It was a pleasure to be interviewed by Peter who was interested in my views and past actions and was willing to let me explain my thinking without wishing to debate trivia and caricature points.
I was able to set out why I have been a long standing critic of Treasury/Bank/OBR policies. I criticised Heath’s Competition and Credit Control boom/bust, Labour’s over spend and over borrow in the mid 1970s, the Conservatives adoption of the official European Exchange Rate Mechanism boom/bust of the late 1980s, Labour’s banking excesses and then great recession policy of 2005-10, and the Bank’s excessive Quantitative easing then Quantitative tightening of 2020-25. It was easy to see each of these policies would generate a nasty boom/bust cycle that was both foreseeable and avoidable at the time.
You Tube Peter McCormack
August 8, 2025
For those struggling with the link which the software appears to have mangled this one may help
https://youtu.be/mEcRK3uyrq0
August 8, 2025
Indeed with the slight relief of the Thatcher era (and this only partial) we have be appallingly governed for as long as I can remember and certainly since Heath and Wilson. Economic incompetence, EU burying in incompetence, Covid incompetence and climate alarmism & net zero lunacy…
Absurd interview with Kemi and Amol Ragen? both equally irritating on ITV last night. She complained about low expectations the school had for her she wants to read medicine at Oxford. Hardly v. likely with her duff A levels! No real discussion of economics, net zero, energy, the ECHR more of a soap opera than an interview… Amol (English oxon) is rather a daft lefty too.
I quite like Kemi she would make a good primary school teacher deputy head. Sounds just like one to me!
August 8, 2025
It’s good to have an interviewer prepared to listen to you, and not talk over you persistently making out they know your position better than you do.
August 8, 2025
I think you incorporated a problem as seen on your blogsite.I want to hear you views from a life in politics in comparison to myself living through the changes.
The 1970’s was a time when we thought we were all free and from my viewpoint lacked responsibility.The whole ethos was flower power,(and not in a superficial way )open mindedness and enjoy time not at work.Earning money was important to buy all those new consumables and social status.
The 80’s and ironically 1984 was a decade where businesses where brought down by all types of underhand tactics and the splitting of Great Britain really began.New monied people created jealousy by those who thought that they should share in the good luck and hard work which had brought them a financial reward because they thought they were superior ,by virtue of a job or background.
An example of this are a couple of comments from my ex husbands manager who lived in a detached house in Prestbury ..an upmarket part of Cheshire.We stayed over night at their house . Breakfast brought us together at the table and a loud comment from this man ,when his wife offered us Alpen was”these people might not have heard or like this” .He drove us home with his son in the car to my parents house which was a large Victorian terrace.He said to his son” these are the slums where these type of people live.”
These 2 utterly rude and condescending remarks impacted on how I feel about many who got to management positions and the low level of Emotional intelligence they must have had.
In actual fact we all ate very well and my father entertained many of his clients at home with his expert tastes in food.
There are still many bufoons like this bloke around and remarks like this grated upon a whole generation…that’s politics!
August 8, 2025
Sir John, obviously in your view you were always right, and successive governments of both parties were always wrong. Could you share with us your view as to why you never achieved high political office?
Reply I did become a Cabinet Minister.I resigned in disagreement over the Euro and ERM policies which meant as they wanted to pursue the wrong policy in my view they did not want me back. People who compromise with bad establishment policies to get jobs do not like critics who point out the problems.
August 8, 2025
Gareth if you have never grasped the fact that too many make their way to higher office in many walks of life by avoiding stating opinion where it is not wanted, then it must have been a sheltered life?
That or the statement could be construed as sarcasm?
August 8, 2025
His view were indeed nearly always right alas the appalling governments we have suffered under did not listen to his wise advice. The Tory MPs even preferred John Major to remain as PM to JR this when there was already clearly no change no chance.
He did however say, in the excellent interview above, that the Tories left a very sound economy to Labour. Well not exactly, they borrowed and spent about £400 billion on Covid but nearly all of it did no good and vast net harm with lockdowns, net harm dangerous “vaccines”, they stuck to Net Zero, vast low skilled immigration levels and HS2 also all doing vast net harm. True Kier, Reeves, Philipson, Milibrain and Lammy have made it even worse!
August 9, 2025
In 1997 the finances were sound. That allowed Blair to become a spendthrift.
August 8, 2025
Fascinating video. Although I never intended to, I ended up watching all of it as it was so interesting.
I agree with 99%. The 1% was because I still cannot see how multiple parties can trade over a single water pipe!
August 8, 2025
Of course they can trade though one pipe or cable just a people send parcels via the same mail or delivery surface. You just need sensible regulation for access. Alas sensible, fair and honest regulation is rather hard to get in the UK!
August 9, 2025
People trade over a single gas pipe with no problem. They may buy the supply from any of the pipelines to shore, the small amount of onshore production, or LNG regas terminals, or via others who have done so (e.g. when a gas power station buys supply which it resells because it is no longer needed because it happens to be a windy day). There are rules for allocating the costs of pumping the gas around from sources to consumers, which all who trade accept. The prices are all set relative to a notional balancing point centre of gravity of the system, with suppliers (ex delivery to the grid points) and retailers or consumers paying the cost share for their points of supply or offtake.
August 8, 2025
“The remains of the day” lives on and regaining momentum as other cultures come to this country and have lived through socially divided societies where citizens did as they were told and were stepped on educationally.Those who have fought to get degrees now feel socially superior and still have that in built mentality which the enlightened GB abandoned in the 60,’s.
I was service orientated in the State and C/of E..there are many good things about the state but we have been called dinosaurs and the gold grabbers have taken over .
August 8, 2025
I enjoyed watching your interview Sir John.
August 8, 2025
I watched it yesterday. This is the future of political interviews: long-form; detailed and giving the guest the opportunity to explain his actions/philosophy without interruption.
Well done Sir John. It was a great interview and you explained your role within Mrs Thatcher’s administration very well.
Triggernometry next? Or perhaps the New Culture Forum.
August 8, 2025
Thank you for a very interesting and characteristically lucid interview Sir John.
I was surprised to learn the Blob was active historically too. I thought it was mostly a recent development. In my opinion the civil service (and the Treasury in particular) need to be reviewed as they should be wanting a culture focused on accuracy (of advice, forecasts, policy delivery etc).
As you say Starmer’s government needs a better diversity of views around the table and in my opinion the civil service needs that to happen internally too.
August 9, 2025
I enjoyed listening to this podcast, which discussed many issues from the past which I could remember. I particularly appreciated the mutual respect evident between Sir John and the interviewer.
Compare and contrast the appalling interview given by Nigel Farage on BBC R4 on Tuesday 22nd April. The dreadful Farage most unpleasantly repeatedly shouted down the interviewer, hectoring her about how net zero is going to bankrupt us and how nothing we can do is going to ameliorate the global heating crisis.
And how he will break up the BBC when he is PM because of his perceived “bias”. He then ended the interview without thanking the interviewer for having him on. What an unpleasant man.
August 9, 2025
Host. Enjoyed your podcast. Preaching to the converted in here though. I suspect 99% of the public know little about these things, and most mp’s have a limited interest. Do you have any input on the story about foreign hedge funds ‘seizing ’ control of uk bonds? Should we be concerned? Are these the bonds that are being sold at great loss to us?
Reply If the Bank carries on selling then some hedge funds may well buy some. They will want to sell them later at higher prices. Only the Bank set out to buy high and sell low. It is the Bank, not the hedge funds, currently driving up or keeping interest rates high for longer dated borrowings.
August 9, 2025
I found your podcast Sir john very informative of the way the UK economy is run or not run as it appears costing the tax payer £ Billions. I thought just a lack of Engineering skill in Government but seems a lack of experienced economists and accounts. A great pity you were unable to influence a change for the better.
De-nationalisation seems to have been a way to offset these losses for the current and future tax payers. Very clear that Government involvement was the problem rather than the direct management of these industries. If Government does not allow investment then they are bound to fail in some way. If Government economics has lost money elsewhere and none available to invest in utilities one has to look for money from private sources.
I did pick up on the point you were happy to allow senior management excessive pay increases to smooth privatisation. What tends to happen is offers of early retirement for experienced people and senior posts cut back and less experienced and lower paid staff running the day to day business. this lowers the utility bill initially but in the long term things begin to fall a apart in the long term due to profit maximisation as opposed to no Government money available for investment.
May have mis-heard but you seem to suggest that Rain Water (surface water) and waste water ( sewage) shared a common drainage system. This is not the case and illegal to interconnect at any point. They are separated drainage systems starting at the home.
Reply There are common waste pipes which adds to problems.In some cases like steel government invested too much, giving them a huge problem of producing excess steel
August 9, 2025
Not sure I understand exactly what you mean Sir John by common waste pipes causing a problem. I understand why an overproduction of steel would be a problem if no market for it. Likewise if too much pipe and duct works ordered and not deployed.
It would be a problem if rain water and seawage in same pipe.
But do you mean by common that pipes not large enough or not as many as should be for the volume to be treated or drinking water dustribution ? Water companys sharing pipe networks which are too small to support more than one company or region.
If the regional water distribution network is large enough you only need one pipe into the house. You don’t need duplicate distribution networks. This is very inefficient be it private or nationalised. Your concept being multiple sources of water selling to the consumer in competition with each other.
No different in fact to Gas and Electricity. If competition is based on quality then indeed you would need multiple networks as you could not mix water in the same network.
Reply Yes pipes are too small and old. Hence need for £5 bn ring main in London
August 11, 2025
Dear Sir John
Red “The Peter McCormack podcast with John Redwood”
This interview is excellent, down to earth and a future classic for both economic st by udents
August 11, 2025
Apologies.
Dear Sir John
Red “The Peter McCormack podcast with John Redwood”
This interview is excellent, down to earth and a future classic for both economic students and anyone else interested in modern Britain, especially the taxpayer electorate.
As you say it makes you weep that the government fail to need the painful and expensive lessons of the past and how well you keep level headed and good natured and hopeful amongst all the obstacles.
Best wishes and many thanks for this treasure Sir.