Treasury “orthodoxy” is the Tory punchbag – but it only acts the way it does because it’s already been colonised by free marketeers, says Aeron Davis, author of Bankruptcy, Bubbles and Bailouts: The Inside History of the Treasury since 1976. He tells Ahir Shah why Britain now has two Chancellors and no real Prime Minister; why our economic fate is determined by people who’ve never worked in a real business… and how deregulation ended up outsourcing the entire British economy to the City.

Written and presented by Ahir Shah. Producers: Jet Gerbertson and Alex Rees. Assistant Producer: Kasia Tomasiewicz. Music by Kenny Dickinson. Audio production: Alex Rees. Lead Producer: Jacob Jarvis. Group Editor: Andrew Harrison. THE BUNKER is a Podmasters Production

Learn more about your ad choices. Visit podcastchoices.com/adchoices