the stability of Starmer's leadership, in a week where the UK also made its historic move to recognise the Palestinian state.
Meanwhile, another great challenge looms for the government: the economy. With a reported £30 billion fiscal hole to fill, could a controversial wealth tax be the answer? And as the government seeks to respond to pressure on migration, is a return to ID cards the right move? George thinks the time has come for a digital identity scheme, but Ed is deeply sceptical it can work…
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Richard Curtis, rom-com extraordinaire who put Notting Hill on the map is asking a question this week: he wants to know what areas Ed Balls and George Osborne are seeing progress and hope. Doom, gloom and cynicism are on hold - for a week, at least - for the pair to consider some more optimistic matters. Ed is hopeful about advancements on taking on diseases, while George considers the steps technology has improved people’s lives.
Meanwhile, Sadiq Khan asks about what they love most about London (spoiler: the tube gets a mention), and Seyi Akiwowo, the director of Glitch, a non-profit organisation campaigning to end online abuse, gets Ed and George thinking about hopeful advice for those casting their first vote and finding their political voice.
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Producer: Miriam Hall
Senior Producer: Silvia Maresca
Video Editor: Oliver Geraghty
Executive Producer: Ellie Clifford
Political Currency is a Persephonica Production and is part of the Acast Creator Network.
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President Donald Trump is in town, so it’s back to Windsor Castle for our Ed Balls! A podcast recording the morning after a lavish state banquet? Not a problem, it’s all par for the course for Ed, who has apparently been catching up on Downton Abbey in preparation. He brought George Osborne up to speed on the events of the evening; who sat where and did he get to say hello to the 47th president?
It’s hard to believe the US President’s visit could be considered a reprieve for Prime Minister Keir Starmer after a grueling two weeks back from summer recess. Soon after Angela Rayner made her sudden, tax-enforced exit the government faced its next drama: US Ambassador Peter Mandelson and his long, email-documented friendship with sex offender Jeffrey Epstein. A deputy leadership contest, scrutiny over Mandelson vetting process and - in recent days - questions over whether Andy Burnham is gunning for Starmer’s job…
It should be catnip for leader of the Tories, Kemi Badenoch - except Danny Kruger’s gone and spoiled it by defecting to Reform!
Meanwhile, the Federal Reserve has cut rates for the first time this year - while the Bank of England is holding firm at 4%. Ed and George take stock of the global economic position and what's next for the bond market after its moment of tumult earlier this month …
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Producer: Miriam Hall
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Executive Producer: Ellie Clifford
Political Currency is a Persephonica Production and is part of the Acast Creator Network.
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What really happens in the frantic first 24 hours of a new government job? This week on Ex-Ministers’ Questions, Ed Balls and George Osborne lift the lid on the art of political survival. From the scramble of last-minute briefings to the insider secrets government drivers know before their ministers do, they swap stories on navigating the chaos of a reshuffle.
Then it’s from the Cabinet Office to the kitchen, as George grills Ed on one of Westminster’s most notorious culinary conspiracies: Lasagna-gate. Was that dinner party at the Balls-Cooper house really a covert plot to bring down Ed Miliband?
And after serving up some advice for a new podcasting rival, the duo look ahead: could a robot outshine a human as a political speechwriter? They put it to the test in real time, asking AI to pen a Shakespearean sonnet on the spot. The result? You’ll have to hear it to believe it…
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Credits:
Producer: Miriam Hall
Senior Producer: Silvia Maresca
Video Editor: Oliver Geraghty
Executive Producer: Ellie Clifford
Political Currency is a Persephonica Production and is part of the Acast Creator Network.
Hosted on Acast. See acast.com/privacy for more information.