Newscast The Budget: Rumours And Reality (The Big Weekend Debate)
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Nov 23, 2025 
Jeremy Hunt, a former Chancellor, shares insights on fiscal constraints and the high burden of debt. Sharon Graham, leader of Unite the Union, criticizes Labour for lacking a robust tax strategy, stressing the need for investment in workers and industry. Andy Haldane, ex-Chief Economist at the Bank of England, explores the impact of fiscal uncertainty on growth and highlights the importance of market confidence. The trio sparks debate on borrowing for investment versus immediate spending needs, emphasizing the critical need for a credible budget plan that benefits the economy and the public.
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Government Uncertainty Slowed Growth
- Andy Haldane argues the government's own fiscal uncertainty has paused investment and spending, slowing the economy in the second half of the year.
- That self-inflicted “fiscal fandango” repeated a pattern from the previous year and trapped growth despite rising real wages.
Expectation Gap On Labour's Strategy
- Sharon Graham says Labour voters expected a clear pro-worker industrial strategy but instead see belt-tightening and avoidance of taxing the wealthy.
- She frames a modest wealth tax on the top 1% as a politically and fiscally viable alternative to hitting pensioners and disabled people.
Pair Spending Discipline With Growth Plan
- Jeremy Hunt advises that governments need a growth strategy if they avoid tax cuts like those he supported previously.
- He warns that without a growth plan, higher taxes risk crimping growth and forcing further painful budgets.