Are higher taxes really inevitable — or just a political choice? Former Chancellor Jeremy Hunt joins Marc Sidwell on The Capitalist to share a rare insider’s view of what it’s like to build a Budget under pressure. From last-minute policy decisions to the fine balance between fiscal responsibility and economic growth, Hunt explains why Britain’s current course risks stifling productivity and shrinking the private sector.

In a candid conversation, Hunt argues that welfare reform — not ever-higher taxes — is the real key to restoring growth. With insight from his time at the Treasury and the Department of Health, he lays out a vision for an economy that rewards work, innovation, and enterprise rather than punishing them.

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After years of stagnation, high taxes and spiralling public spending, Britain risks locking itself into permanent decline. As Rachel Reeves prepares her second Budget, Ewen Stewart, City economist and member of the Growth Commission, sets out a bold plan to reverse course — cutting £105 billion in spending, simplifying taxes, and unleashing private enterprise. He argues that only by shrinking the state, freeing up markets and restoring sound money can Britain return to real growth and prosperity.

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Next week, former Chancellor Jeremy Hunt will join Marc Sidwell for a special interview as Rachel Reeves delivers her much-anticipated Budget. Ahead of that, Henry Hill, deputy editor of Conservative Home, assesses the political allure—and economic illusion—of a wealth tax. From the risks of capital flight to the moral tension between fairness and prosperity, the conversation explores whether any government can afford to punish success without hurting growth.

Are we witnessing the rise of a new class war in British politics? As Labour eyes higher taxes on those with the “broadest shoulders” and the Greens embrace what they call “eco-populism,” the rhetoric around wealth and fairness is sharpening. But would taxing the rich really fix Britain’s economic woes—or simply drive away the people who keep the system afloat?

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As Elon Musk edges toward an eye-watering new milestone, the idea of a trillionaire sparks more fear than fascination on the left. But what if extreme wealth could accelerate progress rather than hoard it? In this essay, James Price, Senior Fellow at the Adam Smith Institute, argues that visionaries like Musk and other billionaire entrepreneurs reinvest their fortunes in projects that governments could never deliver—from AI-driven education to medical breakthroughs and space exploration. The result, he suggests, is a private sector more capable of solving humanity’s biggest problems than any public institution.

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How does Britain’s most famous broadcaster recover from a crisis that’s reached the very top? In the space of a week, the BBC has lost two of its most senior executives and now faces an extraordinary legal threat from the President of the United States. What began as an editing error in a Panorama documentary has spiralled into a full-blown test of the corporation’s credibility — and its future.

In this episode of The Capitalist, Marc Sidwell is joined by veteran journalist Robin Lustig, former BBC World Service and Radio 4 presenter, to explore what this storm reveals about the state of public service broadcasting, political polarisation, and the shifting media landscape. Together, they ask whether the BBC can still command trust in a divided Britain — and what must change to restore its authority.

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Is Britain heading for another 1976 moment? With a £30 billion fiscal hole and few promises left unbroken, Rachel Reeves looks set to raise income tax — a move that could mark a grim turning point for Britain’s economy. In this essay, Reem Ibrahim, Head of Media at the Institute of Economic Affairs, warns that higher taxes on work will punish aspiration, stifle growth, and echo the policy mistakes that once sent Britain to the IMF, cap in hand. Her message is clear: without spending restraint, Reeves risks repeating history’s harshest lesson.

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Rachel Reeves' speech on Tuesday gave every indication that tax rises are on the way — though she was careful not to name names.

The challenge is clear: raising serious revenue usually means turning to the big three — income tax, National Insurance, or VAT. But Labour’s manifesto ruled those out, leaving the Chancellor with a fiscal puzzle and limited room to manoeuvre.

Joining CapX deputy editor Joseph Dinnage to make sense of it all are Reem Ibrahim from the Institute of Economic Affairs and Henry Hill from Conservative Home.

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Should the Right back Britain’s most ambitious science corridor? The Oxford–Cambridge Arc has long been dismissed as another government slogan in search of substance. Yet beneath the jargon lies a bold vision: a world-class corridor linking Britain’s greatest minds, laboratories, and industries—from quantum computing to Formula One. In this essay, James Price, Senior Fellow at the Adam Smith Institute, argues that the Arc could be the key to Britain’s renewal—if only conservatives have the courage to back it. With smarter planning, faster connections, and freer markets, he says, the region could transform from a bureaucratic idea into a global powerhouse.

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Labour’s New Towns Taskforce promised a bold vision for housing. But with only three modest sites selected, is this really the step-change the country needs — or just more planning fatigue?

Plus: with welfare spending rising and tax burdens at record highs, is it time for serious reform? As the Treasury looks for ways to plug a £22 billion shortfall, we ask whether the current system still delivers value for money.

And can London win back its missing millionaires? After years of sluggish growth and rising levies, business leaders are calling for a rethink of the capital’s tax regime. Benjamin Wilson is joined by City AM’s Alys Denby and Lawrence Newport from Looking for Growth to explore what’s needed to put London back on the global map.

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Welcome to the new Despatch — your Monday briefing for a sharper, more optimistic week. London’s super-prime property market has long been the world’s barometer of confidence. When Britain welcomes success, investment flows freely; when it punishes ambition, the money quietly leaves. Now, even before the Chancellor unveils his Budget, the warning lights are flashing. Economist Damian Pudner explains why London’s property slowdown is a symptom of fading confidence — and sets out practical steps to bring capital, and optimism, back.

Despatch comes from the team behind The Capitalist. Don’t miss our full podcast every Wednesday.

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