Shockwave: Strikes on Iran and the future of energy

A miniseries from the New Economics Podcast which asks how have energy crises shaped our economy and what do we need to do to shockproof our energy system in an increasingly volatile world? The Strait of Hormuz. Sitting between Iran, Oman and the United Arab Emirates, the Strait is one of the world’s busiest shipping channels. One fifth of all fossil fuels pass through the Strait, which means that when Iran threatened to attack tankers navigating it, they choked off the world’s supply. The opening of the Strait is still deeply uncertain. As we find ourselves looking down the barrel of another energy crisis, this time caused by the US and Israel’s attacks on Iran, we're asking: How will this latest conflict spill over into the global economy? What should Andy Burnham’s new government do about it? And can we ever get off this rollercoaster of energy shocks? Katrina Gaffney was joined by New Economics Foundation economists Dr Alex Chapman and Jaya Sood, alongside writer and academic Gareth Fearn. The New Economics Foundation website: neweconomics.org/ Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod Produced by Margaret Welsh and Katrina Gaffney. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254 Music by Maarten Schellekens, Free Music Archive: freemusicarchive.org/music/maarten-…ike-clockwork/ used under Creative Commons licence: cre​ativecom​mons​.org/​l​i​c​e​n​s​e​s​/​b​y​-​n​c​/4.0/.

A miniseries from the New Economics Podcast which asks how have energy crises shaped our economy and what do we need to do to shockproof our energy system in an increasingly volatile world? 2024 was the biggest election year in human history. Half of humanity had the opportunity to go to the polls in 72 different countries. What was striking about these elections was the number of countries which voted against their incumbent leaders. From the UK to the US to South Korea, governments changed hands. The reason for this? Political scientists pointed their fingers at the massive rise in inflation which followed Russia’s invasion of Ukraine. The invasion disrupted global energy markets, prices spiked and countries around the world are still feeling the effects today. In this episode of Shockwave we're asking: Why did energy disruption lead to inflation across the board? How did the UK try and tackle the problem? And what does it all have to do with the increase in interest rates many of us are struggling with? Katrina Gaffney was joined by New Economics Foundation economists Dr Alex Chapman and Jaya Sood, alongside writer and academic Gareth Fearn. The New Economics Foundation website: neweconomics.org/ Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod Produced by Margaret Welsh and Katrina Gaffney. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254 Music by Maarten Schellekens, Free Music Archive: freemusicarchive.org/music/maarten-…ike-clockwork/ used under Creative Commons licence: cre​ativecom​mons​.org/​l​i​c​e​n​s​e​s​/​b​y​-​n​c​/4.0/.

A miniseries from the New Economics Podcast which asks how have energy crises shaped our economy and what do we need to do to shockproof our energy system in an increasingly volatile world? Ask most people on the British left about the source of the country’s economic problems, and they are likely to point to one culprit: Margaret Thatcher. The prime minister who believed in the discipline and efficiency of the free market - who wanted to crush the power of trade unions and turn ordinary Brits into shareholders. Privatisation was central to her plans and her legacy. The list of state-owned companies sold off by Thatcher is long: from Jaguar to British Airways, BT to BP. We handed over control of the railways, water, British Steel. And from the mid-eighties, the country’s energy system was privatised too. In this episode of Shockwave, we're asking, what does privatisation mean for bill payers? Has it left us well prepared for future shocks? And who are the winners and losers in our current energy system? Katrina Gaffney was joined by New Economics Foundation economists Dr Alex Chapman and Jaya Sood, alongside writer and academic Gareth Fearn. The New Economics Foundation website: neweconomics.org/ Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod Produced by Margaret Welsh and Katrina Gaffney. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254 Music by Maarten Schellekens, Free Music Archive: freemusicarchive.org/music/maarten-…ike-clockwork/ used under Creative Commons licence: cre​ativecom​mons​.org/​l​i​c​e​n​s​e​s​/​b​y​-​n​c​/4.0/.

A miniseries from the New Economics Podcast which asks how have energy crises shaped our economy and what do we need to do to shockproof our energy system in an increasingly volatile world? The turbulent decade of the 1970s was marked by struggle: between workers and industries, newly independent countries and their former colonial masters, post-war social democracy and the fledgling economics of neoliberalism. During the seventies, UK inflation soared to over 25 percent and the country fell into a deep recession. With trade unions at the peak of their power, workers led national strikes to defend their living standards. After the resulting power shortages, the government mandated a three-day working week to conserve energy. The turbulent decade ended with the election of Margaret Thatcher and the dawn of her new economic order. In this episode of Shockwave, we're asking: what can we learn from that decade? Why couldn’t the government contain soaring inflation? And how did the energy crises of the seventies shape the neoliberal turn that followed? Katrina Gaffney was joined by New Economics Foundation economists Dr Alex Chapman and Jaya Sood, alongside writer and academic Gareth Fearn, to find out. The New Economics Foundation website: https://neweconomics.org/ Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod Produced by Margaret Welsh and Katrina Gaffney. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254 Music by Maarten Schellekens, Free Music Archive: freemusicarchive.org/music/maarten-…ike-clockwork/ used under Creative Commons licence: cre​ativecom​mons​.org/​l​i​c​e​n​s​e​s​/​b​y​-​n​c​/4.0/.

A miniseries from the New Economics Podcast which asks how have energy crises shaped our economy and what do we need to do to shockproof our energy system in an increasingly volatile world? It's 1956 and the UK and France have joined forces to attack Egypt. What became known as the Suez Crisis ended with a humiliating climbdown for the UK and France. “Suez” became a byword for the UK’s declining status on the world stage. Petrol rationing was introduced, the UK was plunged into an economic crisis, nationwide anti-war protests sprang up and prime minister Anthony Eden was forced to resign. Exposed to the risks of importing fossil fuels from abroad, the UK was forced to reckon with its energy supply. In the years that follow we see explorations of nuclear power and ultimately North Sea oil and gas. In this episode of Shockwave, we're asking: is today’s energy crisis really that novel? Why are we still so reliant on imported fossil fuels? And is the North Sea the answer to our energy woes? Katrina Gaffney was joined by New Economics Foundation economists Dr Alex Chapman and Jaya Sood, alongside writer and academic Gareth Fearn, to find out. Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod The National Energy Guarantee: neweconomics.org/2023/04/the-nati…energy-guarantee The Private Finance Myth: neweconomics.org/2026/04/the-private-finance-myth Produced by Margaret Welsh and Katrina Gaffney. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254 Music by Maarten Schellekens, Free Music Archive: freemusicarchive.org/music/maarten-…ike-clockwork/ used under Creative Commons licence: cre​ativecom​mons​.org/​l​i​c​e​n​s​e​s​/​b​y​-​n​c​/4.0/.

A miniseries from the New Economics Podcast which asks how have energy crises shaped our economy and what do we need to do to shockproof our energy system in an increasingly volatile world? It's 1947. People in the UK were facing one of the most brutal winters on modern record. It was so cold that sheep and cows froze to death in their fields. There was so much snow that railways and roads were blocked off, causing problems with the transportation of coal and the generation of electricity. 1947 was significant for another reason. It was the year the Electricity Act passed, which nationalised the electricity supply in the UK. In this first episode we're asking: what made the government at the time nationalise some of our energy system? Is a nationalised energy system better able to absorb shocks? And did nationalisation improve people’s everyday lives? Katrina Gaffney was joined by New Economics Foundation economists Dr Alex Chapman and Jaya Sood, alongside writer and academic Gareth Fearn, to find out. Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod The National Energy Guarantee: https://neweconomics.org/2023/04/the-national-energy-guarantee The Private Finance Myth: https://neweconomics.org/2026/04/the-private-finance-myth Produced by Margaret Welsh and Katrina Gaffney. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254 Music by Maarten Schellekens, Free Music Archive: https://freemusicarchive.org/music/maarten-schellekens/motion-score/like-clockwork/ used under Creative Commons licence: cre​ativecom​mons​.org/​l​i​c​e​n​s​e​s​/​b​y​-​n​c​/4.0/.

Two years’ ago, the UN human rights high commissioner issued the UK with a warning. He said that new restrictions being imposed on the right to protest were deeply troubling. Two years’ later, we have a new government in charge and now the police are due to get even more powers to restrict repeat protests, like the central London Palestine solidarity demos. That’s not all - this government also wants to introduce digital ID cards, facial recognition technology in town centres, shrink the number of trials by jury, and water down the European Convention on Human Rights. Why have pro-Palestine demos prompted protest restrictions? What are the human rights laws our prime minister wants to constrain? And should we be afraid of becoming a surveillance state? Ayeisha Thomas-Smith is joined by Sotez Chowdhury, director of activism and education at Amnesty International UK, to discuss. Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod Produced by Katrina Gaffney and Margaret Welsh. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254 Music by Lee Rosevere, Free Music Archive: freemusicarchive.org/m... used under Creative Commons licence: cre​ativecom​mons​.org/​l​i​c​e​n​s​e​s​/​b​y​-​n​c​/4.0/.

After months of rumours, speculation and gossip, today the chancellor finally delivered her autumn budget - but not before an accidental leak of the budget document rendered the whole speech somewhat pointless. Alongside billions of pounds of tax rises came the long-awaited end of the two-child benefit cap. But our public services have been decimated by years of austerity, and the cost of living crisis hasn’t gone anywhere. It doesn’t seem like this budget will rocket us into an era of joy and prosperity any time soon. So, did progressives get the wealth taxes they have been demanding? Will the bond markets be popping champagne this evening? And why has the chancellor found it so hard to turn our economy around? Hannah Peaker, deputy chief executive at the New Economics Foundation, is joined by James Meadway, host of Macrodose, and Carys Afoko, host of Over the Top Under the Radar, for a special cross over episode. Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod Produced by Planet B Productions with support from Margaret Welsh and Katrina Gaffney. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254 Music by Lee Rosevere, Free Music Archive: freemusicarchive.org/m... used under Creative Commons licence: cre​ativecom​mons​.org/​l​i​c​e​n​s​e​s​/​b​y​-​n​c​/4.0/.

It’s a new technology that everyone’s desperate to get a piece of. CEOs say it’s going to change how we work, access information, and even relate to each other. Investors are showering companies with money - even when they aren’t turning a profit. You might think this is the story of artificial intelligence. But it’s actually what happened during the dotcom bubble, back in the late nineties. When the frenzy of investment ended, the bubble burst. Companies went bust and trillions of dollars of investment capital evaporated. Today, AI companies are raising over a trillion dollars in investment, with very little revenue to show for it. Is the dotcom bubble a vision of our future? Has the AI hype outpaced its profits? And if the bubble bursts - what does it mean for the rest of us? This week Ayeisha Thomas-Smith is joined by Eleanor Shearer, senior research fellow at Common Wealth and Carsten Jung, interim associate director for economic policy and AI at the Institute for Public Policy Research. Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod Produced by Katrina Gaffney and Margaret Welsh. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254

Last week democratic socialist Zohran Mamdani won the New York City mayoral election. His election campaign was bolstered by a slick social media campaign, seen by millions in his city and beyond. Politicians in the UK have taken inspiration, with figures like Zarah Sultana and Zack Polanski raking in the views on TikTok. But these progressive voices are a drop in the ocean compared to the reach of right-wing voices like Tommy Robinson, Nigel Farage and Andrew Tate. So, why are right-wing influencers so successful online? What lessons do the left need to learn about digital strategy? And do we even have a hope when some of the biggest social media platforms are owned by right-wing billionaires? This week Ayeisha Thomas-Smith is joined by Will Davies, professor of political economy at Goldsmiths, and Dunya Kamal, social media specialist working at the Trades Union Congress, to discuss. Follow our Instagram: www.instagram.com/neweconomicspod/ Follow our Tiktok: www.tiktok.com/@neweconomicspod Produced by Katrina Gaffney and Margaret Welsh. The New Economics Podcast is brought to you by the New Economics Foundation. Find out more about becoming a NEF supporter at: neweconomics.org/donate/build-a-better-future New Economics Foundation is a registered charity in England and Wales. Charity No. 1055254 Music by Lee Rosevere, Free Music Archive: freemusicarchive.org/m... used under Creative Commons licence: cre​ativecom​mons​.org/​l​i​c​e​n​s​e​s​/​b​y​-​n​c​/4.0/.