Listen ad-free

Political Currency

Persephonica

Ed Balls and George Osborne take us behind closed doors into the rooms where decisions are made. Having battled it out across the despatch box, the former Chancellor and shadow chancellor now meet in the studio to discuss the decisions that affect the nation’s pockets. Our frenemies have the knowledge and experience to explain how good politics follows the economics - and expose how the powerful become powerless when faced with market forces and political currents they can’t control. Join us every Thursday.


Send your messages or voice notes to questions@politicalcurrency.co.uk


Find us on social media @polcurrency


Political Currency is a Persephonica production.

Subscribe now on Patreon

Hosted on Acast. See acast.com/privacy for more information.

read less

Our Editor's Take

Ed Balls is a former Shadow Chancellor of the Exchequer in the UK. George Osborne was Chancellor of the Exchequer and First Secretary of State. Together, they host the Political Currency podcast. Here, they combine their experience with politics and economics. The two discuss what is happening in Great Britain and the world.

The funny thing about this pairing is that Ed and George were political rivals for a time. Ed is a Labour Party member and George is in the Conservative Party. Ed once referred to George as the Sheriff of Nottingham. George said getting advice from Ed about balancing the books would be like getting advice from Dracula about running a blood bank. They agree that the House of Commons made everything confrontational and feisty. Discussions are more civil on Political Currency.

The podcast covers both current events and political history. There is a multi-part special on the 2010 Coalition Talks. Ed and George recall the five days between the general election and the formation of the first British Coalition Government. Ed's old boss, Gordon Brown, resigned after a long period on top of British politics. George's friend David Cameron became prime minister. The hosts agree that this history of a hung parliament could repeat itself.

Ed and George sometimes invite guests with particular expertise. They speak with former Vote Leave co-convenor Michael Gove about Brexit. The hosts play clips from the news of that time. Michael is reluctant to discuss the topic, but he trusts the hosts. He tells them that he had always been a "Euroskeptic." He was always going to advocate for leaving.

Some episodes follow an "EMQ" format—Ex-Ministers' Questions. Ed and George answer questions from their listeners. One asks George about the origins of the Conservative "minister power stance." Both hosts have a good laugh about this one.

Political Currency is informative and engaging. The podcast often releases two new episodes a week. Episodes usually run between 30 minutes and one hour.

read less
NewsNews

Episodes

Reeves’ bond market headache
4d ago
Reeves’ bond market headache
Is Rachel Reeves starting 2025 with a bond market headache? Ed Balls and George Osborne explain how global trends and UK inflation might just mean she’s boxed herself in… again. Meanwhile, Elon Musk’s growing interest in British politics – and hatred of Keir Starmer – has erupted into a row over the grooming gangs scandal. What would Ed and George do in Starmer’s position? And what are the long and short term political implications for Labour, the Tories and Nigel Farage’s Reform party.Plus, over in Canada, Prime Minister Justin Trudeau has announced his resignation after a decade in power, and among the possible candidates mooted to replace him are two old friends of Ed and George’s: Former Bank of England Governor Mark Carney, and former deputy Prime Minister Chrystia Freeland. Who will win out, and what will the future of Canada look like? Political Currency has been nominated for the People's Choice award at the Political Podcast Awards. Please VOTE for Political Currency at https://politicalpodcastawards.co.uk/the-peoples-choice-award/Join Political Currency’s KITCHEN CABINET to enjoy early and ad-free listening, access to live EMQs recordings, and exclusive Political Currency merch.Subscribe now: patreon.com/politicalcurrencyProduction support: Caillin McDaidTechnical Producers: Will Gibson Smith and Danny PapeProducers: Miriam Hall, James Shield and Rosie StopherExecutive Producer: Dino SofosPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Inside No 10: David Cameron - The First Six Months (Part 3: The World Stage)
1w ago
Inside No 10: David Cameron - The First Six Months (Part 3: The World Stage)
How do you position yourself on the world stage? David Cameron might have been Prime Minister of the United Kingdom, but in this third episode he shares with Ed Balls and George Osborne the true reality of leading a small country in a big world. British soldiers in Afghanistan; Relations with China; The beginnings of a rupture in the UK-EU relationship. And he shares the more personal moments - like losing a parent - that still happen in the life of a human being who happens to be Prime Minister. As Keir Starmer marks six months as Prime Minister, Political Currency is stepping back into 2010, when another former leader of the opposition took up the premiership. Across three episodes, Ed Balls and George Osborne are joined by David Cameron - from the moment he arrived at Downing Street, to dealing with a hostage crisis; taking on his first PMQs to the emotional loss of his father. This is Cameron as you’ve never heard him before - in conversation with both a former ally and adversary as they revisit the political moments that shaped a new government and a new leader.If you’ve listened to the first two episodes of Inside Number 10: David Cameron - The First Six Months and can’t wait for part 3, don’t! All episodes are already available, ad-free for Political Currency Gold subscribers, as well as our subscriber exclusive Inquest episode. And, you can now join Political Currency’s KITCHEN CABINET to enjoy early and ad-free listening, access to live EMQs recordings, and exclusive Political Currency merch.Subscribe now: patreon.com/politicalcurrencyProducers: Rosie Stopher, James Shield and John RogersTechnical Producer: Oliver Geraghty and Mikey NissenbaumProduction Support: Miriam Hall and Caillin McDaidExecutive Producers: Ellie Clifford and Dino SofosPolitical Currency is a Persephonica Production and is part of the Acast Creator NetworkHosted on Acast. See acast.com/privacy for more information. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Inside No 10: David Cameron - The First Six Months (Part 2: The Austerity Budget)
02-01-2025
Inside No 10: David Cameron - The First Six Months (Part 2: The Austerity Budget)
How do you prepare the country for austerity? David Cameron joins Ed Balls and George Osborne to step back to the 2010 budget. From the true relationship between a Prime Minister and his Chancellor, to the careful decisions on departmental spending, to the very difficult task of selling cuts to a country that doesn’t want them, this is the reality of a Prime Minister before a government-defining fiscal event. As Keir Starmer marks six months as Prime Minister, Political Currency is stepping back into 2010, when another former leader of the opposition took up the premiership. Across three episodes, Ed Balls and George Osborne are joined by David Cameron - from the moment he arrived at Downing Street, to dealing with a hostage crisis; taking on his first PMQs to the emotional loss of his father. This is Cameron as you’ve never heard him before - in conversation with both a former ally and adversary as they revisit the political moments that shaped a new government and a new leader.If you’ve listened to the first episode of Inside Number 10: David Cameron - The First Six Months and can’t wait for part 2, don’t! All episodes are already available, ad-free for Political Currency Gold subscribers, with bonus content coming later this week. And, you can now join Political Currency’s KITCHEN CABINET to enjoy early and ad-free listening, access to live EMQs recordings, and exclusive Political Currency merch.Subscribe now: patreon.com/politicalcurrencyProducers: Rosie Stopher, James Shield and John RogersTechnical Producer: Oliver Geraghty and Mikey NissenbaumProduction Support: Miriam Hall and Caillin McDaidExecutive Producers: Ellie Clifford and Dino SofosPolitical Currency is a Persephonica Production and is part of the Acast Creator NetworkHosted on Acast. See acast.com/privacy for more information. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Inside No 10: David Cameron - The First Six Months (Part 1: Prime Minister at last)
30-12-2024
Inside No 10: David Cameron - The First Six Months (Part 1: Prime Minister at last)
What’s it really like to step through the black door of No 10 for the first time as Prime Minister? Ed Balls and George Osborne ask David Cameron about his “out-of-body” experience on the way to the palace, plus what it’s like organising a staff team who have just had to say goodbye to a government. They discuss how to handle the top job when life starts relentlessly throwing events at you, the surprising tasks - like letters of last resort - that suddenly become your responsibility, and whether a ruthless streak is the only way to succeed.As Keir Starmer marks six months as Prime Minister, Political Currency is stepping back into 2010, when another former leader of the opposition took up the premiership. Across three episodes, Ed Balls and George Osborne are joined by David Cameron - from the moment he arrived at Downing Street, to dealing with a hostage crisis; taking on his first PMQs to the emotional loss of his father. This is Cameron as you’ve never heard him before - in conversation with both a former ally and adversary as they revisit the political moments that shaped a new government and a new leader.If you’ve listened to the first episode of Inside Number 10: David Cameron - The First Six Months and can’t wait for part 2, don’t! All episodes are already available, ad-free for Political Currency Gold subscribers, with bonus content coming later this week. And, you can now join Political Currency’s KITCHEN CABINET to enjoy early and ad-free listening, access to live EMQs recordings, and exclusive Political Currency merch.Subscribe now: patreon.com/politicalcurrencyProducers: Rosie Stopher, James Shield and John RogersTechnical Producer: Oliver Geraghty and Mikey NissenbaumProduction Support: Miriam Hall and Caillin McDaidExecutive Producers: Ellie Clifford and Dino SofosPolitical Currency is a Persephonica Production and is part of the Acast Creator NetworkHosted on Acast. See acast.com/privacy for more information. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
A lump of coal for Waspi women?
19-12-2024
A lump of coal for Waspi women?
David Cameron is revealed as our very special guest on Inside No 10: David Cameron - The First Six Months, out 30th December.Follow us wherever you get your podcasts to make sure you don’t miss this incredible conversation about what it really takes to run the government. 📺: Watch the trailer now!Plus: An alleged spy scandal that reportedly ensnared Prince Andrew has Ed Balls and George Osborne asking: is it as bad as it looks? Isn’t spying – which the Chinese national in question strongly denies he was doing – just a fact of life? We consider how to balance counterespionage with attempts to build a stronger economic relationship with China.Meanwhile, with 2024 drawing to a close, we review the party leaders’ performance. How worried should Keir Starmer be about the polls? Has he made a rod for his own back in handling the WASPI (Women Against State Pension Inequality) compensation matter? And how’s Kemi Badenoch doing in her new role as Tory leader? And George and Ed hand out their awards for the political highs and lows of the year. Who had the worst speech? Whose was the best? And we review the most memorable moments of 2024, for both the right and the wrong reasons…Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrencyProduction support: Caillin McDaidProducers: Miriam Hall, James Shield and Rosie StopherExecutive Producer: Ellie CliffordPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Starmer’s blame game
12-12-2024
Starmer’s blame game
Keir Starmer is working hard to shift the narrative on his government from gloomy tax raiders to optimistic change makers. Ed Balls and George Osborne asses whether he’s leaning too hard into blame. Does he need to stop the finger pointing and get on and deliver?Bashar al-Assad’s regime in Syria collapsed this week — a sudden, stunning end to the Assad family’s five-decade reign. Ed and George reflect on the Syrian civil war and its impact on their time in politics. What is going on in Downing Street right now, and how should the UK proceed? David Cameron’s deputy security adviser Hugh Powell makes a guest appearance to advise on how to stop the country from descending into conflict. Plus, Emmanuel Macron is dealing with a frozen French parliament and under mounting pressure to appoint a new Prime Minister. After a spectacular Olympics and the grand reopening of Notre Dame, he should be riding high – but are his days in politics now numbered? Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrencyProduction support: Caillin McDaidTechnical producer: Oliver GeraghtyProducers: Miriam Hall and Rosie StopherExecutive Producer: Ellie CliffordPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Why Starmer shouldn’t underestimate Elon Musk
04-12-2024
Why Starmer shouldn’t underestimate Elon Musk
After helping to secure a victory for Donald Trump in the US election Elon Musk is seemingly setting his sights on the UK and Reform. Ed Balls and George Osborne take stock of whether Keir Starmer and Kemi Badenoch should be worried. Is this another sign of the end of the two-party system?The historic vote on assisted dying last week has brought a whole new set of questions and challenges for the government. How Labour will balance its plans for the NHS with this potential landmark legislation? And does Keir Starmer support this? Can the cabinet divisions on the bill be overcome?Meanwhile, the government’s main focus is a relaunch to help set the agenda for the rest of the parliament. Not, of course, that they're calling it that. But do government relaunches ever work? And how can this one successfully reset the narrative? Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs. You'll also get EXCLUSIVE access to Ed and George's Inside The Room: The Scottish Independence Referendum debrief conversation.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrency Production support: Caillin McDaidTechnical producer: Oliver GeraghtyProducers: Miriam Hall and James ShieldExecutive Producer: Rosie StopherPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Inside The Room: The Scottish Independence Referendum (Part 3: The result)
03-12-2024
Inside The Room: The Scottish Independence Referendum (Part 3: The result)
A decade ago, the Scottish people went to the polls for a referendum vote to make a choice: should the country break free of the United Kingdom? Ultimately, they voted to stay by a resounding margin – crushing the hopes of the Scottish National Party and soothing the fears of the British government of the day. But the issue of Independence continues to divide, and in this special miniseries, George Osborne and Ed Balls are joined by the former First Minister of Scotland Nicola Sturgeon to take a fresh, forensic look at the forces, decisions and party politics that drove the independence movement. With just weeks to go, polling suggested the ‘Yes’ campaign had it, and Scottish voters were going to vote to leave. Nicola Sturgeon reveals the sense of jubilation inside the SNP when the tide began to turn their way, and fear the British establishment was only set to become more ferocious. If the poll had come just a little later, could the ‘Yes’ side have been triumphant? Did the “Vow” – a promise for more devolution powers – make a difference? Who was convinced Rupert Murdoch was going to use his tabloid to support their interests? Remember to send us your questions in for our special Inside The Room: The Scottish Independence Referendum episode of EMQs. You can send them to questions@politicalcurrency.co.ukPolitical Currency Gold subscribers have exclusive access to Ed and George's debrief chat. POLITICAL CURRENCY GOLD 🏅Become a member of Political Currency Gold to support the podcast, enjoy ad-free listening to all our episodes, receive early access to EMQs and Inside The Room, and more. Subscribe now: patreon.com/PoliticalCurrency or on Apple Podcasts: apple.co/politicalcurrencyProducers: Rosie Stopher and John RogersTechnical Producer: Oliver GeraghtyProduction Support: Miriam HallExecutive Producers: Ellie Clifford and Dino SofosArchive: BBC News, EuroNews and Sky News.Political Currency is a Persephonica Production and is part of the Acast Creator NetworkHosted on Acast. See acast.com/privacy for more information. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Inside The Room: The Scottish Independence Referendum (Part 2: The unanswerable question)
02-12-2024
Inside The Room: The Scottish Independence Referendum (Part 2: The unanswerable question)
A decade ago, the Scottish people went to the polls for a referendum vote to make a choice: should the country break free of the United Kingdom? Ultimately, they voted to stay by a resounding margin – crushing the hopes of the Scottish National Party and soothing the fears of the British government of the day. But the issue of Independence continues to divide, and in this special miniseries, George Osborne and Ed Balls are joined by the former First Minister of Scotland Nicola Sturgeon to take a fresh, forensic look at the forces, decisions and party politics that drove the independence movement. As the independence vote approached, the question of finances and currency began to plague the ‘Yes’ campaign. In episode two of this special miniseries, Nicola Sturgeon, Ed Balls and George Osborne reflect on the decisions, mistakes and motives that may have tilted public perceptions around Scotland's departure from the UK. We go inside Cameron government’s so-called Project Fear – was it all just scaremongering? Nicola reveals the moment she thought it was all going to collapse, and why George played part. And Ed lifts the lid on the machinations that led him to say Scotland would have to join the Euro if it were to leave the UK. Part 3 of 'Inside The Room: The Scottish Independence Referendum' is available to listen to NOW for subscribers to Political Currency Gold, as well as Ed and George's exclusive debrief. POLITICAL CURRENCY GOLD 🏅Become a member of Political Currency Gold to support the podcast, enjoy ad-free listening to all our episodes, receive early access to EMQs and Inside The Room, and more. Subscribe now: patreon.com/PoliticalCurrency or on Apple Podcasts: apple.co/politicalcurrencyProducers: Rosie Stopher and John RogersTechnical Producer: Oliver GeraghtyProduction Support: Miriam HallExecutive Producers: Ellie Clifford and Dino SofosArchive: BBC News, EuroNews and Sky News.Political Currency is a Persephonica Production and is part of the Acast Creator NetworkHosted on Acast. See acast.com/privacy for more information. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Trump the peacemaker?
28-11-2024
Trump the peacemaker?
Joe Biden's White House days are numbered, and he appears to be scrambling to secure his legacy. With a ceasefire just brokered between Israel and Lebanon, George Osborne and Ed Balls ask: What kind of influence is the returning President Trump already having on foreign policy? How is the transition really working? And what does this mean for the conflict in Ukraine? Is the Trump effect forcing world leaders to harden up and have a real, public conversation about a peace deal? Back home, Rachel Reeves is talking a big game – insisting Labour won’t be bringing in any more tax increases or borrowing plans. Is she making promises that will be hard to keep? Ed and George mull whether Reeves is setting herself up for trouble down the road.And with a snap election in Germany just months away, Ed and George take a closer look at the country’s economy – which has gone from ‘miraculous’ to ‘kaput’ in just a few years – and ask who’s to blame.Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrencyProduction support: Caillin McDaidTechnical producer: Oliver GeraghtyProducers: Miriam Hall and James ShieldExecutive Producer: Rosie StopherPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Inside The Room: The Scottish Independence Referendum (Part 1: The vote is granted)
25-11-2024
Inside The Room: The Scottish Independence Referendum (Part 1: The vote is granted)
A decade ago, the Scottish people went to the polls for a referendum vote to make a choice: should the country break free of the United Kingdom? Ultimately, they voted to stay by a resounding margin – crushing the hopes of the Scottish National Party and soothing the fears of the British government of the day. But the issue of Independence continues to divide, and in this special miniseries, George Osborne and Ed Balls are joined by the former First Minister of Scotland Nicola Sturgeon to take a fresh, forensic look at the forces, decisions and party politics that drove the independence movement. In this first of three episodes, Nicola, Ed and George walk through the key moments leading up to David Cameron’s decision to grant Holyrood the referendum vote. What was the focus of the conversations in Downing Street? George explains why he wanted to call the nationalists’ bluff and catch them off guard. And what advice did Gordon Brown provide – that Nicola says was ignored – to keep the United Kingdom intact? Parts 2 and 3 of 'Inside The Room: The Scottish Independence Referendum' are available to listen to NOW for subscribers to Political Currency Gold.POLITICAL CURRENCY GOLD 🏅Become a member of Political Currency Gold to support the podcast, enjoy ad-free listening to all our episodes, receive early access to EMQs and Inside The Room, and more. Subscribe now: patreon.com/PoliticalCurrency or on Apple Podcasts: apple.co/politicalcurrencyProducers: Rosie Stopher and John RogersTechnical Producer: Oliver GeraghtyProduction Support: Miriam HallExecutive Producers: Ellie Clifford and Dino SofosArchive: BBC News, EuroNews and Sky News.Political Currency is a Persephonica Production and is part of the Acast Creator NetworkHosted on Acast. See acast.com/privacy for more information. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
EMQs: Will the government support British farmers?
18-11-2024
EMQs: Will the government support British farmers?
With incensed British farmers set to descend on London in protest to the government’s new rules on inheritance tax for agricultural property, Ed Balls and George Osborne consider the likelihood of the Treasury reversing course. What made George change his mind on the so-called “pasty tax” in 2012 - and will Rachel Reeves consider a similar u-turn? This past week marked a special anniversary – the day George thought the UK would go to the polls. Should Rishi Sunak have let his run go a little longer? Author and journalist Tim Shipman, who has examined the issue of Sunak’s timing in his latest book Out: How Brexit Got Done and the Tories Were Undone asks George and Ed their view on when the Tories should’ve called the election. They also consider: does Donald Trump’s election, and his love of protectionist policies, make the idea of the UK joining the European Union Customs Union more justifiable? And… exactly what is Gerrymandering? Professors Balls and Osborne are here to explain. You could have been listening to this episode of EMQs early and ad-free!Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrencyProduction support: Caillin McDaidProducer: Rosie Stopher, James Shield and Miriam Hall Executive Producers: Ellie CliffordPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Hosted on Acast. See acast.com/privacy for more information. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.
Who should be the UK’s ambassador to Trumpworld?
14-11-2024
Who should be the UK’s ambassador to Trumpworld?
The second era of Trump is a little over a week old, and the president-elect is making waves with his cabinet appointments. An attorney general who has been investigated by the House ethics committee for sexual misconduct allegations (which he vehemently denies)? Welcome, Matt Gaetz. Trump’s pick for defence secretary? Pete Hegseth, a Fox News host who’s a proponent of American-made ammo.George Osborne and Ed Balls consider what the spillover will be for the UK. Will the recently cooked-up Chagos Islands deal get messy? And will Britain find itself more exposed to America than the US itself when it comes to the economic fallout?And while Nigel Farage still appears to be jostling to become UK ambassador to the US, Peter Mandelson is strongly tipped for the job. Do unusual times call for an ambassador with a little ‘British allure’?Back home, and the Labour government has increased tuition fees for the first time since 2017. With that, and the cut in the winter fuel payment, George says he’s really starting to get on board with the Starmer government…Become a member of POLITICAL CURRENCY GOLD 🏅 to support the podcast, enjoy ad-free listening to all our episodes and receive early access to EMQs.Subscribe now: patreon.com/politicalcurrency or on Apple Podcasts: apple.co/politicalcurrencyProduction support: Caillin McDaidTechnical Producer: Oliver GeraghtyProducers: Miriam Hall, Rosie Stopher and James ShieldExecutive Producers: Ellie CliffordPolitical Currency is a Persephonica Production and is part of the Acast Creator Network. Subscribe now on Patreon Hosted on Acast. See acast.com/privacy for more information.