What on earth happened to Morgan McSweeney’s phone?

9 snips

Mar 26, 2026

They unpack Trump’s mixed signals on the Iran war and what that chaos means for allies. They consider how UK politics could be reshaped by local election shocks and insurgent parties on the rise. They debate fiscal options to ease energy pain and the political attacks over welfare. They also probe the mystery of Morgan McSweeney’s missing phone and its potential fallout.

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INSIGHT

Trump's Mixed Messages Drive Global Volatility

Donald Trump's mixed signals on Iran create global market volatility and strategic uncertainty.
George Osborne and Ed Balls note his alternating peace overtures and threats swing oil prices and complicate allied planning.

INSIGHT

Iran Shock Shrinks UK's Fiscal Headroom

The Iran conflict will worsen UK cost-of-living pressures and reduce fiscal headroom for Rachel Reeves.
Ed Balls warns contingency energy support will eat into plans for pre-election tax cuts and constrained fiscal manoeuvre.

ADVICE

Use VAT Cuts For Responsive Energy Relief

Do use VAT or fuel tax timing to provide responsive energy relief rather than one-off fixed subsidies.
George Osborne suggests cutting VAT on energy/fuel now so support scales with future price rises.

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Nearly a month into the war in Iran, and the White House’s objectives are no clearer. Donald Trump is sending conflicting signals - peace overtures in one moment, threats of further escalation in the next. The consequences of this instability is rippling far beyond the Middle East. Ed Balls and

George Osborne examine what Trump actually wants, and what his mixed messages might mean for allies like Britain, struggling to keep track.

At home, Keir Starmer and Rachel Reeves are on the backfoot. With the local elections just weeks away, and both Reform and the Greens on the rise, is the Prime Minister facing down an electoral battering at the polls? Is this the moment Labour's difficulties harden into something more lasting - could the May elections be a dress rehearsal for the next general election? Oh, and what on earth happened to Morgan McSweeney’s phone?

Finally, from political vulnerability, to political victory. Ed and George reflect on the one year anniversary of Mark Carney’s premiership. How has he managed to turn around the fortunes of the Liberal Party in remarkably difficult circumstances - and what lessons Starmer and other leaders facing similar headwinds might take from his playbook.

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