The Capitalist is the podcast that champions free markets, fresh ideas, and thoughtful solutions. Join sharp minds from business, politics, and beyond for intelligent debate and optimistic conversations about building a brighter, market-driven future for Britain. Brought to you by the team behind CapX's unmissable daily briefings from the heart of Westminster. Hosted on Acast. See acast.com/privacy for more information.
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CapX Podcasts

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Despatch: Steve Baker thinks a crash is coming
8:40
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8:40What if the real revolution isn’t coming from the Left — but from the forgotten champions of free markets and personal freedom? In this special edition of Despatch, former Conservative MP Steve Baker lays out a bold and urgent case for a political reawakening. With the UK economy stumbling under the weight of high taxes, ballooning debt, and bureau…
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Is the centre-right cracking? From Westminster defections to French fiscal chaos, this week has delivered a sharp shock to Europe’s conservative mainstream. In London, Tory MP Danny Kruger crossed the floor to join Reform UK, denouncing his former party as “over.” In Paris, a fresh downgrade to France’s credit rating has cast a long shadow over Pre…
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Is Britain sleepwalking into a very French crisis? In this Despatch, Joseph Dinnage argues that Westminster is starting to look uncomfortably like Paris: a revolving door at the top, a debt “swamp” that spooks markets, and electorates hooked on ever-costlier entitlements. After François Bayrou’s fall and Sébastien Lecornu’s rise, France’s soaring d…
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Special: Steve Baker on Britain's Milei moment
38:30
38:30
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38:30Argentina's Javier Milei has defied critics by bringing sweeping economic reform to an economy many had written off. Former MP Steve Baker — the “hard man of Brexit” — says a similarly radical free-market reform can save Britain, too. In this special edition of The Capitalist, Steve joins Marc Sidwell to launch his new project, Fighting for a Free …
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This week on Despatch, we ask whether Labour’s deputy leader is about to fall victim to her own class war. Once the scourge of Conservative ministers accused of impropriety, Rayner now faces her own reckoning over unpaid stamp duty. Yet her life story – from single mother at 16 to the country’s second-in-command – makes her both Labour’s populist p…
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Britain’s migration debate has reached boiling point. With migrant hotels sparking legal battles, border policies under fire, and trust in government eroding, the question is no longer just about numbers – it’s about whether Britain can regain control of its borders and its future. In this edition of The Capitalist, Marc Sidwell is joined by City A…
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Despatch: The Online Safety Act is humiliating Britain
6:35
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6:35Britain’s new Online Safety Act was meant to protect children — but it’s becoming an international embarrassment. Not only is it pushing young people towards darker corners of the web, it’s also turning the UK into a would-be global censor. This week on Despatch, legal scholar Andrew Tettenborn reveals how Ofcom is sending heavy-handed legal threat…
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Britain’s tax system is overly complex and destroys our growth prospects. Should Labour follow Australia’s lead and convene a roundtable of business leaders and experts to really overhaul the system? CapX’s deputy editor Joseph Dinnage is joined by Dr Lawrence Newport from Looking for Growth and the political strategist John Oxley for a clear-eyed …
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Sir Keir Starmer is reportedly becoming more and more frustrated at the sluggish reality of government within the current system. Who can blame him? Government is beset by a sclerotic Civil Service and continuous legal battles. But, as Looking for Growth's Lawrence Newport explains, a renewed sense of urgency might be just what Labour needs. Stay i…
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Donald Trump’s encounter with Vladimir Putin has raised fresh doubts over the prospects for peace in Ukraine. Meanwhile, Argentina’s dramatic economic turnaround offers lessons that Britain’s Conservatives may find hard to ignore. And with whispers of sweeping reform to the UK’s property taxes, what might this mean for growth and political credibil…
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Labour’s economic policies are hitting Britain’s job market hard — from higher National Insurance and rising minimum wages to new employment regulations that make hiring riskier and more expensive. Joseph Dinnage, deputy editor of CapX, examines the latest data on job losses, recruitment slumps, and the growing costs facing small businesses, and wa…
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Online Safety Row: Wikipedia Vs. the Government
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21:00Wikipedia’s bruising encounter with the UK’s Online Safety Act has exposed why rules aimed at Big Tech are already having unintended consequences. Now, Silicon Valley heavyweight Marc Andreessen is taking his objections straight to Downing Street, joining a global chorus of free-speech advocates warning the law is muzzling expression online. Also o…
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Is the Conservative comeback already underway? In this week’s Despatch, James Cowling from Next Gen Tories argues the vibe shift is real — and it’s arriving faster than expected. With Labour stumbling and Reform flailing, the opportunity is ripe for a bold, pro-growth Tory revival. Cowling outlines the two major pivots required: redefining the part…
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Will the UK be sued over the Online Safety Act?
29:33
29:33
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29:33Virtual private networks are often associated with dodging censorship in far-flung authoritarian states. But now, VPN downloads are surging in Britain — a response to new age-verification rules designed to make the internet safer. Are the measures simply too blunt to be effective? And could the public backlash undermine Labour’s ambition to positio…
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Despatch: The Online Safety Act stands against Britain’s liberal tradition
6:59
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6:59Economic journalist Mani Basharzad reflects on Britain’s Online Safety Act — and what it reveals about the rise of managerialism in public life. What begins as a discussion of misinformation soon unfolds into something broader: a quiet shift away from the liberal tradition of debate and dissent, toward a more technocratic instinct to manage, correc…
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EU's tariff 'humiliation' & doctors' dodgy pay metrics
27:07
27:07
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27:07Are Britain’s doctors striking based on a broken metric? Economist Andrew Lilico says RPI—the measure unions love—is complete NONSENSE compared to CPI. Policy analyst Francois Valentin agrees, claiming you’d be hard-pressed to find ANY profession with real wage growth since 2008 using that number. Then we turn to the EU’s silent acceptance of Trump…
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Despatch: Private equity didn’t ruin Britain – it’s helping rebuild it
6:42
6:42
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6:42Michael Moore, chief executive of the British Private Equity and Venture Capital Association, takes aim at the lazy caricatures and media misfires that still dominate public perceptions of private equity. Far from asset-stripping villains, today’s private capital investors are quietly powering British enterprise — backing thousands of SMEs, creatin…
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The return of James Cleverly, broke retirees, and bans on air conditioning
23:25
23:25
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23:25As Sir James Cleverly returns to the front bench, Marc Sidwell is joined by City AM’s Alys Denby and writer and academic Andrew Tettenborn to assess what the move signals for the opposition—and whether it can sharpen its message ahead of the next election. Also on the agenda: why the government is reviving the pensions commission, and what it means…
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Independent economist Damian Pudner offers a crisp, clear-eyed warning from the heart of Britain’s fiscal landscape. As Chancellor Rachel Reeves sets out her vision for a re-energised economy, the real question remains: how will we pay for the modern British state? Pudner traces the quiet stirrings of market unease—from rising gilt yields to the sp…
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With Donald Trump threatening sweeping new tariffs on the EU, the European Commission warns that transatlantic trade could become “almost impossible” — a shock that would rattle supply chains and plunge business leaders into uncertainty. As economic forecasters grapple with volatility in Washington, we ask: is America heading for Reagan-style renew…
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Despatch: The greatest prime minister we never had
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7:51
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7:51Karl Williams reflects on the life and legacy of Norman Tebbit — the Conservative bruiser, RAF veteran, and Thatcherite stalwart who helped reshape Britain in the 1980s. Often caricatured as the hardman of the Tory right, Tebbit was also a principled, articulate statesman with a surprising hinterland. From his famed “on yer bike” quip to his decisi…
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A new poll finds voters see Sir Keir Starmer’s government as every bit as chaotic as the last. Can Labour regain its footing? Meanwhile, Jeremy Corbyn eyes a comeback—does his latest venture hint at a socialist revival? And as the NHS unveils a new ten-year plan, we ask: why does it all sound so familiar? Albie Amankona and Julian Jessop join host …
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The markets have made their judgment—and it’s far from flattering. As gilt yields climb and confidence wanes, Chancellor Rachel Reeves is facing a fiscal storm of her own making. Economist Damian Pudner weighs in on Labour’s deepening credibility crisis, arguing that the era of cost-free politics is drawing to a close. With pressure mounting on bot…
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Does Zohran Mamdani’s shock rise in New York politics suggest that wealth taxes are back on the agenda? Plus: what does Labour’s welfare cuts u-turn say about the government’s economic credibility? And why economic arguments keep falling flat with voters—and how we can change the conversation. Marc Sidwell is joined by Reem Ibrahim from the Institu…
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Despatch: How to sell difficult economic truths
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6:51
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6:51Marc Sidwell dissects the Reform's shaky new tax proposal, the backlash against expert critique, and what it all says about the state of political debate. From Britain’s fragile finances to America’s protectionist turn, CapX's editor makes the case for returning to a more grounded, common-sense approach to economics — one that recognises trade-offs…
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Oil prices are on the rise following US strikes on Iranian nuclear sites — with fears mounting over how Tehran might retaliate. Marc Sidwell is joined by Daniel Freeman of the Institute of Economic Affairs to assess the economic fallout. Plus: the government makes lower energy costs the centrepiece of its new industrial strategy, but will it be eno…
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Coventry’s sleek new very-light-rail system is now in test mode, with 2,000 residents invited aboard. In this special Despatch, policy thinker Samuel Hughes explores how the project could offer a smarter, faster — and much cheaper — way to deliver public transport in Britain. Could this be the blueprint for the future of urban mobility? Stay inform…
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CapX editor Marc Sidwell is joined by economist Andrew Lilico and political strategist John Oxley to unpack a volatile moment in the global economy. From the fallout of Israel’s escalating conflict with Iran to the knock-on effects of surging oil prices, we take stock of the risks facing markets—and what they could mean for Britain. Closer to home,…
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Despatch: Is Rachel Reeves ready for the coming crisis?
5:59
5:59
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5:59Economist Andrew Lilico casts a sharp eye over the Chancellor’s first Spending Review — and finds it lacking. Beyond the rhetoric, the message is sobering: health spending is set to surge while almost every other department faces quiet, compounding cuts. The NHS will grow to dominate Britain’s public finances — even as Rachel Reeves eyes new tax ri…
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Spending Review: Health, Policing, and Reform’s Rise
32:07
32:07
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32:07With the Chancellor’s spending review looming, ministers are jostling for funds. But with public services under pressure and growth still sluggish, is the government backing the right bets? Plus: what’s really behind Reform UK’s rise in the polls? As support swells in areas hit hardest by poverty, our guests unpack the party’s shifting economic mes…
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Former Chancellor Jeremy Hunt offers a spirited defence of Britain’s open-market tradition — and a sharp rebuke of Trump’s tariff tactics. As the world shrugs off ‘Liberation Day’, Hunt argues it’s not America but open economies like Britain that are poised to thrive. With historical perspective and policy punch, he lays out why trade still matters…
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President Trump’s tariff blitz hits a legal snag — but he's showing no signs of backing down. Marc Sidwell is joined by National Review Institute’s Dominic Pino and the journalist Harry Phibbs to assess what comes next for transatlantic trade. Plus: can Britain turn Washington’s assault on academia into an opportunity? And as China races ahead in t…
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Despatch: Life, Liberty, and the Pursuit of Cheese
6:08
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6:08What does chasing a wheel of cheese down a dangerously steep hill say about Britain — and the state? In this Despatch, James Price of the Adam Smith Institute finds wisdom in one of our most eccentric traditions: Gloucestershire’s infamous cheese rolling. What begins as a bruising ritual becomes a spirited case for liberty, localism, and limited go…
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Special Edition: Reviving the High Street with Samuel Hughes
18:47
18:47
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18:47A special edition on the future of Britain’s high streets. As department stores disappear and civic spaces fall silent, we ask: what’s next for the beating heart of our towns? Samuel Hughes, an editor at Works in Progress and fellow at the Centre for Policy Studies, joins us to explore practical ways to revive our high streets. From imaginative pub…
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This week's Despatch offers a sharp warning to the Conservative Party from inside the tent. Former Tory candidate William Wellesley argues that the answer to Reform UK’s rise isn’t mimicry — it’s honesty. In a measured but damning critique, Wellesley calls out decades of spin, soundbites and shallow promises from across the political spectrum — and…
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Border Lines: Can Labour’s Migration Gamble Pay Off?
30:06
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30:06Karl Williams of the Centre for Policy Studies and economist Julian Jessop take a clear-eyed look at the politics and economics of migration. Two decades ago, the UK opened its doors to eastern Europe. A modest prediction of 13,000 arrivals became 1.5 million — a shift that continues to shape British politics. Now, with Reform UK on the rise, Labou…
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Despatch: Bordering on Failure – Is Labour Serious About Reform?
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8:37In this week’s Despatch, Karl Williams of the Centre for Policy Studies unpacks Labour’s long-awaited immigration white paper — and asks whether anything’s really changed. From sky-high net migration targets to fudged visa reforms and a rebrand of the widely abused ‘shortage occupation’ list, Labour’s plans are long on rhetoric but risk being short…
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In Conversation: Fraser Nelson, Richard Reeves and Nicholas Eberstadt
36:24
36:24
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36:24For the first time in modern British history, young men are now more likely than young women to be out of education, employment or training. It’s a trend mirrored across the Atlantic — and it raises a stark question: are boys and men being left behind? In this special edition, we bring you a timely conversation exploring the data, the causes, and t…
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Despatch: Ignore the doubters, more trade with India is win-win
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7:00Harry Phibbs takes a scalpel to Britain’s new free trade deal with India. Is it a triumph for post-Brexit Britain — slashing tariffs, boosting growth, and bringing down prices? Or does the small print on visas and taxes muddy the waters? From trade triumphs to immigration tensions, Phibbs unpacks the political spin and the economic reality — and ex…
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In this special Bank Holiday edition, Marc Sidwell is joined by Dr Lawrence Newport from the Looking for Growth campaign for a sharp and solutions-focused conversation on how to reignite Britain’s economic engine. From planning delays to regulatory sprawl, we examine the blockages stalling national progress — and lay out a bold vision to get Britai…
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Despatch: Wake up Tories, Reform are on the march
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5:38The by-election in Runcorn & Helsby has sent shockwaves through Westminster — not because Reform UK squeaked to victory, but because what once looked like a protest vote now smells like a political realignment. In this special weekend Despatch, Conservative Home's Henry Hill unpacks why Reform’s close win changes the narrative, and why the Tories a…
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From Beijing to Bangalore: A New Economic Order?
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28:40As Chancellor Rachel Reeves treads a delicate path in Washington, Britain finds itself caught between diplomacy and hard economics — will tariff relief be enough to steady the ship? Meanwhile, Apple’s dramatic pivot to India signals just how deeply Trump’s sweeping trade war is reshaping global business. Could a world less reliant on Beijing ultima…
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Runcorn and Helsby has been Labour’s turf for decades — but the ground is shifting, and Reform UK can smell blood. In this week’s edition of Despatch, Gawain Towler — former director of communications for Reform UK — takes us inside the Cheshire constituency where poverty is entrenched, campaigning is curiously absent, and Keir Starmer’s team seems…
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Global Growth Is Faltering — Can Britain Sprint Ahead?
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31:36Is Britain ready to outpace a stalling global economy? As fresh figures show growth grinding to a halt, The Capitalist asks whether the UK can still carve a bold new path forward. With Chancellor Rachel Reeves heading to Washington, is a transatlantic trade deal within reach — or is Britain about to be caught in a clash of superpowers? Plus: nation…
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Despatch: Steel Trap — Why Nationalisation Won't Work
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5:55Harry Phibbs asks a pointed question in this week's Despatch: if nationalisation has failed before, why are we doing it again? With Parliament recalled for an emergency Saturday sitting to save British Steel, the political consensus was deafening — and expensive. But is this really a matter of national security, or just another costly round of stat…
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Economic Nostalgia vs. the Hard Work of Growth
33:48
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33:48A dramatic Saturday recall of Parliament delivers a last-minute reprieve for British Steel — but is it a genuine industrial strategy, or just another short-term fix? Meanwhile in Washington, President Trump promised to revive American manufacturing. But can you really rebuild the past — or is this economic cosplay doomed to fail? Broadcaster Albie …
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Britain isn’t broken — but it is stuck. In this urgent Despatch, Julia Willemyns, co-founder of the Centre for British Progress, makes the case for boldness over drift. Why has growth stalled? Why does everything feel harder, slower, smaller than it should? And why have both Left and Right abandoned the ambition to build? With sharp insight and a r…
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Backlash Economics: When Policy Meets Pocketbooks
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33:39What happens when the world’s biggest economy slams the brakes on global trade? In just weeks, Donald Trump’s tariff blitz has shattered decades of US-led liberalisation — and the fallout is only just beginning. As prices creep higher and wallets tighten, will the political backlash bite harder than the economic one? And in the UK, could fiscal fea…
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Despatch: Mel Stride, Robert Colvile, David Miles and Alys Denby
33:49
33:49
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33:49Rachel Reeves entered her first Budget with a familiar refrain—blaming the Conservatives for the difficult choices ahead. But now, the focus has shifted to her own decisions, particularly the impact of tax rises on business confidence, jobs, and growth. Can her latest fiscal measures break Britain free from economic stagnation, or have they only de…
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Regulation Nation: Why Britain is Losing Its Best and Brightest
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29:29Rachel Reeves envisions Britain as a “defence industrial superpower” — but does the industry exist to match the ambition? Meanwhile, London eyes Brussels for a reset, with hopes that closer ties could unlock growth. And amid high taxes and tight regulation, is Britain’s economic model locked in for good? Marc Sidwell is joined by Julian Jessop and …
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