Will any government be brave enough to abolish the triple lock on pensions? The cost-saving case has been made by many, but Ed Balls and George Osborne explain why it could be politically calamitous to try and ditch it. They debate William Hague’s theory that, were Rachel Reeves sacked, Keir Starmer would follow and look back at how chancellors and Prime Minister’s fates have been intertwined. Plus - why is Keir Starmer always doodling during PMQs? Is he following the brilliant debate strategy o...
Dec 08, 2025•35 min•Season 1Ep. 235
The drama rages on, one week after Chancellor Rachel Reeves stood at the dispatch box to deliver her second Budget. Richard Hughes has resigned as OBR chair following the catastrophic budget leak and calls for Rachel Reeves to do the same have not let up. Ed Balls and George Osborne look at the “shambolic” fallout of the budget, and how Labour have once again grasped defeat from the jaws of victory in yet another communications disaster for the party. Then, the pair discuss David Lammy’s drastic...
Dec 04, 2025•54 min•Season 1Ep. 234
How many times did Gordon Brown save Tony Blair from a calamitous decision? Ed Balls and George Osborne recount the times chancellors stepped in to save their PM from disaster. Does George wish he'd done it a bit more with David Cameron? And why does the Opposition leader respond to the budget and not the shadow chancellor? Ed and George try to work it out, but are not quite sure themselves - please write in! They also delve into the minimum wage rise from the budget, and signal pressing issues ...
Dec 01, 2025•32 min•Season 1Ep. 233
Does Rachel Reeves have a credible plan for growth? One day on from her Budget Statement, George Osborne and Ed Balls debate her headline measures and ask if she’s built enough of a narrative to save her job. Health Secretary Wes Streeting asks about two Osbornian policies: the sugar tax and two-child limit. How can Labour win the argument? They also talk about the disastrous OBR leak, whether anyone will be sacked, and ask how it stacks up to some of the biggest leaks in budget history… Is it w...
Nov 27, 2025•1 hr 1 min•Season 1Ep. 232
After months of speculation, briefings and leaks, Rachel Reeves has finally delivered her fated second budget. Has she done enough to save herself, Keir Starmer, and the Labour government? In a special YouTube LIVE episode, Ed Balls and George Osborne give their immediate reaction to the Chancellor's budget. They dive into who the budget was for, the overtly political tone, and whether Reeves stood by her manifesto pledges. Thanks for listening. To get episodes early and ad-free join Political C...
Nov 26, 2025•37 min•Season 1Ep. 231
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 a...
Nov 24, 2025•44 min•Season 1Ep. 230
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 r...
Nov 20, 2025•1 hr 12 min•Season 1Ep. 229
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 w...
Nov 17, 2025•40 min•Season 1Ep. 228
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 t...
Nov 13, 2025•1 hr 12 min•Season 1Ep. 227
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 l...
Nov 10, 2025•38 min•Season 1Ep. 226
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 rema...
Nov 06, 2025•59 min•Season 1Ep. 225
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, t...
Nov 03, 2025•35 min•Season 1Ep. 224
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 s...
Oct 30, 2025•1 hr 7 min•Season 1Ep. 223
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...
Oct 27, 2025•33 min•Season 1Ep. 222
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...
Oct 23, 2025•1 hr 2 min•Season 1Ep. 221
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 Nat...
Oct 20, 2025•54 min•Season 1Ep. 220
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 large...
Oct 16, 2025•1 hr 9 min•Season 1Ep. 219
Is the modern Conservative Party a repudiation of the Cameron-Osborne years? George Osborne is challenged by Ed Davey, who asks 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 unwritten ...
Oct 13, 2025•35 min•Season 1Ep. 218
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 savv...
Oct 09, 2025•1 hr 1 min•Season 1Ep. 217
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 n...
Oct 06, 2025•44 min•Season 1Ep. 216
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...
Oct 02, 2025•1 hr 2 min•Season 1Ep. 215
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...
Sep 29, 2025•37 min•Season 1Ep. 214
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 leaders...
Sep 25, 2025•1 hr 1 min•Season 1Ep. 213
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...
Sep 22, 2025•38 min•Season 1Ep. 212
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 ...
Sep 18, 2025•1 hr 1 min•Season 1Ep. 211
What really happens in the frantic first 24 hours of a new government job? This week on Ex-Ministers’ Questions , Ed Balls and George Osborne lift the lid on the art of political survival. From the scramble of last-minute briefings to the insider secrets government drivers know before their ministers do, they swap stories on navigating the chaos of a reshuffle. Then it’s from the Cabinet Office to the kitchen, as George grills Ed on one of Westminster’s most notorious culinary conspiracies: Lasa...
Sep 15, 2025•45 min•Season 1Ep. 210
Peter Mandelson, the so-called “Prince of Darkness” got sacked this morning, thanks to fresh revelations of his lengthy friendship with sex offender Jeffrey Epstein. Now all eyes are turning to his replacement … Could George Osborne himself be getting the call up for US Ambassador? He and Ed Balls consider what this sudden, inglorious end for Mandelson’s diplomatic career means for the government. How could this affect the all-important upcoming state visit from US President Donald Trump, who hi...
Sep 11, 2025•57 min•Season 1Ep. 209
How should a politician respond when a voter blames all their problems on immigration? In this week's Ex-Ministers' Questions, Ed Balls and George Osborne offer competing strategies for handling difficult conversations on the doorstep. They also tackle a stark warning from a Gen Z listener: is the political establishment's failure to listen pushing an entire generation of young people towards Nigel Farage? Then, the pair turn to the insider's playbook of political survival. They debate the pros ...
Sep 08, 2025•46 min•Season 1Ep. 208
Politics is back with a bang, and so are Ed Balls and George Osborne. As Keir Starmer declares "phase two" of his government, he's immediately engulfed by a scandal that threatens his Deputy Prime Minister, Angela Rayner. In this episode, Ed and George dissect her complicated tax affairs, the accusations of hypocrisy, and the difficult choice facing the Prime Minister: is she too powerful to sack? Next, they unpack how Nigel Farage and Reform UK managed to dominate the entire summer. While the g...
Sep 04, 2025•1 hr 11 min•Season 1Ep. 207
What if the great 'what if' moments of recent British history had turned out differently? Ed Balls and George Osborne dive into the political sliding doors that could have rewritten the last three decades. They debate whether Margaret Thatcher would have won the 1992 election if she hadn't been ousted, and how her legacy would have been transformed. Ed gives a behind-the-scenes account of the Blair-Brown transition and the so-called 'Curry House Plot', considering how Labour would have handled t...
Sep 01, 2025•52 min•Season 1Ep. 206
