Markets Wrap: Inflation Means Bad News for Burnham
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What is the main topic discussed in this episode?
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Welcome to the Merlin Talks Money Market Wrap, where we talk about the biggest moves in markets this week and what's driving them. I'm John Stebbick, senior reporter and author of the Money Distilled newsletter, and joining me in the studio while Merlin's away on holiday is Simon White. Simon's a macro strategist at Bloomberg and author of the Macroscope column. Simon, thanks very much for joining us today. Thanks for having me on, John. As you'll have noticed, Simon is also from Manic of the Woods. If you require subtitles for this podcast, then I regret to inform you that you are fired as a listener. Don't be so cheeky. Right, so after that warning, Simon, British politics has been interesting this week, hasn't it?
It's kicking off again. By the way, I will say the Glaswegian accent is a lot stronger than my Edinburgh softer tones. So the subtitles might be needed for you. Yes, it's been very interesting.
Shots fired. Sorry, carry on.
Yeah, it's been interesting. I mean, when hasn't it been in British politics for some time? Probably like a lot of people, like the same way I was with Keir Starmer, like hopeful that it was all going to work out, but it didn't. And we're kind of here again. Burnham, is he going to fail in a more, you know, charismatic fashion? Or maybe he's going to, you know, get through what he wants to get through. But it's hard to sort of reason, you know, with these... all these promises now about what he's going to spend and nothing to do with what he's going to cut and he's sticking to the fiscal rules so what's your only lever left well the only lever left is tax i'm wondering what your take is on this i mean we're already got the highest tax rates in a generation or actually maybe two generations in terms of gdp i just looked at this it's basically outside of war or the aftermath of war it's never been higher
Yeah, so we are really kind of maxed out as far as the tax date goes as well. And I think that's one thing. It's easy to see with the borrowing that we're very high borrowing. And it's easy to see with the spending because obviously the borrowing is so tight that it's self-evident we're spending too much. But we're also taxing too much. So I do wonder how much more can he squeeze the pips, as it were. I mean, even if he wants to.
Pluck the goose. I mean, he's got... As I say, limited room for manoeuvre. I mean, I don't know. I mean, look, there's been a couple of articles in the papers recently, like the Janine Ganesh and FT and it was Matthew Syed and Sunday Times making the same point that they kind of want him to fail. We need another 1970s winter of discontent to kind of reset the system.
Yeah, this was very much because I read the Ganesh one and he was basically saying this has to go pear-shaped and preferably go pear-shaped in quite a catastrophic way so that everyone accepts or the voters accept that actually we need to do something different.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–8:07
2
What is the context and who are the hosts and guest on this Markets Wrap episode?
8:07–10:53
3
How might the new UK prime minister's fiscal choices affect taxation and spending?
10:53–18:23
4
Why is cutting welfare spending framed as a potential solution to the UK fiscal squeeze?
18:23–26:30
Speakers
8 identifiedMore from Merryn Talks Money
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