In short
The episode is about Keir Starmer resigning as UK Prime Minister and the near-certain succession of Labour’s Andy Burnham. It covers the Labour leadership process timetable (nominations 9–16 July; Burnham could become PM late 16th or 17th), parliamentary swearing-in, and internal Labour reactions.
Key claims
Starmer’s time ended after mounting pressure; Labour MPs felt Starmer didn’t “like” politics and didn’t absorb backbench advice; Burnham is seen as a more relatable “team player” with Whitehall experience (Health Secretary, Treasury minister) and city leadership (Mayor of Greater Manchester).
Notable examples
heckling during Burnham’s MP swearing-in; Burnham’s earlier call for a general election when Rishi Sunak became PM in 2022; discussion of manifesto constraints and energy-price-driven cost-of-living pressures.
Guests
Polly Billington (Labour MP for East Thanet; Vice Chair of the Parliamentary Labour Party) and Juanita León (founder/director of La Silla Vacía, on Colombia’s election).
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOKeir Starmer's Resignation Announcement
0:00 to 0:48
Discussion on Keir Starmer's resignation as Leader of the Labour Party.
“This BBC podcast is supported by ads outside the UK.”
Keir Starmer's Resignation Announcement
1:04 to 3:38
Discussion on Keir Starmer's resignation as Leader of the Labour Party.
“It was first said 100 years ago and it was said about bankruptcy.”
Andy Burnham's Political Future
3:38 to 4:21
Andy Burnham expresses his intention to run for leadership after Starmer.
“As to why, how that happened, well, again, we'll pick over that in a moment with our political correspondent and a senior member of the Labour Party.”
Polly Billington on Labour's Direction
4:21 to 7:26
Polly Billington discusses her frustrations with Starmer and hopes for Burnham.
“I made my statement, obviously, praising the Prime Minister's dedication, service, and confirm that I will put myself forward in the process that will soon be underway.”
Challenges Ahead for Andy Burnham
7:26 to 11:29
Discussion on the challenges Andy Burnham would face if he becomes Prime Minister.
“I mean, some people said of Keir Starmer, you know, decent bloke, but he's incredibly stubborn.”
General Election Considerations
11:29 to 13:21
Debate over whether Andy Burnham should call for a general election if elected.
“But for example, it has been argued, you may disagree with this, but that one of the constraints that Labour came into office with was their promise that none of the major taxes would rise.”
Upcoming Stories on NewsHour
13:21 to 14:01
Teaser for upcoming segments including sports and World Cup news.
“What we're looking for now is greater stability.”
Cape Verde's Surprise Performance
14:01 to 14:34
Learn about Cape Verde's unexpected draw against Uruguay in the World Cup.
“The sounds of Cape Verde as their players at the World Cup produced another shock and they earned their second straight draw against the powerhouse, or at least the historical powerhouse.”
Political Changes in the UK
14:34 to 15:18
Discuss the resignation of Keir Starmer and the potential rise of Andy Burnham.
“And also hear about the Argentinian striker Lionel Messi, who's scored a record 18th goal at the Football World Cup finals.”
Timetable for Labour Leadership
15:18 to 18:38
Understand the timetable for replacing Keir Starmer and the implications for Labour.
“But first, what's the timetable for the replacement of Keir Starmer?”
Show all 22 chapters
Colombian Presidential Election
18:38 to 19:00
Overview of the presidential election results in Colombia and their significance.
“Another political change to tell you about now, and one which involves a rather more dramatic swing.”
Abelardo de la Esprilla's Presidency
19:00 to 23:46
Explore the implications of Abelardo de la Esprilla becoming Colombia's president.
“the tough-talking right-wing candidate Abelardo de la Esprilla has beaten his challenger from the left and will now take over from the current left-wing president, Gustavo Petro.”
Lionel Messi's Historic Achievement
25:21 to 28:00
Recap Lionel Messi's record-setting performance in the World Cup.
“Lino Messi, he made World Cup history today shortly before we came on air.”
Inspirational Stories from a Small Nation
28:00 to 28:50
Hear about the remarkable journey of a small nation in the World Cup.
“Well, I think they've captured the imagination of so many.”
Alan Greenspan: A Life in Finance
29:06 to 33:39
A retrospective on Alan Greenspan's impact on the financial world.
“For 18 years, until 2006, he was chairman of the US Federal Reserve, overseeing the setting of interest rates for four different presidents.”
Legacy of Deregulation and Market Trust
33:39 to 38:20
Exploring Greenspan's belief in self-regulating markets and its consequences.
“Andrew Walker looking back at Alan Greenspan's life and career and perhaps what might have been.”
Discovery of the Ballista Spider
38:20 to 41:41
Learn about a new spider species that captures ants in a unique way.
“a former Nobel Prize winner for economics.”
Brexit's Impact on UK-EU Relations
41:41 to 42:03
Analyzing the evolving relationship between the UK and the EU post-Brexit.
“They called it a ballista spider after that, the ancient Roman weapon.”
Brexit Reflection and Current Relations
42:03 to 43:30
The segment discusses the evolution of UK-EU relations since Brexit and the current stance of the EU on trade.
“That political turbulence has coincided with a period almost ten years ago to the day since the United Kingdom voted for Brexit, in other words, to leave the European Union.”
The Impact of Ukraine on EU Unity
43:31 to 45:26
The conversation highlights how Russia's invasion of Ukraine has changed perceptions of the EU and affected member states' unity.
“The UK must understand that it will not be possible to unravel or to fragilise the single market.”
Political Changes in the UK Since Brexit
45:27 to 46:10
Rob Watson discusses the turnover of British prime ministers and the resulting instability in UK politics post-Brexit.
“That perceived threat from the outside has also brought the UK back closer to its EU neighbours.”
The Challenges of Governance in Modern Britain
46:11 to 49:00
An exploration of the complexities and challenges facing British politicians in the current socio-political climate.
“seven prime ministers in the 10 years since Brexit.”
Transcript
Automatic transcript. May contain errors.0:00This BBC podcast is supported by ads outside the UK.
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0:57Hello and welcome to NewsHour. It's coming to you live from the BBC World Service studios in central London. I'm Tim Franks. It was first said 100 years ago and it was said about bankruptcy. But it happens in two ways, gradually and then suddenly. And so it's just proved for the political career of Keir Starmer, the Prime Minister of Great Britain. The pressure had been building and building. As recently as Friday, he'd been insisting that he wasn't, in his words, going to walk away. Today, he did just that. At about 9.30 in the morning London time, the man who only two years ago had led the Labour Party to one of its relatively rare election victories and one with a huge parliamentary majority, said that his time in office was over.
1:44The question being asked now is not who was best placed to change the Labour Party, to take us into power and to begin the vital work of improving lives for millions of people. Those questions have been answered. The question my party is asking now is whether I am best placed to lead us into the next general election. I have heard the answer of my parliamentary party to that question. And I accept that answer with good grace. Every decision I've taken has been about putting the country I love first. That is why I will resign as leader of the Labour Party. I have spoken to His Majesty the King this morning to inform him of my decision.
2:43Keir Starmer, as all departing political leaders do, tried to set out his achievements. He promised also to support his successor, of which we'll have much more in just a moment. But then, as he concluded, this man, who was so often accused of being colourless, being bland, he sounded deeply emotional. And when I leave the biggest job in the country, I shall spend more time on the most important job, being the best husband I can to my fantastic wife, Vic, who has been a rock by my side through good times and bad, and being the best dad I can to my beautiful children who are my pride and my joy.
3:25Thank you very much. Applause in Downing Street from some of the Prime Minister's supporters, including Cabinet Ministers, who'd been there to offer at least some moral support, even if political support had long drifted away. As to why, how that happened, well, again, we'll pick over that in a moment with our political correspondent and a senior member of the Labour Party. But as for who may now take over, that seems a lot clearer. Indeed, it did as soon as the long-serving former mayor of Magister in the north of England won a by-election, a special election in American parliaments just last Thursday.
3:59an election which saw him become a member of Parliament once again, which in Britain's parliamentary democracy then would entitle that person to lead the Labour Party and lead the country. And that person was Andy Burnham, who, arriving by train in London from the north of England a few hours after Keir Starmer's resignation statement, spoke briefly to the BBC's Sam Harrison. I made my statement, obviously, praising the Prime Minister's dedication, service, and confirm that I will put myself forward in the process that will soon be underway. When Rishi Sunak did that and he became Prime Minister, you called for a general election.
4:39Would you be looking to do the same? I think you're jumping several hurdles ahead there. My priority today is to become spawning as the Mayor, as the MP for Makerfield. And it's been very kind of sad for me today to leave Greater Manchester. The people have been brilliant to me over the last few years. I've loved every minute of the role. I hope I leave Manchester in a better place, but thanks very much. Thank you. That was Andy Burnham as he strode along Euston Station, or the platform at Euston Station in London. He's not a cert for the Crown yet, but as good as. For today, though, his most pressing task was just to be sworn in as a new Member of Parliament.
5:27We now come to Andy Burnham, member for Makerfield.
5:34Speaker of the House, Lindsay Hoyle, and the cheers were from a few hundred Labour MPs who were there for him. And then in Parliament's rumbustuous nature, there was some heckling, making sarcastic references to the death of a Roman dictator, to the coming Messiah. Andy Burnham jabbed back at all that before he was sworn in as an MP. One of those who says they're delighted at the prospect of Andy Burnham becoming Prime Minister is Polly Billington, Labour MP for East Thanet in southeastern England. When did she decide that Keir Starmer's time was up? Well, it's been a long time coming for me. And I think one of the reasons why I've felt so frustrated is because I have the privilege as the Vice Chair of the Parliamentary Labour Party is to seeing Keir once a week after the notorious Prime Minister's questions, he gets to meet the Parliamentary Committee where we go through the issues that are being raised by MPs like myself, who were not in government but are on the government backbenches.
6:30So we raise the concerns of colleagues and we give advice. We try to warn against mistakes, propose mitigations when mistakes have been made, etc. And over a period of time, what I saw was that there was a consistent desire or claim that things would change, that things would be reset and so forth, but that what we were conveying was not getting through. I think it's important to understand that politics is a team sport. It's not just about the person who hangs around at the goal. It's about everybody else too. And those of us who have been doing politics for a long time in various different guises, we love it.
7:09And therefore, we want to be able to make it work. making sure that our experiences, expertise and advice was really informing the direction of travel of the government in the way that the government was conducting itself. It was very frustrating when that wasn't happening. And why do you think it wasn't happening? I mean, some people said of Keir Starmer, you know, decent bloke, but he's incredibly stubborn. Or just others were saying decent bloke, but he's simply not up to it. What do you think it was? Well, I'm not going to conduct this conversation as though we're in the psychiatrist chair.
7:41Well, no, I'm asking for your political judgment. Yes, but my political judgment is that one of the most important things about doing politics is that people understand that you will do politics for them so that they don't have to worry about it. And they feel more confident in your ability to do that if you really like the job. And it became increasingly obvious to me that Keir didn't like it and didn't understand why we liked it. And so therefore thought we were quite strange. We love not only the Labour Party, but our country. That's why we want to do this. We also have pretty well-held beliefs and we want to be able to make those translated into improvements in the country.
8:25And that is an important part of the process. Like I say, it's a team sport. Recognising that you have a whole team on your side to help you make those decisions better is a vital part of why I've got more hope now, now that we're talking about Andy Burnham potentially going forward. I think that's much more hopeful for most of us. OK, so you see Andy Burnham, who, I mean, lots and lots of people, you obviously included, think is the overwhelming likelihood to take over as prime minister. I mean, you see him as more of a team player. You, again, most people, I guess you would subscribe to this, would say that he's an easier political commentator than Keir Starmer is.
9:01What else has he got, though? Because, I mean, you will know as a serving MP that Britain is mired, your constituency is mired in some really deep problems to do with anemic growth, economic growth, pronounced inequality, and really, really heavy demands on public expenditure, which are quite difficult to meet. How's Andy Burnham going to rise to that challenge? Well, I think what's important to remember is that Andy is possibly one of the most experienced people, if he ends up being Prime Minister, that we've had in the Labour Party, in that he first became a Member of Parliament in 2001, when some of my colleagues were still at primary school.
9:41He's been a Secretary of State for Health. He's also been a Minister in the Treasury and had to make difficult funding decisions. So he is not untested in Whitehall and Westminster, as well as the fact that he has run one of our biggest cities for a number of years now. And yes, we do know we face extremely difficult situations. We face threats from within, reform, and I think one of the most important things about Andy is that he can take on reform and win electorally like we've seen. That's the English Nationalist Party that is, I mean, it's not just about English nationalism, but it is seen as a hard right party that's been leading the polls for many, many months.
10:19Yes, and he was able to overcome that in Makerfield. And I think that's very important. I hear the argument that you're making, but a lot of people just want things to get a bit better. And that has not happened under Labour, why should they believe that Andy Burnham has got the secret source? Well, I think one of the things is we need to be honest about the fact that there have been some significant unforced errors over the last two years, which are the root of many of the frustrations that myself and my colleagues have felt that we were regularly resisted or ignored. And I think that that's one of the things is that Andy is a team player, he knows how to lead and he knows how to give a strong sense of direction.
10:57Do you think he should still be bound by the manifesto? Oh, I've no doubt that we need to be bound by the manifesto. Well, in terms of tax rises, let me make it clear, what we need to do is to make sure that we're talking about the outcomes that we're trying to achieve in the manifesto, because circumstances have changed quite considerably in this country since July 2024. And if we're not careful, we end up keeping to the letter of the manifesto and not the spirit. And what we want to do is to make sure that we meet the spirit of what people wanted, which was change combined with hope. And I take that point, and I'm not just sort of trying to engage in a gotcha moment, but, you know, one of the reasons why political journalists ask about whether you're going to stick to the manifesto is not because they're being pedantic.
11:39But for example, it has been argued, you may disagree with this, but that one of the constraints that Labour came into office with was their promise that none of the major taxes would rise. And that, some people argue, is the thing that has meant that you haven't been able to square the circle about social care or welfare spending or defence spending and you have had to raise taxes in other ways which some people say has militated against growth. It's a fairly major argument. Well I think what is important is for us to understand where we want to get to and that is about making sure that we're investing in growth, making sure that we're tackling the cost of living but also particularly understanding what the drivers are that are causing that those rises in the cost of living for example And one of them is energy prices because we continue to be locked into a dependence on volatile fossil fuel markets in the global environment.
12:30Polly, I have to ask you one further question, which is I realise that Britain is a parliamentary democracy and not a presidential democracy. So there's no constitutional need for Andy Burnham, where he took a prime minister to call for a general election. But he did demand that there be a general election when Rishi Sunak took over as Conservative Prime Minister for Milist Trust in 2022. If he fails to call a general election, should he become prime minister? Wouldn't the first charge that could be levelled against him is that he's a hypocrite? Well, I mean, look, the circumstances might be very different that we're talking about.
13:03One particularly is that we're not looking to significantly diverge from the manifesto. And that's one of the situations that you had when you were on the third prime minister within one parliamentary term with the Tories when they had been switchbacking on things as big as interest rates and unfunded tax cuts and all kinds of chaos. So there was an argument for that then. What we're looking for now is greater stability. And that's why I think as long as we are keeping our promise to the British people that we will make this country fairer, safer and more prosperous, then I think we can absolutely make sure that we reassure them that we're not going to ask them to go to the polls again.
13:39And that was Polly Billington, the Labour Member of Parliament for East Thanet. Much more on this to come here on News Air.
13:55Coming up, we'll also have this. My personal thing so far, Cabo Verde has been playing great. He's been matching Uruguay's pressure. Goal! Goal! Let's go! Let's go! We are going to the next phase! What do you make of that goal? You're leaving everybody wrong! Cabo Verde is going to a long man! The sounds of Cape Verde as their players at the World Cup produced another shock and they earned their second straight draw against the powerhouse, or at least the historical powerhouse. It has been Uruguay. We'll have more on that in 15 minutes. And also hear about the Argentinian striker Lionel Messi, who's scored a record 18th goal at the Football World Cup finals.
14:54This is News Out, live from the BBC World Service, and we're going to head back to our top story now. The resignation of Keir Starmer as British Prime Minister and what is almost certain, it seems, going to be Andy Burnham taking over as the seventh British Prime Minister within ten years. We'll get some bigger thoughts from our political correspondent, Rob Watson, towards the end of the programme on what this tells us about Britain. But first, what's the timetable for the replacement of Keir Starmer? So the timetable is the 16th of July as set out by Keir Starmer, because what he said was, and I'm sorry to give you all these sort of boring practical details, else, but they're very important in this context, was that nominations he suggested for a leader to replace him in the Labour Party would begin on the 9th of July and close a week later on the 16th.
15:45So if nothing else happens, right, if nobody else comes forward, that means that Andy Burnham will be Prime Minister on either late on the 16th or on Friday, the 17th of July. Of course, what we're looking out for is whether somebody does come along to challenge him. And perhaps if nobody does challenge him, might the Labour party's governing body say, you know what, it's kind of crazy to wait until the 16th of July, let's bring it forward. Right, and the big potential challenger who might have stood against Andy Burnham, he folded pretty early on in between Keir Starmer resigning and Andy Burnham arriving in London.
16:23Yes, that's a man called Wes Streeting who used to be the Minister for Health, but he resigned dramatically, so there's a way of trying to force Keir Starmer to step down. But he's recognised that Andy Burnham is way, way ahead in the popularity stakes within the Labour Party, so has stepped aside. And it's very difficult, Tim, to see anybody within the party could beat Mr. Burnham. And why are so many Labour MPs swooning over Andy Burnham? Why? Well, some of it is personal, right? I mean, he's a more obviously relatable person, shall we say, than Keir Starmer. He's got a certain sort of charm.
16:59And I think some of it, of course, is a kind of an element of sort of hope mixed with panic. I mean, many Labour MPs were very concerned that Starmer's unpopularity, the unpopularity of their party, represented an existential threat. So, you know, to some extent, they're turning to Andy Burnham as the sort of the bright hope from the North, someone who can talk a good game, who's clearly a better messenger and communicator than Keir Starmer. But I think some of them deep down will know there'll be all sorts of doubts about why on earth should Mr Burnham succeed when six other prime ministers have been burned in the last 10 years.
17:36And the main challenge for Labour, I mean, it's difficult, isn't it? Because they appear to be challenged on the left and on the right. What do we know of Andy Burnham's politics? Well, his politics are the same, really, as Keir Starmer's. ideologically in the sense that he's a politician of the soft center left. He believes that by and large state intervention is a good thing, that the priority of a center left government should be improving the living standards of ordinary people. The big question comes about as to how exactly might his policies differ, given the fiscal restraints, the financial restraints on Britain.
18:14Britain is already a country with very high levels of debt, historically high levels of tax and spending. But, of course, those on the left of the party, they would love Andy Burnham to somehow borrow more and spend more and tax more. So, of course, the danger that he faces is that if he doesn't do that because he's worried about the reaction of financial markets, his party might be quickly rather disappointed with him. Rob Watson, and I'll be talking to Rob once again towards the end of this program just to try and set today's breathless events in a little bit more. historical context.
18:54Another political change to tell you about now, and one which involves a rather more dramatic swing. It's in Colombia, where in a very tight presidential election, the tough-talking right-wing candidate Abelardo de la Esprilla has beaten his challenger from the left and will now take over from the current left-wing president, Gustavo Petro. So what can we expect from the new man. Juanita Leon is the founder and director of the Colombian news website La Sia Vazia. First, what did she make of the result? Very close, just one percentage point between the two contenders and with the highest turnout in decades.
19:31The turnout was so historic, so many people went to vote that you can tell that people still believe in democracy in Colombia and that is great news. On the other hand, the results show a country that is divided by half. The people in the periphery of Colombia, on the coasts of Colombia, is more to the left and the people in the Andean region and the coffee region and the centre is more to the right. It's a very polarised country so we really need a president that governs for the whole country and that tries to unify the countries. The outgoing president, Gustavo Petro, I mean, he has made some very inflammatory comments claiming that there was some sort of fix, there was some sort of fraudulent interventions from outside.
20:20How confident should we be in the result? We're still going through the official results, which are not official yet. But I think if we see historically, the pre-count and the official results change very little and we don't see any reason for this to be different. So in La Silla Vacía, we are very much sure that Abelardo is the new president. But Petro has been sowing this distrust in the electoral system, which I think works very well in Colombia. In terms of what we can expect from Abelardo as president, it's very difficult to tell because during his campaign, he was a very divisive figure.
21:02He was saying that he was going to persecute the left, that he was going to extradite the president. So people were really scared of his victory, people that were on the left. The media, we were quite fearful of him because he has a trajectory of suing journalists, of using a lot of intimidation against the press. But his speech was very conciliatory. You know, he said that he was not going to persecute anyone, that he was going to govern on behalf of every Colombian, even the ones that were against him. So with Abelardo, you never know because he's a very pragmatic guy, not an ideological person.
21:44He plays roles. So we are not sure which role he will play. I mean, he's also expressed some admiration for the economic policies of the Argentinian president, Javier Millet, who obviously has sort of gone to war on public expenditure. How is he going to affect that? I think he can end a lot of contracts that Petro signed in the last year to promote the campaign of Ivan Cepeda. He hired a lot of people with very small contracts for a lot of money, so he can end them very fast. And he can reduce a little bit of bureaucracy, but not 40 % of bureaucracy as he wants, unless he's willing to go through a constitutional reform in Congress or a legislative reform in Congress.
22:34You know, he needs to do fiscal adjustment because we are going through a very huge fiscal crisis, but it won't be of the magnitude that he's promised. Viewing the trend from abroad, lots of people have been saying it feels as if Latin America is swinging right recently in Chile and Honduras and so forth. Do you think that that has a certain validity? I think we are part of that trend. Trump is going to be a big ally of Abelardo. He already used that alliance as intimidation for politicians that were going to support Ivan Cepeda. Christopher Landau said that he would withdraw the American visas of those politicians.
23:17And that really worked as an intimidation. So I think we will see a lot of that in Abelardo's government. And that was Juanita Leon, founder and director of the Colombian news website, La Silvia Vazia, on Abelardo de la Esprilla, becoming the new president of Colombia. He won that very tight election on Sunday, but he's due to takeover from Gustavo Petro. You're listening to News Hour.
24:08the BBC. To mark 250 years of the United States, we speak to Roman Mars of 99 % invisible. This soft power, this influence was an incredible invention. For more, listen to the global story on bbc.com or wherever you get your podcasts. Decisions made in Washington can affect your portfolio every day. But what policy changes should investors be watching? Listen to Washington Wise, an original podcast for investors from Charles Schwab to hear the stories making news in Washington right now. Host Mike Townsend, Charles Schwab's Managing Director for Legislative and Regulatory Affairs, takes a non-partisan look at the stories that matter most to investors, including policy initiatives for retirement savings, taxes and trade, inflation concerns, the Federal Reserve, and how regulatory developments can affect companies, sectors, and even the entire market.
25:04Mike and his guests offer their perspective on how policy changes could affect what you do with your portfolio. Download the latest episode and follow at schwab.com slash Washington Wise or wherever you listen.
25:20Welcome back to NewsHour. Lino Messi, he made World Cup history today shortly before we came on air. He became the competition's all-time leading scorers. His team beat Austria 2-0 with the Little Master scoring both goals. They were both wonderful goals. He's up to 18 overall, five already in this World Cup in just two games. But we're going to go from a legend of the game to one of the minnows, or to change my biological metaphors, one of the underdogs. And that's Cape Verde, the island nation off the west coast of Africa, who on Sunday managed to hold Uruguay, a country with a great World Cup pedigree, to a two-all draw.
25:57and the fans, well, the fans were ecstatic, as you can probably get from this little incident with the BBC's Paul Njia, who's in Cape Verde, as he was talking to a fan during the game. What's your appraisal of the way the Cape Verdean team has been playing so far? My personal thing, so far, Cabo Verde has been playing great. It's been matching Uruguay's pressure. Goal! Let's go! Let's go! All one! The campaign has broken He has made history Tonight He's calling a left goal Yeah And you can see Marcello What can you do Marcello We pass into the next phase History We are going to the next phase What do you make of that goal You're leaving everybody wrong Gaboufeld is going to a long man I've listened to that enough times today That I knew to turn my headphones down Fortunately before we played that Anyway My colleague Virginia Vaidyanathan Spoke to the BBC sports correspondent Jane Dougal about the extraordinary levels of excitement around this team.
Read the full transcript
27:01This is their first time at a World Cup. So very little was expected of Cape Verde. But my goodness, they've delivered some extraordinary results. In their opening match last week, they shocked the European champion Spain, holding them to a nil-nil draw. Now that is a squad valued at more than a billion pounds. Some thought it might be a fluke, but they've done it again. Uruguay, who don't forget, have won the World Cup twice, also held to a draw, this time two all. But very importantly, Cape Verde scoring for the first time in the tournament, ever, not just this tournament. As you heard just there, they took the lead through a free kick from Kevin Pina.
27:42That was the first goal. Uruguay then scored two, but substitutes Helio Varela came on to equalise for Cape Verde, giving them another precious point and a moment their fans won't forget. Never before, Regini, has a country made a draw feel so spectacular. Indeed. And what is it about the team that means they're playing so well? Well, I think they've captured the imagination of so many. It's a tiny nation in size, but clearly not heart. It's made up of 10 islands off the west coast of Africa with a population of just over 500 ,000, but you wouldn't think it from the way they've been playing. And the stories behind the players have just been so inspirational.
28:20Their 40-year-old goalkeeper, Vozinha, was man of the match in the game against Spain. He was so emotional afterwards because his mother couldn't get a visa to come to America to watch him. They couldn't afford to pay for it. And beforehand, he had around 50 ,000 followers on social media. He now has 15.4 million followers. I think the way they've played with such determination means that they're going to be everybody's second team for this World Cup. Maybe after Curacao. That was Jane Dugo. You're with the BBC World Service and this is NewsHour live from London. I'm Tim Franks. Now, central bankers as a whole don't tend to be known as the most colourful or, dare I say it, even memorable bunch.
29:03They're supposed to be the ultimate technocrats after all. But Alan Greenspan, whose death was announced today at the age of 100, was a huge figure whose name had reached well beyond the financial markets. For 18 years, until 2006, he was chairman of the US Federal Reserve, overseeing the setting of interest rates for four different presidents. He left office just before the world-shaking financial crash, for which many blamed his role. We'll explore that more in a moment. First, though, Andrew Walker looks back at Greenspan's career, which nearly took a completely different direction.
29:44The Henry Jerome Orchestra in the 1940s. Among the saxophone players was a young Alan Greenspan. But within a year of that recording, he was at New York University studying economics. That ultimately was the career he chose, and it led him to become chairman of the Federal Reserve, perhaps the most powerful economic official in the world. While he was in office, many thought he was doing a great job. A book about him had the one-word title, Maestro. Gordon Brown, when he was the British Prime Minister, was especially fulsome when he introduced Mr Greenspan at a public event. It's now a particular pleasure for me to welcome today the man acknowledged to be the world's greatest economic leader of our generation, Dr Alan Greenspan, Chairman of the Federal Reserve of the United States.
30:29For 18 years, not only the most successful tenure in history, but one truly admirable for his vision, his wisdom, and his strength in both good times and testing times. Mr Greenspan ran the Fed throughout the longest period the US has had without a recession, the boom of the 1990s. At one stage, he wondered aloud whether the financial markets were getting ahead of themselves. How do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions, as they have in Japan over the past decade. And how do we factor that assessment into monetary policy?
31:14In practice, he didn't do much about it. After that comment in 1996, the US had the technology boom and bust, and then, in the following decade, the housing and credit boom and the financial crisis that followed. Some blamed him, at least in part, for keeping interest rates too low and being too resistant to financial regulation. He was confronted with this criticism by a congressional committee investigating the crisis, chaired by Congressman Henry Waxman. Over and over again, ideology trumped governance. Our regulators became enablers rather than enforcers. Their trust in the wisdom of the markets was infinite.
31:55The mantra became, government regulation is wrong, the market is infallible. Mr Greenspan acknowledged that he had got some things wrong. I made a mistake in presuming that the self-interest of organizations, specifically banks and others, was such as that they were best capable of protecting their own shareholders. Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself especially, are in a state of shocked disbelief. That statement was reasonably comprehensible, but he also had a reputation for speaking in impenetrable language. There was even a name for it, Greenspeak.
32:42Often people wondered what on earth he'd really said. Usually it was the financial markets that had to decode his statements, but his wife Andrea Mitchell also seems to have struggled at times. He claims that he proposed to me three times before I understood what he was saying. I think that he's making that up, but it is true that he said he was certainly hinting at marriage long before we ended up deciding to actually get married. So perhaps it is that I didn't understand him. What is very easy to understand is just how events changed Alan Greenspan's reputation. For a time, he got much of the credit for what seemed to be one of the strongest periods of American economic history, the growth of the 1990s, and then he came to be blamed for one of the worst, the financial crisis.
33:27It was a remarkable career path for a man who could easily have chosen a less controversial life as a musician.
33:39Andrew Walker looking back at Alan Greenspan's life and career and perhaps what might have been. How then should we remember Alan Greenspan's long-running reign as chairman of the Fed? Professor Simon Johnson is the former chief economist at the International Monetary Fund. and he also won the Nobel Prize for Economics in 2024. I think what most people unfortunately are going to remember, I mean, after 100 years, very long life, of course, but he really played a key role in the idea that financial markets can take care of themselves and you don't have to worry too much about regulation. And of course, it's that philosophy that brought us the global financial crisis of 2008 after he'd left office, actually.
34:20But he's very much remembered by that, including by the Wall Street Journal today. And I mean, he, from what I understand, at the time exhibited some shock and disbelief that the markets hadn't self-corrected in time. He certainly did have a very liberal attitude to the way in which markets should be left to regulate themselves. What do you think underpinned that? Well, I think he came from a libertarian philosophical tradition, which, of course, has been quite strong always in the United States. And he had a business career. I think he was a self-made man in many ways. So he felt the spirit of free enterprise should permeate everything, including the financial sector.
34:58And he thought that regulation could be and was in his day heavy handed. So he backed off a lot of that. Of course, there were other people with him in that view. But as chairman of the Federal Reserve, he was enormously influential. And he had a pretty good run. I mean, the 1990s were relatively good from a headline perspective. So people started to believe in him and jumped on that bandwagon. And then the deregulation really got going towards the end of his time at the Federal Reserve in the early 2000s. And yet another one of the phrases that he's associated with is the idea that markets can exhibit, in his words, irrational exuberance.
35:30But are you saying that he thought that it wasn't really his role as chairman of the Fed to interfere with that? Yes, exactly. I think that the irrational exuberance phrase he used during the dot-com bubble at the end of the 1990s, so he was warning people not to get carried away with their views on valuations of particular stocks, for example. But he didn't think it was the job of the Federal Reserve to try and rein in that kind of exuberance. And furthermore, he wasn't worried about the banks themselves at the core of the financial system. Did they have enough capital? Did they have large enough buffers against losses where they run in a responsible fashion?
36:04And of course, that sort of fed the madness around the US mortgage markets and derivatives that led to the boom and enormous and catastrophic bust globally in 2008. He had a reputation for being, you know, one of the most intelligent men on the planet. Do you think that he perhaps, like many other people who perhaps should have known better at the time, didn't quite understand what was going on with these incredibly complex financial mechanisms that were heading for disaster? I'm afraid I think you're right. I think that he came across as being somewhat all-knowing, particularly around finance.
36:39A lot of people had great confidence in his judgment. And on the fundamental question of whether markets are self-correcting and whether you should worry about financial regulation, I'm afraid he was fundamentally wrong. Did you get a sense that Alan Greenspan did acknowledge that he'd got it wrong after he'd left office when he appeared before Congress to talk about that enormous financial crisis of 2008? I think it's fair to say there was a relatively brief moment of contrition and self-reflection. And he should be credited for that. And not everyone who played a role ever stepped back and thought about it.
37:15But I think subsequently, as I recall, he walked back some of those statements. So I think history will judge for itself exactly to what extent he took responsibility. I mean, he did stay in post for ages and presided over an era of very, very low interest rates. Has that all gone, do you think? Will Alan Greenspan or his like be seen again at the Fed? Well, we should never say never. I think people are increasingly concerned about putting too much faith in one person, one technocrat. But yes, in the end, I think it turns out to be a watershed. The end of the Greenspan era, the financial crisis of 2008 was a real breaking point for or a lot of beliefs about how the global system operated.
37:56And I don't think we'll ever go back to the supreme confidence, self-confidence, overconfidence at the top in the brilliance of the American financial system. I think it's still an important system. It still drives a large part of the global economy. But people in position of authority now are much more wary of the big banks and how they behave. And that was Professor Simon Johnson, a former Nobel Prize winner for economics. Now there's probably a proper scientific word for what I'm about to talk about, but I'm going to go with cool. It's a new species of spider which biologists have discovered in the rainforests of Australia, remarkable for the way in which it captures its prey, a single species of ant.
38:39Dr Jonas Wolf is a senior co-author of the paper published today. He's based at the University of Greifswald in Germany, but was part of the team that studied the spider in North Queensland. What does this spider actually do? So the web of this spider, which we call the ballista spider, looks actually pretty weird. It's not like you would imagine a typical spider's web. So at the lowest end, there's a little silken cone. It looks a little bit like an inverted ice cone. And that cone is attached to a lot of straight lines that are under tension. So weaver ants are attracted to this cone and attack it.
39:15And by doing so, the ants destabilize the whole structure. and then because it's under tension the cone detaches from the ground and that causes the end still clinging to the silken cone to be lifted off the ground at an insane speed and it's kind of shot up right into the core web of the spider where it's already waiting and then it's wrapping up the end right and it all happens within just a few milliseconds well that is extraordinary so the spider has previously woven this trap which as you say is i mean it sounds like sort of quite a complicated structure but it's then held under tension until the moment the ant crawls in because it's attracted in in a and is outraged by the presence of this and then is is flung upwards yeah exactly so the ballista spider actually uses combination of two quite clever tricks.
40:12So the first is it's luring the prey into its web and it's kind of manipulating the prey's behavior and kind of uses it for himself. So because the ant is aggressive, it actually causes this as a trigger. And then it uses this principle of power amplification. So you can imagine a spider spends about half an hour building the snare and placing line after line and each time it's kind of pulling this line straight and thereby it's a little bit like a spring where elastic energy is stored and because it uses so many lines then there's a massive amount of energy that is all released in one go at an instant that is stunning and it's one specific is it a specific species of ant as well to make this even more yes even more clever right Right, right.
41:03I mean, I've realised that there are probably an awful lot of spiders that are terribly clever, but have you come across anything remotely like this? No, this is quite unique. So both because we never saw this combination of this high specificity of just catching one particular type of prey in a spider's web and then also using this enormous high-performance snare, which uses this principle of power amplification. Jonas Wolf from the University of Greifswald in Germany on that spider. They called it a ballista spider after that, the ancient Roman weapon. This is News Hour. This is News Hour from the BBC with me, Tim Franks.
41:54and as we've been saying through the programme, Britain is about to get its seventh Prime Minister in ten years, which in British terms is a highly unusual rate of turnover. That political turbulence has coincided with a period almost ten years ago to the day since the United Kingdom voted for Brexit, in other words, to leave the European Union. The governing Labour Party is currently trying to make trade and security relations closer with the EU. How's that going? Here's our Europe editor, Katja Radler.
42:28During the long, often tortuous years of Brexit negotiations, I often made this journey from Brussels to test the temperature in Paris. It was seen by so many in the UK as the Brexit bad cop. But times have really changed. Now the UK and France hand in hand have led Europe over helping Ukraine. But with the UK government now insisting it wants to get closer to the EU without paying too much or having to accept freedom of movement, is the EU any more flexible 10 years on? You seemed very strict with the UK at the time. You were famous for being very strict and saying Brexit is Brexit. Strict but never aggressive, always respectful.
43:07Recognise that voice. Michel Barnier, chief EU negotiator, often depicted as a condescending French Eurocrat in the UK press during Brexit, is still very active in French politics and very keenly watching EU-UK relations 10 years on. We welcome any request to have closer relations, but the single market is our main asset. We are in a much more dangerous, fragile world. The UK must understand that it will not be possible to unravel or to fragilise the single market.
43:43The strains of this lovely French chanson you can hear, it's not some busker in the streets of Paris, I'm just by the Sacre Coeur walking past, and there is my favourite carousel. And somehow it's making me think about Brexit.
44:02So this is probably a good moment to be on radio, because if you could see me, I couldn't resist actually getting on the carousel. But the reason the carousel reminds me of Brexit is because as far as the Europeans are concerned, we in the UK just appear to go round and round looking at the benefits or the drawbacks of EU membership, thinking how close can we get economically on the outside without having to accept freedom of movement. How old are you, may I ask? What do you think about the European Union? I think it's a strength to be part of the European Union, even if it has its difficulties.
44:39Frédéric doing selling and marketing a little bit, street marketing. Do you want to leave the EU like the UK did? I think now we don't have any choice. We need to protect against other big countries, Russia, China, US. So in a way, it's good to try to do things together. The massive turning point for the EU, according to opinion polls, was Russia's full-scale invasion of Ukraine. Voters seem to think, yep, the bloc isn't perfect, but there is safety in numbers. And so now we see even right-wing nationalist parties, like Marine Le Pen's RN, are no longer calling to leave the EU specifically.
45:25Right now, I'm in France's baroctastic Senate, the Upper House of Parliament. That perceived threat from the outside has also brought the UK back closer to its EU neighbours. Hélène Conway-Mouret is vice president of the Foreign Affairs Committee and she says France working with the UK on nuclear deterrence is key now that the US is no longer so reliable. This is essential. We are working on preserving peace on the European continent and the UK being an island is still attached to that continent. Hélène Conway-Mouret, vice chairman, chairwoman of the French Senate's Foreign Affairs Committee ending that report by Katya Adler.
46:10Well, as we've been saying, seven prime ministers in the 10 years since Brexit. Let's get some final thoughts from our political correspondent, Rob Watson, who we heard from earlier, from Westminster. Is this turnover the new normal in Britain? It may well be. I mean, it's certainly been the new normal in 10 years' time. And, you know, I just wandered over a bit earlier to the House of Lords to see if I could find some elder statesmen to talk to off the record about is Britain ungovernable? Is this the new normal? And I'll kind of distill you some of the things that I heard from these senior states people.
46:47One was actually that Brexit had kind of destabilized British politics in a way that perhaps the current politicians haven't fully addressed. The other issues that came up were this idea that the complexity of the issues facing Britain, whether socio-economic ones, ones about immigration, also that the current politicians were just unable you know to tell people that difficult choices need to be made and then the other element that the statesman brought up were that the voters themselves had become polarized angry disinhibited by social media and not necessarily open to the difficult choices that need to be made it's such a sort of lazy trope but maybe it's an accurate one that people come up with about sort of all britain's become ungovernable i mean you and i rob whatever our combined ages are.
47:35We've sort of been around the block a few times. Is it the case, do you think, in your experience, that it is just becoming a tougher place to govern Britain? I think it's more that than it's ungovernable. I mean, certainly if you talk quietly and privately to politicians and other political commentators and journalists, they try not to fall into that trope, oh, it's ungovernable, everything has been terrible since the financial crisis, and Brexit. But it is undoubtedly very difficult. Politicians are easily spooked by changes in public sentiment. They're easily spooked by what's said on social media.
48:13We've sort of found ourselves stuck in a culture of short termism. And this isn't me making an allegation. This is what the politicians tell me. They say, we are kind of caught up in short termism, Rob. What do we do? Well, talking about short termism, it may not feel like terribly short term, but were Andy Burnham as he looks certain to take over as Prime Minister. I mean, we haven't got an election scheduled until 2029. But three years doesn't feel like an enormously long time for him to turn things around. No. And I think that is why there's considerable scepticism out there, certainly beyond the Labour Party, a scepticism that basically says, look, if the previous six Prime Ministers in the last 10 years have been unable to lift that, how would I describe it, a sort of pall of gloom and despair and pessimism that's hung over Britain since the financial crisis in 2008 and was sort of exacerbated by the divisions of Brexit.
49:08If they haven't been able to do it, why, you know, how, what might it be about Andy Burnham? I mean, I don't think Labour MPs are expecting him to turn it around completely. But what they're at least hoping is that if you had someone who was a bit sunnier, a bit more relatable, a bit more likable, maybe that would somehow stop the rot but I think there's an awful lot of fingers being crossed in the parliamentary Labour Party, Tim, and in the country. Our political correspondent Rob Watson guiding us through another big day in British politics. That's it from this edition of NewsHour from me, Tim Franks, and the team here in London.
49:45Thanks for your company.
From the publisher
As British Prime Ministerial hopeful Andy Burnham is sworn in as a Member of Parliament, we ask one of his supporters in the government when she decided Keir Starmer should go.
Also in the programme: Former Chairman of the US Federal Reserve Alan Greenspan dies aged 100; and we hear about the "ballista spider" that sets an elasticated trap is discovered in the Australian rainforest.
Photo: Andy Burnham is sworn in as a Member of Parliament in London, UK. Credit: HOUSE OF COMMONS HANDOUT/EPA/Shutterstock
