Unhedged What elections in France and the UK mean for markets
Jul 9, 2024
FT's economics commentator Chris Giles discusses the impact of recent elections in the UK and France on global markets and finance. The podcast delves into the changes in government, economic strategies, market implications, and the importance of trust in politics. It also explores portfolio diversification, caution with election polls, and the role of the European Central Bank in stabilizing financial markets.
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Election Night Tracking
- Chris Giles stayed up all night to track the UK election results using a wool chart and felt tip pens.
- The standout moment was Liz Truss losing her seat, the biggest swing in Norfolk.
New Labour Government's Early Focus
- The new UK Labour government, with Chancellor Rachel Reeves, has focused on quick policy changes like tearing up restrictive planning regimes.
- These changes aim to accelerate housing construction and essential infrastructure projects.
Fiscal Challenges for Labour
- The Labour Party's campaign promise of not raising taxes clashes with the need for increased public spending.
- Reeves faces the challenge of addressing public service issues while maintaining fiscal responsibility.