Political Fix Political Fix Live: Labour’s year in review
Dec 12, 2025
Anna Gross, an FT politics correspondent, Stephen Bush, a political columnist, and Chris Giles, an FT economics commentator, discuss the turbulent year for Labour under Keir Starmer. They analyze market reactions to the budget and the fallout from tax rises, emphasizing the public's growing discontent. The trio also dives into potential leadership challenges, the impact of fiscal credibility on the markets, and the dynamics of Conservative strategies. Additionally, they explore international relations and the implications of Scottish nationalism.
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Markets Largely Satisfied By Budget
- Financial markets have been relatively accepting of the budget because UK bond yields stayed flat while other countries' yields rose.
- Markets view the budget as stabilising UK public finances despite public and business disquiet.
Chaos And Leaks Deepen Public Distrust
- Leaks and chaotic handling of the budget damaged perceptions of government competence.
- Anna Gross says the income tax U-turn and pre-election manifesto promise break amplified distrust.
Policy Wins May Not Win Elections
- Welfare changes like ending the two-child benefit cap please Labour MPs but won't necessarily win elections.
- Stephen Bush warns policy success doesn't automatically translate into electoral success.