Could Chancellor Rachel Reeves’ gamble pay off?

5 snips

Mar 27, 2025

Chancellor Rachel Reeves faces tough scrutiny over her Spring Statement, with critics questioning her gamble's efficacy. Ed Balls and George Osborne dissect her inflexible fiscal strategies and ponder the UK’s welfare reforms amid rising economic uncertainty. The duo reflects on unexpected global economic challenges, including the impact of new U.S. tariffs and the lingering Brexit fallout. Adding a twist, they delve into a bizarre security breach involving U.S. officials and highlight the rising importance of secure messaging platforms in political circles.

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ANECDOTE

Sichuan Fish Hot Pot

Ed Balls and George Osborne discuss recording remotely after a trip to Hong Kong.
They detail a memorable Sichuan fish hot pot dinner.

INSIGHT

Missed Opportunity

Rachel Reeves's spring statement was a missed opportunity to abandon fiscal rules.
She prioritized fiscal rigidity, akin to staying at a roulette table after a loss.

INSIGHT

Welfare Reform Messaging

The government's last-minute welfare changes appear driven by fiscal targets, not policy goals.
This undermines the messaging around welfare reform.

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Has Chancellor Rachel Reeves got it right? Ed Balls and George Osborne provide their immediate reaction to her Spring Statement, questioning whether she’s missed her big opportunity for a relaunch. George likens her approach to ‘staying at the Roulette table’, having failed to land on black the first time around…

He also compares her inflexibility to fiscal rules to his own approach while Chancellor, before the pair turn their attention to the government’s own impact assessment on welfare reform. Ed explains what the findings of the report potentially means for millions of families across the country.

And, having returned from the HSBC Global Investment Summit in Hong Kong mere hours before recording, they turn their attention to uncertainty over the global economy following the announcement of yet more tariffs from Donald Trump. They also ponder somewhat gloomy international perceptions of the UK, with Brexit and Liz Truss being consistent themes that are still raised in conversations abroad.

Finally the US national security establishment strayed into farcical territory this week, sharing operational details of a strike on Houthi rebels in Yemen on the messaging app Signal - and accidentally including the editor of The Atlantic, Jeff Goldberg, in the conversation. George and Ed express their bemusement at this turn of events and share their own experiences in government of receiving highly classified intelligence...

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