Welfare vs Warfare: can Labour afford NATO’s demands? | Political Currency Podcast

With just days to go before Rachel Reeves delivers her first Spending Review, Labour is facing an uncomfortable squeeze. NATO wants defence spending ramped up to 3.5% of GDP, but Reeves is sticking to her strict fiscal rules. Can Starmer keep both Washington and voters at home on side - or will the sums simply stop adding up?

Meanwhile, Donald Trump is reigniting the trade war - with a 25% steel tariff sending markets wobbling. The UK may have a temporary exemption, but there are warning signs everywhere: surging bond yields, a weakening pound, and talk of a “crack” in the market from Wall Street’s biggest voices. What does it all mean for the UK - and could global turbulence derail Labour’s investment plans before they’ve begun?

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Producer: Miriam Hall

Senior Producer: Silvia Maresca

Video Editor: Danny Pape

Executive Producer: Ellie Clifford

Political Currency is a Persephonica Production and is part of the Acast Creator Network.

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On the Political Currency podcast, 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. New episodes available every Thursday. Our bonus EMQs - questions episode - drops on Mondays. Find Political Currency wherever you get your podcasts.