Andy Burnham has promised Britain can “hope again”. But with inflation rising, borrowing costs soaring and trillions of pounds of national debt, how much room does Chancellor John Healey actually have to deliver in the budget on Oct. 28?
This week, Pat and Sascha speak to Treasury insiders to find out who really calls the shots when a Chancellor puts together a budget. First, they hear from Matt Pound, one of former Chancellor Rachel Reeves’ closest advisers, about the tough choices facing Healey, the dangers of leaks and U-turns, and why keeping the bond markets onside matters more than politicians might like to admit.
Then, Cameron Brown and Simon Finkelstein, two former Treasury officials who lived through the turmoil of the Liz Truss era, reveal just how obsessed Westminster is with the bond markets. And POLITICO’s Financial Services Editor Fiona Maxwell gives her predictions for what Healey might have in store on budget day.