Intelligence Squared Economic Outlook with Jeremy Hunt (Part One)

Podcast Date: October 31, 2025
Host: Johnny Diamond (BBC)
Guest: Jeremy Hunt (Former Chancellor of the Exchequer, Foreign Secretary, and Health Secretary)
Summary by Intelligence Squared

Episode Overview

This special episode of Intelligence Squared features Jeremy Hunt—former UK Chancellor—sharing candid reflections on his tenure at the heart of government and his vision for Britain's economic renewal. In a conversation with BBC’s Johnny Diamond, Hunt explores the major themes from his new book, Can We Be Great Again?, assessing Britain’s present challenges and the path to renewed leadership on the world stage. The discussion covers the UK's global influence, economic strengths and weaknesses, the challenges of the welfare system, productivity and technological advancement, and the inner workings and limitations of government.

Key Discussion Points and Insights

What Does It Mean for Britain to Be "Great" Again?

[05:25 — 08:42]

• Hunt begins by clarifying that his definition of “great” is not about nationalist bravado:

  "My definition of great is a country that can shape the world as well as be shaped by it." – Jeremy Hunt [06:47]

• Despite domestic pessimism and international challenges, Hunt maintains that Britain consistently ranks among the world’s most influential nations:

  • Top 10 globally across major challenges (democracy, climate, migration, and security).
  • The importance of perspective: challenges are “huge,” but so are those faced by other countries.
  • Britain, he argues, must avoid “underestimating our influence” and instead “roll up our sleeves.”

• On perceptions of decline:

  "We have fallen into a big trap of losing perspective when we absorb ourselves in our own problems… The world is so dangerous right now. The worst thing we can do is actually underestimate our influence." – Jeremy Hunt [08:29]

The Legacy of Influence: Strengths and Soft Power

[08:42 — 11:06]

• The UK possesses significant assets:
  • Europe’s most respected military and universities.
  • Largest European tech sector.
  • High global rankings in soft power and governance.
• Economic resilience:
  • UK remains 6th largest world economy, with forecasts maintaining position in the mid-2030s.
  • The enduring “iron link between economic strength and political clout.”

Inside the UK's Fiscal Crisis and Taking the Helm at the Treasury

[11:06 — 13:56]

• Hunt recounts the chaos preceding his unexpected return as Chancellor during the Truss government’s “mini-Budget” turmoil:

  • Nearly missed Liz Truss’s call, thinking it was a journalist’s hoax.
  • Accepted role knowing the situation was dire and possibly brief (“shortest-serving Chancellor in history”).
  • On decision-making:

    "When you're offered a job by the Prime Minister, your maximum moment of leverage is before you accept." – Jeremy Hunt [12:33]

• On his mandate and immediate actions:

  • Given carte blanche by Truss to stabilize markets:

    "She went along with absolutely everything that I asked her to do... I basically tore up the entire manifesto." – Jeremy Hunt [13:56]

  • Praises Treasury officials’ expertise in crisis management; notes that extraordinary reform only happens when everyone recognizes an emergency.

Welfare Reform: “Make or Break” for the Economy

[17:02 — 20:28]

• Hunt identifies welfare reform as his biggest missed opportunity as Chancellor:
  • Current trend: 5,000 new sickness benefit sign-offs daily; 1,000 not required to even look for work.
  • The cost and scale of Britain’s welfare system is rising, in part due to the pandemic.
  • Concerned about negative mental health impacts of disengagement from the workforce.
• Hunt stresses that unless welfare rolls are tackled, the country will face repeated tax increases and deeper strains on growth:

  “If she doesn’t, it’s not just going to be two successive budgets of tax rises, it’s going to be five budgets of tax rises.” – Jeremy Hunt [19:39]
  (referring to current Chancellor Rachel Reeves)

Technology: Can Britain Become the Next Silicon Valley?

[22:08 — 26:27]

• Hunt claims credit for coining the now-common "next Silicon Valley" aspiration, underpinning it with robust data:

  • Britain has the third largest tech ecosystem globally (behind US and China).
  • More unicorn startups than France and Germany combined.
  • Tech strengths driven by premier universities and financial services.
  • Revolution at science parks and university spinouts is “extraordinary.”

  "If I was going to make you optimistic about the future... our leading universities have now got science parks and tech parks. They are nurturing spinouts in a way that's never happened before and only used to happen at Stanford and the Ivy Leagues." – Jeremy Hunt [25:32]

• Calls out a challenge: the tendency for successful UK tech companies to list on NASDAQ, not in London.

Productivity Puzzle and Public Sector Reform

[26:35 — 32:30]

• The productivity problem, particularly in the public sector:
  • UK productivity hampered by flatlining public sector performance, especially in the NHS.
  • NHS is described as both “the most wonderful healthcare system in the world and the most inefficient.”

    “If you run a hospital, you have 18 monthly operational targets... every month your job depends on making progress on those targets.” – Jeremy Hunt [28:59]

    • Micromanagement leads to inefficiency; proposes following the successful model of devolved school leadership.

    “That’s how you improve public sector productivity—by devolving power down and allowing people who make savings to keep those savings locally so they can improve the services that they offer.” – Jeremy Hunt [31:59]

  • Praises transformation in state schools via autonomy and accountability (Ofsted, published exam results).

Structural Flaws: Short-Termism and Media Pressure

[32:30 — 36:35]

• Hunt reflects on government’s aversion to long-term decisions due to the political and media cycles:
  • Treasury micromanagement of Whitehall, particularly fiscal year budget clawbacks, leads to inefficiency (“desperately trying to get money out of the door” to avoid losing it).
  • Media focus dominates ministerial attention: departments’ media teams work 24/7, influencing priorities at the expense of long-range improvements.

    "The only bit of every government department that works 24/7, including weekends, is the media department... Unfortunately, it's also a sense of where the government's priorities are." – Jeremy Hunt [34:53]

  • Calls for greater tolerance of mistakes in pursuit of real progress.

Notable Quotes & Memorable Moments

• “Is this all an imperial delusion? Are we kidding ourselves about our role in the world?” – Jeremy Hunt [06:12] (on his first thoughts as Foreign Secretary)
• “Nothing can be taken for granted. But... the worst thing we can do is underestimate our influence. Far better to roll up our sleeves and try and sort out the problems as best we can.” – Jeremy Hunt [08:38]
• “There is an iron link between economic strength and political clout.” – Jeremy Hunt [10:10]
• “I mean, if I was going to make you optimistic about the future... our leading universities have now got science parks and tech parks. They are nurturing spinouts in a way that's never happened before.” – Jeremy Hunt [25:32]
• “The NHS is the most wonderful healthcare system in the world and the most inefficient.” – Jeremy Hunt [27:41]
• “As a Cabinet minister... one or two things go wrong and that can be the end of your career. And so you really worry about the media... But somehow we don't have the same priority going to whether you're actually changing things for the public for the better.” – Jeremy Hunt [35:32]

Key Timestamps

• [05:25] Hunt’s definition of "great" and explanation of the book’s premise
• [08:59] UK assets: military, universities, tech, and global standing
• [11:25] Anecdote on returning as Chancellor amidst market chaos
• [17:02] Reflections on economic legacy and the urgency of welfare reform
• [22:29] The UK's prospects as a global tech powerhouse
• [27:14] Tackling public sector and NHS productivity
• [32:55] Critique of short-termism and the impact of media on policy

Tone and Atmosphere

Throughout, Hunt balances candor and optimism, often injecting humor or self-deprecation (“I can't believe those idiot journalists”), but repeatedly returning to his central conviction: Britain has the assets to lead, if it avoids complacency and finds the “right attitude.” He is critical but constructive—praising civil servants, acknowledging personal and political mistakes, and advocating for systems that reward innovation and long-term thinking.

Recommended for listeners interested in: UK politics and policy, government reform, economic strategy, technology and innovation, and the practical realities of running a nation.

End of Summary.