George Osborne is launching an economics podcast with his “frenemy” Ed Balls in an attempt to capitalise on the success of shows such as The Rest is Politics.
Osborne, the architect of the Conservatives’ austerity policies which imposed deep cuts on British public services, spent four years opposite Balls in the House of Commons. But since leaving frontline politics the pair have become a marketable media double act, appearing together on political shows to debate the state of the economy.
In recent weeks the former chancellor and ex-shadow chancellor have been recording pilot episodes of the as-yet-untitled weekly podcast. It is being pitched as a programme that will provide “accessible and compelling” analysis explaining why the British economy is struggling with high inflation and increasing mortgage costs. The show will launch in the autumn and is being made by Persephonica, the same production company that makes Emily Maitlis and Jon Sopel’s The News Agents.
Osborne said: “Ed and I are frenemies – once bitter foes, and now firm friends. When we talk politics and economics I find myself talking to someone who brings a different perspective but with an insight and intelligence I rate.”
Balls said: “George and I want to bring economics back to life and on the agenda – with explanation and entertainment in equal measure.”
Osborne stepped down as an MP in 2017 to edit the Evening Standard, later earning mockery for the number of additional jobs he took on. He cut back on his commitments to focus on his highly lucrative work as an investment banker and is also chair of the British Museum, where he is involved in negotiations over returning the Parthenon marbles to Greece.
Balls, who pushed for Bank of England independence in the New Labour government, unexpectedly lost his seat at the 2015 general election before reviving his public persona by appearing on Strictly Come Dancing. He is married to Yvette Cooper, who is the shadow home secretary.
The enormous financial success of The Rest Is Politics, which is earning substantial sums for its hosts Alastair Campbell and Rory Stewart, has shown the potential for podcasts that market themselves at a centrist audience and promise to reach across the political divide.
News podcasts with large, loyal audiences are highly attractive to advertisers, giving access to a wealthy audience who are increasingly hard to reach through other means – and are happy to buy tickets for live recordings and spin-off merchandise. As hosts of their own podcast, Balls and Osborne will expect to receive a large cut of any advertising revenue the show produces.
The shift in listening habits is proving a challenge for traditional broadcasters such as the BBC, which struggles to match the same pay deals and is hamstrung by impartiality rules.
