Some of the country’s biggest investment managers have sent a stark signal to Labour MPs.

They worry that any attempt to oust Keir Starmer as PM could rattle the markets, weaken the pound and risk a Truss-style shock. As Labour Together, the group that campaigned for Starmer’s leadership, tests the waters for potential successors, Sam and Anne unpack what’s happening inside the party.

In Downing Street Starmer hosts a high stake gathering with Volodymyr Zelenskyy, Emmanuel Macron and Friedrich Merz, as Donald Trump publicly pressures Ukraine to accept his peace terms. Sam and Anne look at what could be unfolding behind closed doors.

Plus, in Clacton, Nigel Farage has been reported to police over his electoral expenditure. Reform UK denies the claims.

How vulnerable is the British state from Russian attacks?

Sam and Anne discuss how the government will fund the additional defence spending and the rumblings of some unhappiness in the British deep state.

Away from defence, Sam hears of some tensions building between No10 and No11 over the handling of the budget as a formal leak inquiry is launched.

Plus, is the government machine grinding to a halt?

With reports that Nigel Farage expects to do a deal, or even merge, with the Conservatives before the next election – is it game over for the Tories or Reform?

Sam and Anne discuss what this potential pact could mean for the right of British politics and whether the move will be seen as weakness from Mr Farage, in essence admitting that he can’t sweep to power alone.

Away from party politics – Anne has the latest on the seemingly never-ending talks to stop the fighting in Ukraine.

It’s almost a decade since the referendum on leaving the EU – and it feels like Keir Starmer has turned up the dial on his Brexit rhetoric.

He said it would be “reckless” to use Brexit as a template for foreign policy.

Sam and Anne discuss what the PM had to say.

Elsewhere, how good is the UK-US zero tariff-drugs deal really and how are voters feeling about Labour as the budget dust starts to settle?

Anne has some intel on the race to replace Lord Mandelson as the UK’s Ambassador to the United States.

Plus, a listener asks why the PM didn’t dress properly for the Guildhall last night.

The budget fallout continues but did the Prime Minister and the Chancellor exaggerate the size of the blackhole?

Sam and Anne question whether Keir Starmer and Rachel Reeves misled cabinet and the country to justify the smorgasbord of tax rises as pressure mounts across the political divide.

Elsewhere, has the reset talks with the European Union hit the buffers over defence?

Plus, the spotlight is on the head of the Office for Budget Responsibility as the investigation into the budget leak is given to the treasury.

After all the drama can MPs, the markets, business and voters stomach Rachel Reeves’ budget?

Sam and Anne look behind the headlines and dive deeper into items which were not noticed as much in the Chancellor’s budget, questioning whether it could be seen as a return to austerity.

Plus, the duo also consider the practicalities of some of the new taxes and how they will be collected and monitored.

Away from Westminster, Anne has an update on Ukraine and the push for a peace deal.

Has the chancellor done enough to save the government after weeks of official and unofficial briefings of the "most trailed budget in history"?

We knew Rachel Reeves was taking taxes to an all-time high before she was even on her feet in the Commons - thanks to the full budget being published by mistake on the Office for Budget Responsibility’s website - but what else was announced, and what didn't she say?

Sam and Anne break down the budget and talk about:

• The smorgasbord of tax rises - taking it to an all-time high

• Britain's economic outlook and downgrading of growth

• The opposition's response to "the worst chancellor in history"

• A potential rebellion from her own MPs

Mansion tax, gambling tax, milkshake tax, scrapping the two-child benefit cap – today we finally get all the details of the most trailed budget in political history.

So, who is the 2025 Rachel Reeves budget for and why?

Sam and Anne assess how MPs and the markets will feel against voters and businesses.

Politically, the giveaways look like they’re worth every penny – but, ultimately, it’s a tax raising budget that will hit everyone somehow.

There are two episodes for budget day - Debrief on what’s happened in the budget without episode out around 6.30pm on Wednesday.