Soaring interest rates are alarming mortgage holders and could derail the UK government’s strategy for re-election. This week Lucy Fisher is joined by regular FT panellists Stephen Bush and George Parker to assess the political fallout from the latest rate rise. Plus the FT’s economics editor Chris Giles considers whether the Bank of England deserves criticism, while consumer editor Claer Barrett assesses the damage to Britons’ finances.
Follow Lucy on Twitter @LOS_Fisher
Read a transcript of this episode on FT.com
Want more?  
Central banks’ battle with inflation enters new phase of ‘pain’
Ever tougher for Tories and Bank of England to avoid public blame in meme age
The Bank of England’s credibility is still on the line

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Listen to Claer Barrett’s Money Clinic podcast, out on June 27: Money Clinic with Claer Barrett | Financial Times
Claer Barrett’s book: What they don’t teach you about money
Presented by Lucy Fisher. Produced by Anna Dedhar and Audrey Tinline. The executive producer is Manuela Saragosa. Audio mix and original music by Breen Turner. The FT’s head of audio is Cheryl Brumley. 
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Inflation pain: who will UK voters blame?

The Financial Times takes you into the corridors of power to unwrap, analyse and debate British politics with a regular lineup of FT correspondents and informed commentators. New episodes available every Friday. Hosted on Acast. See acast.com/privacy for more information.

News & Politics

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Politics

‘In a world that is the most dangerous it has been since the end of the cold war, we cannot be complacent,’ Prime Minister Rishi Sunak said at a news briefing alongside Nato secretary-general Jens Stoltenberg during a visit to Poland this week. The PM mentioned the threat from Russia but also from China and pledged to boost defence spending by £75bn over the next six years. Lucy Fisher is joined by colleagues George Parker and Jim Pickard to discuss whether this pledge will lead to deep spending cuts to unprotected government departments and James Kynge, the FT’s China editor, drops in to talk about allegations of Chinese espionage in the UK and beyond. Plus, will Labour’s plan to fully renationalise the UK’s passenger rail network if it wins the next general election translate into better train services for customers?
Join Lucy and colleagues for an FT subscriber webinar on May 8 to discuss what the local election results tell us about who will win the UK general election. Get your pass now at ft.com/ukwebinar
Follow Lucy on X: @LOS_Fisher, George @GeorgeWParker, Jim @PickardJE, James @JKynge
Want more? Free links:
Labour plans to retain key private sector role in nationalised railways
Sunak pledge to boost defence spending raises prospect of cuts elsewhere
Former UK parliamentary aide charged with spying for China
Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. 
Presented by Lucy Fisher. Manuela Saragosa is the executive producer with production help from Leah Quinn. Audio mix and original music by Breen Turner. The FT’s head of audio is Cheryl Brumley. 
Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Chinese spying claims in the UK – and beyond

Rishi Sunak has had an eye on his legacy this week with his flagship smoking ban clearing another hurdle in the Commons – though not without a Tory backlash. Lucy Fisher is joined by Political Fix regulars Miranda Green and Stephen Bush to discuss what Sunak will leave behind if he loses the election. The group also turns its attention to two very different former PMs, as the FT publishes major interviews with both Liz Truss and Gordon Brown this week. Political editor George Parker reveals what he learned during a Norfolk pub lunch with Truss, while the FT’s chief features writer Henry Mance talks about his impressions of Brown during a day in Fife.
Follow Lucy on X: @LOS_Fisher, Miranda @greenmiranda, George @GeorgeWParker, Stephen @stephenkb, Henry @henrymance
Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Prime ministers’ legacies: Sunak, Truss and Brown

The raw sewage being pumped into rivers and seas in England has become a seismic election issue. The musician turned environmentalist Feargal Sharkey joins the FT’s Lucy Fisher, George Parker and Robert Shrimsley to assess how we got here, while the FT’s infrastructure correspondent Gill Plimmer analyses Thames Water’s woes. Plus, the team looks at scandals in Westminster and considers how much William Wragg’s honeytrap debacle and allegations that Angela Rayner failed to pay the right tax on a former house sale – which she denies – might damage their parties’ chances in this election year.
Since recording, Greater Manchester Police have launched an investigation into allegations that Angela Rayner potentially broke electoral law by failing to properly disclose her main residence in official documents.
Follow Lucy on X: @LOS_Fisher, Robert @robertshrimsley, George @GeorgeWParker, Gill @gillplimmer1, Feargal @Feargal_Sharkey,
Want more? Free links:
The great stink of Thames Water
Raw sewage discharges in England and Wales hit record levels 
UK seeks to quell public anger on sewage with £11mn restoration fund 
Senior MP quits Tory parliamentary party amid sexting scandal
Labour’s Angela Rayner refuses to publish tax records as police probe house sale
Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award. 
Presented by Lucy Fisher. Produced by Audrey Tinline with Leah Qiunn. Manuela Saragosa is the executive producer. Audio mix and original music by Breen Turner. The FT’s head of audio is Cheryl Brumley. 
Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The great stink of England’s sewage crisis

Many ‘red wall’ constituencies across northern England, the Midlands and north Wales switched from Labour to the Conservatives in the 2019 general election partly thanks to then prime minister Boris Johnson’s energetic pledge to revitalise struggling communities outside the south-east. It was a seismic shock to Britain’s political landscape but can the Tories hold on to these seats in May’s local and mayoral elections and in an upcoming general election? Host Lucy Fisher, the FT’s Whitehall editor, discusses with colleagues Jim Pickard and Stephen Bush, and is joined by Luke Tryl, the UK director of More in Common, a strategy and communications consultancy focused on explaining public opinion to policymakers.
Want more? Free links: Will the ‘red wall’ reshape British politics again? UK’s electoral landscape swings into volatility Only 10% of UK levelling up funds spent, say MPs Sketchy Politics: can anything save Sunak?
Follow Lucy on X: @LOS_Fisher Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award.  Presented by Lucy Fisher. Produced by Audrey Tinline with Leah Qiunn. Manuela Saragosa is the executive producer. Audio mix and original music by Breen Turner. The FT’s head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tory ‘red wall’ seats under threat

The government is preparing a crackdown on Chinese entities operating in the UK, following malicious cyber campaigns linked to Beijing. But there are tensions among ministers over how to protect the UK’s national interests without heavily damaging trade with China. The FT’s Lucy Fisher is joined by Political Fix regulars George Parker, Robert Shrimsley and Miranda Green to discuss the government’s tricky balancing act. Plus, as the political term draws to a close, it’s time to mark Rishi Sunak’s report card.
Want more? Free links: Rishi Sunak promises ‘careful’ crackdown in wake of China cyber attacks US and UK accuse China of cyber attacks on politicians and companies Rishi Sunak’s attempt to boost Tory morale hit after two ministers resign MPs clock off early as length of Commons work day hits record low The frightening chill on free speech
Follow Lucy on X: @LOS_Fisher, Robert @robertshrimsley, Miranda @greenmiranda, George @GeorgeWParker Sign up here for 30 free days of Stephen Bush's Inside Politics newsletter, winner of the World Association of News Publishers 2023 ‘Best Newsletter’ award.  Presented by Lucy Fisher. Produced by Audrey Tinline with Leah Qiunn. Manuela Saragosa is the executive producer. Audio mix and original music by Breen Turner. The FT’s head of audio is Cheryl Brumley. 
Read a transcript of this episode on FT.com 
 Hosted on Acast. See acast.com/privacy for more information.

Inflation pain: who will UK voters blame?

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