Political Currency

Nearly a month into the war in Iran, and the White House’s objectives are no clearer. Donald Trump is sending conflicting signals - peace overtures in one moment, threats of further escalation in the next. The consequences of this instability is rippling far beyond the Middle East. Ed Balls and

George Osborne examine what Trump actually wants, and what his mixed messages might mean for allies like Britain, struggling to keep track.
At home, Keir Starmer and Rachel Reeves are on the backfoot. With the local elections just weeks away, and both Reform and the Greens on the rise, is the Prime Minister facing down an electoral battering at the polls? Is this the moment Labour's difficulties harden into something more lasting - could the May elections be a dress rehearsal for the next general election? Oh, and what on earth happened to Morgan McSweeney’s phone?

Finally, from political vulnerability, to political victory. Ed and George reflect on the one year anniversary of Mark Carney’s premiership. How has he managed to turn around the fortunes of the Liberal Party in remarkably difficult circumstances - and what lessons Starmer and other leaders facing similar headwinds might take from his playbook.
We love hearing from you, so please don’t forget to send all your EMQs to questions@politicalcurrency and make sure to include a voice note of your question.

This podcast is sponsored by Chip. Join 400,000 customers building long term wealth. Also Chip have agreed that just for our listeners, for your first £10,000 deposited into Chip before midnight 20 March 2026, they’ll give you a Fortnum & Mason hamper after holding it for 90 days - just head to getchip.uk/politicalcurrency.

T&Cs apply, you must be a new Chip customer, over 18, a UK tax resident, and it’s app only. Chip is a trading name of Chip Financial Limited. Savings products are provided by Clearbank and are protected up to the FSCS limit. When investing, your capital is at risk.

Thanks for listening. To get episodes early and ad- free join Political Currency Gold or our Kitchen Cabinet. If you want even more perks including our exclusive newsletter, join our Kitchen Cabinet today:

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Please note: Kitchen Cabinet is only available via Patreon.

Credits:

Research: Sam Burton
Production: Caillin McDaid & Caitlin Caitlin Hanrahan
Video Editor: Avi Asher
Executive Producer: Ellie Clifford

Political Currency is a Persephonica Production and is part of the Acast Creator Network.
Hosted on Acast. See acast.com/privacy for more information.

Fresh off regaling us with his tales in a Silicon Valley robotaxi, George Osborne is asked if they’re bound for London and what risks they may pose, in this week’s EMQs. Ed Balls echoes some of our listener’s concerns, but George argues this is no different than other tech evolutions like Uber.

The pair are then asked why Britain often appears reactive and not proactive for big economic shocks like the wars in Ukraine or Iran. Is this emblematic of problems within the Treasury? Problems in government? Or, an uncharitable read of tough political circumstances.

Finally, an anonymous police officer asks if the Home Office should focus more on retaining experienced officers, rather than recruitments and mergers, to improve services. He also poses a possible solution to this problem - should the police be permitted to take industrial action? Ed and George debate the merits of recruitment drives and what endemic issues need solving to help improve the police.

We love hearing from you, so please don’t forget to send all your EMQs to questions@politicalcurrency and make sure to include a voice note of your question.

This podcast is sponsored by Chip. Join 400,000 customers building long term wealth. Also Chip have agreed that just for our listeners, for your first £10,000 deposited into Chip before midnight 20 March 2026, they’ll give you a Fortnum & Mason hamper after holding it for 90 days - just head to getchip.uk/politicalcurrency.

T&Cs apply, you must be a new Chip customer, over 18, a UK tax resident, and it’s app only. Chip is a trading name of Chip Financial Limited. Savings products are provided by Clearbank and are protected up to the FSCS limit. When investing, your capital is at risk.

Thanks for listening. To get episodes early and ad- free join Political Currency Gold or our Kitchen Cabinet. If you want even more perks including our exclusive newsletter, join our Kitchen Cabinet today:

👉 patreon.com/politicalcurrency
👉 Apple Podcasts

Please note: Kitchen Cabinet is only available via Patreon.

Credits:

Research: Sam Burton
Production: Caillin McDaid & Henrietta Harrison
Video Editor: Avi Asher
Executive Producer: Ellie Clifford

Political Currency is a Persephonica Production and is part of the Acast Creator Network.
Hosted on Acast. See acast.com/privacy for more information.

The war in the middle east has entered its third week. Tensions rose overnight when Israel hit a natural gas field in Iran, and Iran retaliated by bombing gas facilities in Qatar. The result was oil prices skyrocketing. Ed Balls and George Osborne discuss what appears to be a communication breakdown between Israel and the US, and question whether they are aligned in their respective endgames.

Earlier this week the Chancellor Rachel Reeves gave the Mais lecture at the Bayes Business School. She said fiscal devolution, closer relations with Europe, AI and innovation would bring growth in the UK. But was the speech too partisan and lacking economic theory?

And, Angela Rayner is back - delivering a speech criticising the government’s proposed immigration reforms. Is she planning to stick the knife in Keir Starmer, à la Michael Heseltine and Margaret Thatcher, and if so - does she have the right qualifications to lead the country? Ed and George look at past transitions mid-government for Labour and more widely, and examine how Rayner’s strengths and weaknesses may impact her chances at No. 10.

We love hearing from you, so please don’t forget to send all your EMQs to questions@politicalcurrency and make sure to include a voice note of your question.

This podcast is sponsored by Chip. Join 400,000 customers building long term wealth. Also Chip have agreed that just for our listeners, for your first £10,000 deposited into Chip before midnight 20 March 2026, they’ll give you a Fortnum & Mason hamper after holding it for 90 days - just head to getchip.uk/politicalcurrency.

T&Cs apply, you must be a new Chip customer, over 18, a UK tax resident, and it’s app only. Chip is a trading name of Chip Financial Limited. Savings products are provided by Clearbank and are protected up to the FSCS limit. When investing, your capital is at risk.

Thanks for listening. To get episodes early and ad- free join Political Currency Gold or our Kitchen Cabinet. If you want even more perks including our exclusive newsletter, join our Kitchen Cabinet today:

👉 patreon.com/politicalcurrency
👉 Apple Podcasts

Please note: Kitchen Cabinet is only available via Patreon.

Credits:

Research: Sam Burton
Production: Caillin McDaid & Henrietta Harrison
Video Editor: Avi Asher
Executive Producer: Ellie Clifford

Political Currency is a Persephonica Production and is part of the Acast Creator Network.
Hosted on Acast. See acast.com/privacy for more information.

The saga of Gordon the chicken continues this week with Beatrice Gove, Michael’s daughter, sending in a question to tell us more about the incident. Ed Balls and George Osborne then answer her question about polling showing Labour and Reform out in front as the parties most trusted by business. Is this a concern for Keir Starmer? What does it mean when business starts gravitating towards opposition parties?

The pair then consider the great cultural exchanges across British history, in light of the Bayeux Tapestry coming to the British Museum this year. The examples range from Beatlemania all the way to K-Pop. Do these moments help strengthen bonds between countries? What impact do shared cultural experiences have on our diplomatic relations around the world?

They then debate the fairness of Shaban Mahmood’s proposed changes to indefinite leave to remain, and the potential consequences of being less stringent on high-earning workers as compared to low-earners.

Finally, a listener stuck in Dubai enquires about what goes on behind the scenes during crises and whether negative comments from the likes of Ed Davey in response to the ex-pats was misjudged. They cite past examples from Afghanistan to Libya, how governments handled those situations behind the scenes, and when the right time to make large scale interventions like that are necessary.

We love hearing from you, so please don’t forget to send all your EMQs to questions@politicalcurrency and make sure to include a voice note of your question.

This podcast is sponsored by Chip. Join 400,000 customers building long term wealth. Also Chip have agreed that just for our listeners, for your first £10,000 deposited into Chip before midnight 20 March 2026, they’ll give you a Fortnum & Mason hamper after holding it for 90 days - just head to getchip.uk/politicalcurrency.

T&Cs apply, you must be a new Chip customer, over 18, a UK tax resident, and it’s app only. Chip is a trading name of Chip Financial Limited. Savings products are provided by Clearbank and are protected up to the FSCS limit. When investing, your capital is at risk.

Thanks for listening. To get episodes early and ad- free join Political Currency Gold or our Kitchen Cabinet. If you want even more perks including our exclusive newsletter, join our Kitchen Cabinet today:

👉 patreon.com/politicalcurrency
👉 Apple Podcasts

Please note: Kitchen Cabinet is only available via Patreon.

Credits:

Research: Sam Burton
Production: Caillin McDaid, Caitlin Hanrahan & Eve Jones
Video Editor: Avi Asher
Executive Producer: Ellie Clifford

Political Currency is a Persephonica Production and is part of the Acast Creator Network.
Hosted on Acast. See acast.com/privacy for more information.

After weeks of speculation we finally saw the first release of the files concerning Peter Mandelson’s appointment and sacking as US Ambassador. Ed Balls and George Osborne delve into the revelations within the files, and whether any of the new information damages the government or prime minister. Was there a smoking gun in the files? Is the worst information now out there? Or, are there more damaging revelations to come?

Then, they return to the Iran conflict and reassess what Trump’s strategy is. Can he declare victory now and avoid risking his reputation? Or has this war created problems he can’t outrun? They also discuss the emerging energy crisis, and whether central banks should cut, hold, or raise interest rates in light of the conflict.

Finally, with Tony Blair saying the government should have followed America into Iran, Gordon Brown weighing in on Mandelson, and Boris Johnson pushing for boots on the ground in Ukraine, we’ve seen an increasing number of interventions by ex-PMs. Is this a new trend? If so, what are these ex-PMs hoping to achieve? How effective are their interventions in shifting government policy?

We love hearing from you, so please don’t forget to send all your EMQs to questions@politicalcurrency and make sure to include a voice note of your question.

This podcast is sponsored by Chip. Join 400,000 customers building long term wealth. Also Chip have agreed that just for our listeners, for your first £10,000 deposited into Chip before midnight 20 March 2026, they’ll give you a Fortnum & Mason hamper after holding it for 90 days - just head to getchip.uk/politicalcurrency.

T&Cs apply, you must be a new Chip customer, over 18, a UK tax resident, and it’s app only. Chip is a trading name of Chip Financial Limited. Savings products are provided by Clearbank and are protected up to the FSCS limit. When investing, your capital is at risk.

Thanks for listening. To get episodes early and ad- free join Political Currency Gold or our Kitchen Cabinet. If you want even more perks including our exclusive newsletter, join our Kitchen Cabinet today:

👉 patreon.com/politicalcurrency
👉 Apple Podcasts

Please note: Kitchen Cabinet is only available via Patreon.

Credits:

Research: Sam Burton
Production: Caillin McDaid & Richard Attley
Video Editor: Avi Asher
Executive Producer: Ellie Clifford

Political Currency is a Persephonica Production and is part of the Acast Creator Network.
Hosted on Acast. See acast.com/privacy for more information.