Horror in the City at the Tories' mini-Budget, with the economist and former trader Gary Stevenson

Daily Politics from the New Statesman

The New Statesman

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🗓️ 16 October 2022

⏱️ 25 minutes

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Summary

Emma Haslett, The New Statesman’s associate business editor, speaks to Gary Stevenson, an economist and former trader for Citibank, a job he initially won in a card game. In 2011 he became the bank’s most profitable trader globally by correctly predicting the economy would not recover from the 2008 financial crash. In 2014 Stevenson quit his job, and he now campaigns against wealth inequality and educates people on economics via his YouTube channel, GarysEconomics.

They discuss the fallout from the Tories' disastrous mini-Budget and No 10’s attachment to trickle-down economics, as well as the reaction among Stevenson’s former colleagues in the City. Emma and Gary also offer their predictions for the economy this time next year.

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Transcript

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0:00.0	Hi, I'm Anouche and I'm here to introduce you to a special bonus New
0:09.4	Statesman podcast episode. Our business correspondent Emma Haslet interviews
0:14.1	Gary Stevenson, who used to be a city trader and is now a patriotic millionaire
0:18.8	campaigning for a wealth tax. Now they were speaking before Quasi Quarcing, the
0:23.4	Chancellor lost his job, but they can give you an insight into what happened in
0:27.2	the city and the market that led that to happen. So enjoy.
0:33.2	Hi, I'm Emma Haslet, the associate business editor, and on today's
0:37.7	episode of the New Statesman podcast, we're talking about the UK's economic
0:41.4	crisis and what's next. I'm speaking to Gary Stevenson, an economist and former
0:46.7	trader. Gary used to work for Citibank, a job he won in a card game, and in 2011
0:52.5	he became the bank's most profitable trader globally by correctly
0:56.0	predicting the economy would never recover from the 2008 financial crash. In
1:01.0	2014, quit his job, and he now campaigns against wealth inequality and educates
1:06.3	people on economics via his YouTube channel Gary's Economics.
1:12.6	So Gary, thanks for coming on. How are you? I'm good, thanks very busy recently,
1:17.4	but happy to be on. Yeah, good luck to be on busy. So, you know, in the
1:22.0	aftermath of the budget, you did a YouTube video in which you had, I've got to
1:27.0	say it was like quite a visceral reaction to the budget. Can you give us a
1:31.6	bit of a sense of how you were feeling while you're watching quasi-quartane
1:34.8	speaking? So I think in order to understand it, you need to understand the
1:39.3	little bit about my background, right? Which is that I worked in the city from
1:43.2	2008 to 2014, and I was a very successful trader and I was basically
	...

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