Robert Peston

speaker

5,697 appearances 44 recordings 5 series first heard Nov 2025 last heard 3d ago

Robert Peston’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 44 in all, peaking in Jun 2026 with 9.

Appearances

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The Rest Is Money · 311. Why is the US debt crisis a big problem for Burnham? · 6 Sep 2026 podcast

Kevin Walsh has decided to be his own person and, you know, over the summer matched

uh in in the great gathering of central bankers at Jackson Hull and uh in his public utterances, Gavin Walsh has basically been signalling that he is worried about inflationary pressures. matched

Uh and markets now think the next move in interest rates by the US Fed will be upwards. matched

I I I I'm slightly anxious about Kevin Walsh because the American President Donald Trump it doesn't take kindly to matched

People that he's appointed to jobs, then not doing what he wants. matched

So, anyway, that's probably a story for another for another time. matched

Yeah, time. matched

But at the moment, uh, some would say Kevin Walsh is being quite courageous in basically speaking as far as he can as an independent analyst, as an independent economist. matched

And as I say, that there are all sorts of reasons to assume uh across the world that interest rates are going up. matched

When you get into that climate of consistency. matched

What happens? matched

The price of government debt falls, and that rise in interest rates becomes a self-fulfilling reality because you know the effective interest rate on on US government debt treasuries that has been rising, particularly at what's called the long end of the spectrum if they're borrowing for 10 and 30 years. matched

And of course, it's been even worse for the British government. matched

That the price of UK government debt, because this is a global market, um, has been falling even more sharply. matched

And poor old Andy Burnham has now got a situation which I don't think he was expecting, but is now uh front of mind for him, where the price of borrowing for the UK for ten years matched

And for thirty years has risen to levels we have not seen for decades. matched

Um well over, you know, sort of up to five and a quarter percent for ten years and actually not that far off six percent to borrow for thirty years. matched

And one of the things I think about in these contexts is, you know, if you're a homeowner and you're facing a six percent mortgage rate, that's horrific. matched

Uh uh or or it would be in the context of what's been going on. matched

over the last few years and the poor government is facing that on t on on on its massive um stock of debt, which I will come back to the UK aspects in a bit. matched

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