Inside Liz Truss and Kwasi Kwarteng’s economic meltdown, with David Gauke and Duncan Weldon
The New Statesman | UK politics and culture
The New Statesman
4.4 • 1.4K Ratings
🗓️ 29 September 2022
⏱️ 31 minutes
🧾️ Download transcript
Summary
With the cost of debt rising and the pound still falling, just how much damage has the Conservatives’ mini-Budget done to the economy?
To unpick what’s going on, Anoosh Chakelian is joined by David Gauke, who was work and pensions secretary and chief secretary to the Treasury under Theresa May, and by the economist and author Duncan Weldon, along with the New Statesman’s business editor, Will Dunn.
They discuss why the markets reacted so badly to the Chancellor’s statement on 23 September, what the subsequent Bank of England intervention actually did, and what the impact of all of this might be on ordinary voters as well as the electoral prospects of the Tory party.
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Transcript
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| 0:00.0 | For the New Statesman. |
| 0:12.0 | Hi, I'm Anouche, and on today's New Statesman podcast |
| 0:15.0 | we'll try and make sense of what's happening to the economy. |
| 0:25.0 | I'm delighted to be joined by some special guests for this episode. |
| 0:28.0 | David Gork, the former Conservative Cabinet Minister, |
| 0:31.0 | who served as Chief Secretary to the Treasury in 2016 to 2017 |
| 0:34.0 | and writes a column for the New Statesman. |
| 0:36.0 | Duncan Weldon, the writer and economist |
| 0:38.0 | behind the value-added sub-stack newsletter |
| 0:40.0 | and author of 200 years of muddling |
| 0:42.0 | and will-done the New Statesman's business editor. |
| 0:45.0 | Thanks so much to all three of you for coming on |
| 0:47.0 | and I do encourage our listeners to read |
| 0:49.0 | each of your excellent pieces on different aspects |
| 0:51.0 | of this meltdown that's been unfolding this week |
| 0:53.0 | on the New Statesman website and in this week's issue as well. |
| 0:56.0 | There's a lot going on, so I'll just rattle through the main things. |
| 1:00.0 | The pound tumbled to a record low against the dollar. |
| 1:03.0 | The International Monetary Fund has openly criticised |
| 1:05.0 | the UK government's tax plans. |
| 1:07.0 | The Bank of England is stepping into by government bonds |
| 1:09.0 | and intervention on Wednesday, |
... |
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