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PODCAST

Political Currency

Ed Balls and George Osborne take us behind closed doors into the rooms where decisions are made. Having battled it out across the despatch box, the former Chancellor and shadow chancellor now meet in the studio to discuss the decisions that affect the nation’s pockets. Our frenemies have the knowledge and experience to explain how good politics follows the economics - and expose how the powerful become powerless when faced with market forces and political currents they can’t control. Join us every

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All Episodes

43:59

EMQs: Is it time for a Tory/Labour truce?

Political Currency ·

2025/11/24

With politics fraying and radical parties growing in strength, could the Tories and Labour come together and merge into a grand coalition of the centre? Surely George Osborne and Ed Balls have proven on this podcast that great things can happen when the two parties come together…And, as budget week looms, former Treasury civil servant Jill Rutter asks how Ed and George would get themselves out of the hole Rachel Reeves is in IF there were no political repercussions? And they wonder whether we are

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1:11:46

Is Shabana Mahmood the heir to Blair?

Political Currency ·

2025/11/20

A dramatic U-turn from Labour has stopped them from breaking their manifesto, but it has also left the Budget looking messy and wide open to risk. The expected income tax rise has been shelved in favour of what some insiders call a “smorgasbord” of smaller taxes. In this episode of Political Currency, Ed Balls and George Osborne dig into whether this was a rushed scramble or a smart political play. - and the extent to which it has knocked Rachel Reeves off the story she had been shaping in the run

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39:42

EMQs: Is PMQs just 'political theatre'?

Political Currency ·

2025/11/17

What is the real purpose of Prime Minister's Questions? As an ‘infuriated’ listener asks why the Speaker can't force politicians to answer, George Osborne breaks down why PMQs is ‘political theatre’ and what most people misunderstand about it, while Ed Balls explains why David Lammy’s recent performance revealed the real procedural power the Speaker holds.Then, prompted by a question from Shadow Cabinet minister Victoria Atkins, the pair break down when cross-party support actually works, and when

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1:11:45

Starmer v Streeting: Is it curtains for Keir?

Political Currency ·

2025/11/13

A bizarre briefing war has exploded in Westminster, with Wes Streeting accused of plotting a coup against Keir Starmer. Ed Balls and George Osborne analyse the ‘toxic culture’ in Number 10: who was really behind the briefing, and has this ‘self-destructive’ move inadvertently strengthened Streeting while fatally weakening the Prime Minister?Meanwhile, the BBC is in turmoil, with its Director General and Head of News resigning over the Donald Trump Panorama controversy. With George himself now tipped

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38:10

EMQs: What does 'fairness' actually mean in politics?

Political Currency ·

2025/11/10

What political rival would you share a 12-hour flight with? Ed Balls and George Osborne dive into this very question, revealing the old foes and opposite numbers who would make the best long-haul companions.And can an unpopular leader tank a popular policy? The pair debate how a leader’s image affects a government, and whether an unpopular messenger will derail a popular message no matter what. They also examine the meaning of 'fairness' in politics, and whether Labour or the Tories can truly lay

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59:10

Is this Rachel Reeves’ last throw of the dice?

Political Currency ·

2025/11/06

Rachel Reeves has set the stage for a dramatic Budget, seemingly signaling a "massive political gamble" by preparing to raise taxes on working people. Ed Balls and George Osborne analyse her pitch-rolling: has she boxed herself in, becoming the market's "guarantor" against her own party? And can she possibly sell this to an already-squeezed public?Meanwhile, Kemi Badenoch marks one year as Conservative leader - but, despite her sharp "waffle bomb" attack on the Chancellor, her poll ratings remain

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34:55

EMQs: TikTok, Strictly, and foreign aid

Political Currency ·

2025/11/03

Why won't Labour make rejoining the EU its new "silver bullet" against Nigel Farage? A listener challenges Ed Balls and George Osborne on tackling the "political third rail" of Brexit. Ed argues the EU wouldn't even want the UK back on its old terms - likely forcing the Euro and Schengen - while George predicts Britain will inevitably "creep back" towards the Single Market.Then, a direct question from the Gates Foundation confronts the former Chancellors on the 40% cut to foreign aid. George, the

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1:06:39

Can Starmer hold on as PM?

Political Currency ·

2025/10/30

Keir Starmer has weathered one of the most brutal weeks of his tenure. The Caerphilly by-election collapse, a divisive Deputy Leadership election, and the mistaken release of a high-risk prisoner have ignited leadership speculation and exposed deep party tensions. Ed Balls and George Osborne debate where it's all gone wrong, and whether Starmer can hold on.The pair then look ahead to the Budget and Rachel Reeves's fiscal black hole. Can she uphold Labour’s 'tax lock' manifesto pledge, or will she be

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32:47

EMQs: Is the political centre dead?

Political Currency ·

2025/10/27

Is the centre ground of British politics dead? A 15-year-old listener challenges George Osborne and Ed Balls on the surge of Reform and the Greens, forcing them to ask if the centre can truly fight back against populism.And why are bats, newts, and even spiders causing such chaos for British planning? The pair dive into the costly industry of species protection, discussing hundred-million-pound bat tunnels, a town centre stopped by spiders, and historic dockyards left unrenovated due to nesting

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1:01:43

Why blaming Brexit won’t save Rachel Reeves

Political Currency ·

2025/10/23

As Chancellor Rachel Reeves prepares for a tough Budget, a new narrative is emerging: it's all Brexit's fault. Ed Balls and George Osborne examine whether the 'Brexit blame game' is a smart political strategy or a 'backward-looking excuse' that voters won't buy. And they discuss if it's too late for Labour to build a compelling economic story.Then, the pair dive into the 'appalling' turmoil inside Keir Starmer's No. 10. Are 'staggering' and 'juvenile' briefings against the new Cabinet Secretary a

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53:58

EMQs: Would you serve in your political rival’s cabinet?

Political Currency ·

2025/10/20

Could Ed Balls ever be tempted to become a Tory? And would George Osborne ever consider joining the Labour Party? The pair are forced to confront the ultimate political taboo after a listener asks if they could “pull a Winston Churchill” and cross the floor.George also recounts his recent on-stage reunion with Sir Nick Clegg, discussing with Ed whether the UK is destined for a multi-party system and if coalition governments are a recipe for success or instability.Plus, the President of the National

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1:08:57

Inside the China spy crisis shaking Starmer’s government

Political Currency ·

2025/10/16

Has the collapse of the China spy trial permanently damaged the Prime Minister? Ed Balls and George Osborne discuss how the ongoing saga of who knew what and when is causing untold damage to the Government.And as Donald Trump declares ‘a new dawn’ in the Middle East, with the ceasefire appearing to be holding in Gaza, the pair debate if the US President should get the Nobel peace prize and whether the UK government is ‘delusional’ in thinking they had a hand in the process…Plus, with the larger

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34:33

EMQS: Could George Osborne still be a Tory MP?

Political Currency ·

2025/10/13

Is the modern Conservative Party a repudiation of the Cameron-Osborne years? George Osborne is challenged by Ed Davey's special adviser, asking him to consider whether Kemi Badenoch's leadership means there's no place for him in the party he once helped lead.Then, Ed Balls sets the record straight on one of New Labour's defining policies, revealing the true story behind making the Bank of England independent and taking credit from both Gordon Brown and Tony Blair.Also on the agenda: the breaking of

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1:01:25

Has Kemi Badenoch saved herself?

Political Currency ·

2025/10/09

Empty chairs, misspelling Britain, and a surprisingly good speech from Kemi Badenoch have brought a rollercoaster Conservative conference to a close. Ed Balls and George Osborne weigh up whether the highs outweighed the lows and ask if Badenoch has bought herself more time. And, with the threat from Reform looming, they ask: is a pact still on the table?The pair then dissect one of the conference's biggest bombshells: the pledge to leave the ECHR. Is this another Brexit-in-the-making, or a savvy

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43:53

EMQs: The return of the TBGBs?

Political Currency ·

2025/10/06

Why is New Labour suddenly going viral on TikTok? In this week’s Ex-Ministers’ Questions, Ed Balls and George Osborne respond to their Gen Z fans who are remixing their greatest political moments into social media edits.With Labour conference just finished, Ed and George ask whether Keir Starmer is really a Blairite, a Brownite, or breaking with New Labour altogether. They also debate what Starmer and Rachel Reeves need to do to put Scottish Labour back in contention at the Holyrood elections next

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1:01:56

Will Starmer's attack on Farage pay off?

Political Currency ·

2025/10/02

Keir Starmer went into the Labour Party Conference in a perilous position, fighting off a 'rolling assault' from within his own party. In a make-or-break speech, he shifted his fire from the Conservatives to a new opponent: Nigel Farage. Was this a clever tactic to unite his base and redefine the political battlefield, or a risky gamble that elevates his rival? George Osborne and Ed Balls analyse the strategy, the rhetoric, and whether the speech has truly changed anything outside the conference

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37:03

What REALLY goes on at party conference?

Political Currency ·

2025/09/29

When does a party conference go well? And when does disaster strike? Ahead of the main party conferences, Ed Balls and George Osborne dive into their memories to reveal what really happens behind the scenes.From George's first job as a Tory 'observer' faxing Tony Blair's speeches to No. 10, to Ed staying up so late he saw the breakfast TV crews setting up, they share the ultimate insider's guide to navigating this political “goldfish bowl”.The pair are joined by special contributors with their own

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1:00:37

Is Andy Burnham coming for Keir Starmer’s job?

Political Currency ·

2025/09/25

Donald Trump's wild speech at the UN General Assembly has done more than just cause a diplomatic headache; it's exposed the deep tensions simmering just below the surface of Keir Starmer's government.His attack on Sadiq Khan saw senior ministers like Wes Streeting and Shabana Mahmood scrambling to respond, raising the question: in a party rife with leadership speculation, is loyalty still the best strategy? With mounting speculation that Manchester Mayor Andy Burnham is gearing up for a leadership

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38:00

EMQs: Is there room for optimism in politics?

Political Currency ·

2025/09/22

Richard Curtis, rom-com extraordinaire who put Notting Hill on the map is asking a question this week: he wants to know what areas Ed Balls and George Osborne are seeing progress and hope. Doom, gloom and cynicism are on hold - for a week, at least - for the pair to consider some more optimistic matters. Ed is hopeful about advancements on taking on diseases, while George considers the steps technology has improved people’s lives.Meanwhile, Sadiq Khan asks about what they love most about London

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1:01:29

A looming coup for Starmer?

Political Currency ·

2025/09/18

President Donald Trump is in town, so it’s back to Windsor Castle for our Ed Balls! A podcast recording the morning after a lavish state banquet? Not a problem, it’s all par for the course for Ed, who has apparently been catching up on Downton Abbey in preparation. He brought George Osborne up to speed on the events of the evening; who sat where and did he get to say hello to the 47th president?It’s hard to believe the US President’s visit could be considered a reprieve for Prime Minister Keir

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