Political Currency

Which side of politics loves the monarchy more? Conventional wisdom says Conservatives are the monarchy’s biggest fans. But are Ed Balls and George Osborne the exceptions to that rule? The pair explore how royalist sentiment plays out across the political spectrum, how long this current reign might last, and whether we’ll ever see a King George.

Then, it’s onto a different question of longevity: what will it take for the Conservativ...

There was a lot of ceremony and back-patting this week as Emmanuel Macron visited the UK. But behind the smiles, thorny issues like migration and post-Brexit power dynamics are back on the table. George and Ed ask what this renewed Franco-British ‘friendship’ really means, and whether it signals a serious reset or just more political theatre.

Also this week, the pressure is piling on Rachel Reeves. With the UK’s finances looking...

What is a fair way to govern? In response to a long time listener who feels a victim of his own success – disproportionately hit by taxes and ineligible for certain benefits – Ed Balls explains three different philosophical concepts of ‘fairness’. George Osborne meanwhile dismisses wealth tax as a catch all solution, underlining how the Labour government must look to the broader population. 

Listeners are reflecting on Keir...

Some incredible scenes in PMQs this week - in which Chancellor Rachel Reeves was openly crying - has Ed Balls and George Osborne considering just how bad things have got for the Labour government. Mere days after a dramatic climbdown over welfare reform, when the watered-down bill inched over the finish line amid threats of MP rebellion, the bond market slumped over speculation Reeves was facing the sack. Ed thinks it’s been the wo...

Is the G20 still a force for peace and diplomacy, or just a stage for political performance? Ed Balls and George Osborne kick off this week’s EMQs with a question about nuclear non-proliferation and whether South Africa should push it up the agenda this year.

The pair then turns to a question from regular listener Douglas Alexander, Minister of State for Trade Policy and Economic Security. Fresh off publishing the new trade strategy...

Daddy’s back in the (White) House! Ed Balls and George Osborne go over the major event of the week - starting with the NATO meeting in The Hague. Allies have agreed to up defence spending to 5 percent, but that’s not what’s grabbing the headlines. More attention has been on new Secretary General Mark Rutte referring to Donald Trump as “Daddy.” The pair consider what’s really at play here, and what Trump’s return to the world stage ...

What happens when politics clashes with family life? Ed Balls and George Osborne take on big questions this week, starting with Michael Gove’s ex-wife, Sarah Vine, who asks whether David Cameron should have stayed on after Brexit. Her daughter Beatrice wants to know if Ed and George would still choose a political career, given its toll on family and friends.

The pair also hear from an anonymous listener fighting for answers abou...

Donald Trump is keeping everyone guessing on Iran. After Israel’s surprise strike and Tehran’s retaliation, George Osborne brings fresh insight from Washington on how far Trump might really go - and what it means for Britain if he does. Ed Balls asks whether Starmer’s government could say no if the US wants to use British bases for strikes, and the pair unpack the real choices facing UK leaders caught between an unpredictable White...

Could a weekly grilling like Prime Minister’s Questions fix US politics? In the wake of Original Sin - Jake Tapper and Alex Thompson’s damning account of Joe Biden’s final days in office - Ed Balls and George Osborne ask whether a PMQs-style showdown could bring more accountability to American democracy. And are there any American political customs they’d import to the UK in return?

The pair then flick open their ministerial box...

Rachel Reeves has finally delivered her much-anticipated Spending Review, but has it done anything to shift Labour’s story? George Osborne calls it “continuity Sunak,” arguing that the big spending pledges are less a break from the past and more a continuation of Boris Johnson and Rishi Sunak’s economic path. Ed Balls says Reeves is taking ‘a real gamble’ without ‘any insurance’, boxing herself in with big promises, uncertain growt...

Two Members of Parliament (and a former too!) are seeking Ed Balls’ and George Osborne’s counsel this week. The pair consider the impact of AI, courtesy of a question from Alan Mak, the MP for Havant and the Shadow Secretary of State for Science, Innovation and Technology - who has rung in to ask how emerging technologies can help governments run better. Meanwhile, Jake Richards, a newly elected Labour member, wants their views on ...

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. ...

When things go wrong - very badly wrong, as with the case of the infected blood and the sub-postmasters scandals - why can’t the state act quickly to compensate victims? Ed Balls and George Osborne consider how the government should best respond, and balance the interests of innocent people as well as taxpayers. 

Harvard is the latest American university to feel the full force of Donald Trump’s ire, with the US president tr...

If Labour was hoping for one of those quick and easy policy U-turns, they certainly haven’t got it. With Rachel Reeves’ spending review a scant two weeks away, the government is still having trouble explaining the details - or providing any detail, really - on how winter fuel payments are now going to work. Now that cutting the two-child benefit cap is in the mix, who is going to explain what is playing out to the general public, a...

Can a quick political win keep the public on side while the hard work happens behind the scenes? This week on Ex-Ministers’ Questions, Ed Balls and George Osborne debate whether Labour's lack of early symbolic moves has cost them public goodwill - and whether a bit of political theatre can actually make or break a government.

They also tackle questions from across the UK and the US: how can Kemi Badenoch rebuild morale in a brui...

Did someone say U-turn? Ed Balls and George Osborne have been saying it for a while, actually, when it comes to the matter of the controversial winter fuel tax cut. Now that the government has walked it back, will it do the trick and soothe voters and ease tensions with Labour MPs? Ed thinks the approach is “politically and technically messy”. George, for his part, thinks it’s nothing short of a damaging “fiasco” for Labour. 

California Governor hopeful Steve Hilton has a question for Ed Balls and George Osborne this week: which American state would they choose to live in, and would they rather be a senator or a governor? A trip down fantasy lane has the pair questioning the best path to political glory, based on previous presidents’ CVs. Ed Balls for 2032? Seems… far fetched.

Back in the real world, the pair debate whether cutting Employer National ...

Keir Starmer’s controversial reference to an “Island of strangers” as part of his immigration overhaul has sparked a furore, and inspired a comparison to his previous stance on migration. Ed Balls thinks while there’s no doubt it will cause some consternation, it will be a price worth paying. George Osborne, meanwhile, is getting Tory vibes … it all sounds a bit like it could’ve come from a Conservative government to him. 

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This week on Ex Ministers’ Questions Ed Balls and George Osborne hear from listeners from the high seas, the Dubai sun, and the halls of Parliament - including a Gold subscriber who circumnavigated the globe listening to the podcast under the stars.

The pair consider, has the press been too negative on the government’s brand new free trade deal with India? And while they’re talking about global alliances, they share their though...