Coffee House Shots Why Reeves's smorgasbord Budget won't fix Britain
7 snips
Nov 25, 2025 James Nation, former Treasury official and current managing director at Forefront Advisers, teams up with economics editor Michael Simmons to dissect the UK Budget. They explore the chaotic budgeting process, debating whether it's symptomatic of a 'broken Britain.' James explains the intricate final preparations behind the scenes, while Michael discusses leaked measures, terming them a 'smorgasbord.' The duo also hashes out Rachel Reeves's evolving political stance and the delicate balance between growth reforms and voter promises.
AI Snips
Chapters
Transcript
Episode notes
Every Word In The Red Book Matters
- The Treasury signs off every word in the Red Book and chooses language deliberately to signal intention or uncertainty.
- Small wording changes reveal whether measures are firm commitments or loose ambitions.
Use Wording To Judge Policy Certainty
- Look at Treasury language closely before judging a policy's permanence or detail.
- Read descriptions like 'ambition' or 'woolly' as deliberate signals about certainty.
Smorgasbord Budget Upsets Market Expectations
- Markets expected early, tough consolidation but Reeves's budget looks like a 'smorgasbord' of giveaways now and tax rises later.
- That mismatch explains some market and public confusion about the Budget's direction.