FT News Briefing Political Fix: Labour's year in review
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Dec 23, 2025 
In this insightful discussion, Anna Gross, FT politics correspondent, Stephen Bush, political columnist, and Chris Giles, FT economics commentator, delve into the tumultuous year for the Labour party under Keir Starmer. They explore Starmer's plummeting popularity, the impact of budget leaks, and how trust in government has waned. The panel also analyzes fiscal strategies and the political fallout from the budget, including the potential for a leadership challenge and the rise of Reform UK. Join them as they assess the future of UK politics in a year of chaos.
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Use Two Painful Budgets To Buy Time
- Do present a clear multi-year plan rather than staggered half-measures to regain credibility.
- Strong early fiscal adjustments buy political time and improve re-election prospects.
Dislike Reflects Cumulative Anger
- Keir Starmer and Rachel Reeves face unusually visceral public dislike beyond specific mistakes.
- That anger reflects accumulated disappointments over many years, not just current policy errors.
Leadership Change Risks Market Nervousness
- A Labour leadership contest would spook markets because Starmer and Reeves are seen as fiscal anchors.
- Any successor would likely face pressure to match that fiscal credibility to avoid market turmoil.