Political Currency Budget Hot Take: Has Chancellor Rachel Reeves saved herself? | LIVE reaction
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Nov 26, 2025 Rachel Reeves delivered a high-stakes budget with mixed reviews. Ed Balls argues it primarily catered to Labour MPs while lacking growth focus. George Osborne critiques the overtly political tone and how it misses engagement with swing voters. They discuss the controversial freeze on tax thresholds, which could breach Labour's tax pledges. The hosts also dive into economic forecasts, noting weak growth and increased financial strain on households. Finally, they analyze the budget's long-term electoral risks for Labour amid rising taxes and diminishing incomes.
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Budget Aimed At MPs Not Voters
- George Osborne argues the budget is aimed at Labour MPs rather than voters and growth.
- He says Rachel Reeves raised taxes chiefly to fund benefits despite not needing to by OBR forecasts.
Markets Largely Unfazed
- George Osborne says markets barely reacted and the budget met fiscal rules with extra margin.
- He warns tax rises are delayed into later years and spending assumptions create potential holes.
Tax And Spend With Little Growth Push
- Ed Balls lists major measures: long freezes, abolishing two-child limit, new taxes and EV charges.
- He observes the budget lacks decisive supply-side growth measures and won't move GDP much.