Alternative Budget Special with The Spectator's Michael Simmons: Inside Westminster’s Energy Storm

Today, we’re joined by one of Britain’s leading economic commentators: The Spectator’s economics editor, Michael Simmons. Together, we explore an alternative budget for the energy industry and why it’s not too late for the Government to adopt some of our proposals.

We examine OEUK’s suggested replacement for the Energy Profits Levy and discuss why the GMB union views lower taxation as a means to safeguard jobs. We also pay tribute to the late Quentin Willson, who, beyond his well-known Top Gear career, championed the FairFuelUK campaign, a movement credited with preventing fuel duty hikes at the pump for nearly two decades.

We then turn to the question of VAT on electricity and gas, before concluding with fellow Spectator writer Rory Sutherland’s ideas on how to make tax more aspirational.

Join us and Michael Gove for The Spectator Energy Summit. Book your tickets now to have the last word on energy debates. Make sure you use discount code: WPC25 at checkout for 25% off your purchase: https://events.spectator.co.uk/events/the-spectator-energy-summit-2025

Michael Simmons, Economics Editor of The Spectator, joins host Alex Wolfe in the studio to discuss the UK Budget, The Spectator Energy Summit and how Westminster’s decisions are reshaping Britain’s energy and economic future. 

Listen and download Michael Simmons' podcast, Reality Check, here:

Apple Podcasts: https://podcasts.apple.com/gb/podcast/reality-check/id1676225649

Spotify: https://open.spotify.com/show/5fIxijJIuHXpFLLZiK7rzb?si=4756c8f6336240e6

YouTube: https://www.youtube.com/playlist?list=PLDCXLWdvtIuZWz4RZype5YoX8zSWRQqIk

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Season Two is in Partnership with The Spectator

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Wolfe Power Club Production Team

Account Manager: Emilia Donovan

Director of Government Relations: Max Austin

Designer: Nick Pelekanos

Editor: Adam Woodward

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Recorded at Studio 55 - that has produced Breaking the Taboo and The ABTO Podcast

Chapters

• 0:00 Introduction
• 1:48 Why Energy Shapes the UK Economy
• 7:15 Rachel Reeves' Tax Strategy
• 12:09 North Sea Tax and Job Cuts
• 17:53 Labour vs. Green Party Dynamics
• 25:02 Ed Miliband's Energy Transition Plan
• 29:51 Fair Energy Tax: VAT Reform
• 36:07 Rory Sutherland's Creative Tax Ideas
• 42:03 How the UK Can Grow Again
• 47:37 Quick-Fire Questions
• 53:13 Michael's The Spectator Anecdote