Political Currency EMQs: How much power do chancellors have?
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Dec 1, 2025 The dynamic duo explore how chancellors have historically protected prime ministers from disastrous decisions. Ed recounts pivotal moments with Gordon Brown and Tony Blair, while George reflects on missed opportunities with David Cameron. They tackle the impacts of minimum wage increases on youth employment and ponder the strange role of the opposition in budget speeches. The conversation takes a lighter turn as they share their dream jobs beyond politics, proving that even political heavyweights have aspirations beyond the corridors of power.
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Budget Context Shapes The Discussion
- The podcast records the day after the budget, framing discussions around recent fiscal decisions and political dynamics.
- George Osborne and Ed Balls use that context to explore how chancellors influence policy and hold prime ministers to account.
Small Restaurants Feel Minimum Wage Ripples
- Harriet, a small-restaurant owner, explains minimum wage rises force pay compression and price increases in tight-margin hospitality.
- Ed Balls sympathizes and recounts introducing the national living wage and its effects on low-income incomes and labour markets.
Reset Minimum Wage Institutions
- Review the institutional framework setting minimum wages to balance fairness and labour market health.
- Monitor youth unemployment and adjust youth-wage policy to avoid substitution that harms young workers.