FT News Briefing Political Fix: Labour's year in review
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Dec 23, 2025 
In this insightful discussion, Anna Gross, FT politics correspondent, Stephen Bush, political columnist, and Chris Giles, FT economics commentator, delve into the tumultuous year for the Labour party under Keir Starmer. They explore Starmer's plummeting popularity, the impact of budget leaks, and how trust in government has waned. The panel also analyzes fiscal strategies and the political fallout from the budget, including the potential for a leadership challenge and the rise of Reform UK. Join them as they assess the future of UK politics in a year of chaos.
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Budget Calmed Markets But Upset Voters
- The budget steadied UK borrowing and kept bond markets calm relative to peers.
- It raised substantial taxes to fund welfare, which unsettled businesses and public opinion.
Leaks Deepened Perceptions Of Chaos
- Leaks and internal chaos around budget decisions damaged trust in government.
- The reversal on income tax felt like a betrayal of a key manifesto pledge to many MPs and voters.
Popular Policy, Weak Electoral Payoff
- Ending the two-child benefit cap is a policy win for Labour but not an obvious electoral winner.
- MPs appreciate the social impact but worry it won't translate into votes.