Political Currency Is there an inflation crisis coming?
21 snips
Mar 12, 2026 They dig into newly released Mandelson files and whether more damaging revelations remain. They reassess US-Iran military moves, Trump's ability to declare victory, and the conflict's effect on oil and gas markets. They debate whether central banks should react to an energy shock and unpack the fiscal politics of price caps and fuel duty. They close by examining why former prime ministers keep intervening in public life.
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Partial Mandelson Release Fails To Resolve The Story
- The Mandelson files were a partial release that confirmed known risks but offered no smoking gun.
- Ed Balls and George Osborne argue selective disclosure and withheld McSweeney memo mean the story will drip out and keep pressure on Keir Starmer.
Confirmation Not Gamechanger For Starmer
- The files confirmed Starmer knew Mandelson maintained links with Jeffrey Epstein before appointing him.
- George Osborne says that fact was already clarified weeks earlier and yesterday's release didn't materially change Starmer's political position.
The Payoff Raises Moral And Accountability Questions
- The £75,000 payoff to Mandelson was the single new surprising detail in the release.
- Both hosts find the payout odd and morally troubling, noting public bodies often settle to avoid higher legal costs.