The Budget: Britain's Financial Crisis Explained

Dan Snow's History Hit

History Hit

History

4.7 • 12.9K Ratings

🗓️ 17 November 2022

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rising interest, cost of living crisis, energy prices at an all-time high- is Britain's precarious financial situation the fault of policymakers or global forces? On the day the chancellor reveals the Autumn budget Dan and Dr Charles Read, economic historian and fellow at the University of Cambridge make sense of how Britain got here. They break down gilts, bonds and interest rates, how voters swing toward extreme parties in the wake of the financial crisis, and what lessons Kwasi Kwarteng should have taken from the Whig party's mistakes during the Great Potato Famine in the 1840s, as he made his disastrous mini-budget.

Dr Charles Read's new books are called 'The Great Famine in Ireland and British Financial Crisis' and 'The Carry Trade, the Banking School and British Financial Crises since 1825'

This episode was produced by James Hickmann and edited by Dougal Patmore.

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Transcript

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0:00.0	This episode is sponsored by Audible, where you can now stream the new series of that brilliant Stephen Fry's
0:06.7	Secrets of podcast. It peaks behind the curtain of the 1920s this time. The life and times of the flappers,
0:14.1	police women, radio, the movies, jazz, the British sense of humour,
0:20.3	censorship and the secrets and lies, the financial crash. This is another installment of Stephen Fry that listeners love.
0:27.7	There are some brilliant stories in here, all told in a very Stephen Fry type away. You're going to love it.
0:32.7	Listen now, subscription required, see audible.co.uk for terms.
0:38.7	Hi, everybody. Welcome to Dan Snow's history. On Thursday, the 17th of November, 2022,
0:44.7	the chance lot of the extracurator, the UK's finance minister Jeremy Hunt,
0:48.7	is going to hold up his briefcase outside number 11 Downing Street where he lives next door to the Prime Minister.
0:54.7	Then he's going to head over to the House of Commons, a short walk away, a bit of probably drive,
0:59.7	and he'll announce the budget. He will be trying to steady the ship.
1:04.7	After the most catastrophic financial mishandling, possibly in UK history,
1:08.7	it saw the collapse of Liz Truss' government in the space of weeks.
1:13.7	It was historic folks, a historic bulls up.
1:17.7	So, Jeremy Hunt's got a lot to do here. He's got to reassure the markets.
1:21.7	He's got to protect the British people from the worst effects of commodity price rises.
1:26.7	And in his mind, he's going to be trying to give the conservatives at least a vague chance of wearing the next-genrelection.
1:33.7	It's fascinating stuff, and it's of interest to people not just in the UK.
1:36.7	So, to all my non-UK friends and listeners, you might want to listen to this one.
1:41.7	Because on this podcast, I'm going to talk about the government being embroiled in a financial crisis.
1:46.7	They attempted to cut taxes, whilst paying for subsidies to offset soaring commodity prices.
1:53.7	The market lost confidence. The bank of England had to step into ward off a full-scale financial crisis.
	...

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