Podcast Summary: The Peter McCormack Show

Episode: PMQs #001 – Inflation Is A Crime
Date: November 19, 2025
Host: Peter McCormack (with his son, Connor)

Episode Overview

In this candid and impassioned monologue, Peter McCormack launches a new format for The Peter McCormack Show: the “PMQs”—Peter’s Questions. Sitting down with his son, Connor, Peter addresses his core concerns about the current state of British politics, the economy, and most urgently, inflation.
His central contention: Inflation is the biggest crime against the British people, and mainstream political discourse and media are dangerously misrepresenting or ignoring this reality. The conversation flows from Peter’s personal ideological journey to a searing critique of successive governments, the mainstream media, and prevailing attitudes among both politicians and the public.

Key Discussion Points & Insights

1. Why This New Format? (00:08–01:32)

• Backstory: Peter shares that the episode was inspired by rant-fueled car rides and conversations with his son, Connor. Decides to bring this "parallel universe" of candid talk into the studio.
• Open Call: Peter intends to read comments and welcomes feedback, promising more episodes if listeners find value.

2. State of Political Discourse in the UK (01:33–04:44)

• Critical View of Politicians:
  “I am very worried about the political discourse in this country...skirting around ideas that require a little bit of critical thinking.” (01:33)
• On Political Realignment: Noting the rise of new parties ("reform"), collapse in Labour’s credibility, and the Green Party’s momentum.
• Root of Voter Disenchantment:
  "We've had such abject failure from the state over the last 20, 30 years. People are exhausted and they're looking for hope." (04:41)

3. What Should Government Do? (06:17–10:10)

• Peter’s View: Three primary duties: keep us safe, maintain law and order (including contract/business law), and allow us to flourish (mainly by “getting out of the way” unless necessary).
• Perception vs. Reality:
  "There is statistical safety, which we know the government will bend to make it look safe, but there is also the feeling of safety." (09:33)

4. National Mood and Media Failure (10:10–13:00)

• General Malaise: Country is "depressed," everyday life feels negative, and little seems to work as it should.
• Media Critique: Accuses mainstream media of lacking backbone and being politically captured, compounding national pessimism and cynicism.

5. Economic Dysfunction and Inflation (13:00–21:15)

• Central Thesis:
  "The big topic I’m going to talk about today is inflation, because I think it's the biggest crime on the British people." (01:49)
• Stagnant Growth: Blames high taxation, over-regulation, and unfettered government spending for zero growth and business closures.
• Wealth Transfer Evidence:
  “House prices up 1500% when wages are only up 500%... This is all inflation. This is the transfer of wealth.” (14:50–15:21)
• Mechanism of Inflation:
  Drawing from Milton Friedman: “Inflation is always and everywhere a monetary phenomenon.” (15:51)
  Government printing and spending new money pushes asset prices up, dramatically benefitting those who already have assets (the wealthy), while hurting wage earners and savers.
• Illustrative Example: Weekly grocery inflation—what used to buy a full trolley now buys only a bag.

6. Taxing the Rich, the Flight of Capital, and Deficit Spending (19:45–26:28)

• Capital Exodus:
  "16,000 millionaires have left the country... the biggest exodus of millionaires from any country in the world is from the UK." (19:47)
• Government Incentives:
  "If you implement an exit tax, you’re signaling to very rich people: get out now. And also signaling to people: don’t come to our country and create money." (20:23)
• Skepticism of Simple Solutions:
  “If it's so simple, why does no one do it?” (20:54)
  Peter answers: It’s politically impossible to win elections on manifestos of austerity and hard truths.

7. The Unpalatable Truth of National Debt and Generational Theft (21:46–26:13)

• The Time Machine Analogy:
  “When our government overspends every year and creates all this debt, they are stealing time from your future.” (23:11)
• Historical Parallels: Comparison to the collapse of the Roman Empire and modern Argentina suggests current practices are unsustainable and dangerous.
• Rejection of Party Promises:
  “Party after party, which deficit spends, which gets us more into debt, which drives a bigger wedge in society...we end up like Argentina.” (25:30)

8. Debate With “Big Government” Advocates (26:28–29:47)

• Direct Rebuttal of Left-Wing Arguments:
  Plays (then dissects) a video clip of “Gary Economics” calling for higher taxes on wealth, arguing that it fails to address root causes and drives out wealth creators.
• Asset vs. Wage Inflation:
  “If you grow the pie by just growing the economy through free market economics...we want millionaires and billionaires who’ve done it through hard business, not through asset inflation and deficit spending.” (28:27)

9. Limited Policy Levers and the Case for Growth (29:47–33:49)

• Three Levers Governments Have:
  • Cut spending (but at a social/political cost)
  • Raise taxes (risks capital flight and less growth)
  • Borrow more (drives inflation and generational theft)
• Fourth Lever – Real Economic Growth:
  “The only other option available is growth. But we've created a country which is hostile to entrepreneurs...” (33:49)

10. Entrepreneurship Under Siege (33:49–37:57)

• High Hurdles for Entrepreneurs:
  "If we go back to what is the role of government allowing us to flourish, why are they putting more hurdles in our way?" (35:50)
• Cultural Critique:
  "We demonize them. That culture of like, if you’re successful, you’re the issue." (36:12)
• Comparisons to the US: Celebrates US culture of entrepreneurial success versus UK’s suspicion.

11. Collapse of the Traditional Working Class Party (Labour) (37:57–41:27)

• Labour’s Shift:
  “They used to be the party for the productive and now they're the party for the unproductive.” (37:52)
• Austerity’s Political Challenge: Peter acknowledges neither major party is brave or honest enough to advocate for real austerity or economic reset.

12. False Socialism and the Betrayal of Youth (41:27–46:39)

• Youth Disenfranchisement:
  “I am deeply concerned about young people thinking the solution is socialism. I think they're entirely on the wrong path, but I get it...” (41:32)
• On Opportunity:
  “Just reject socialism. Just reject this idea that you are a victim and blaming everyone else... Just work hard to create a business.” (45:24)
• Personal Story: Notes his own poor school grades and lack of a degree, but emphasizes hard work and entrepreneurship are still viable paths.

13. Call to Action and Closing Challenge (46:39–end)

• For Politicians:
  “If they do not stop debasing the currency, if they do not stop stealing from the future of our kids... Either they know they're doing it, which means they're evil, or they don't know they're doing it and they're too stupid to be in the job.” (48:22)
• For Voters:
  “We will get the country we deserve. We have to make our governments talk about what's really happening in this country.” (48:55)

Notable Quotes & Memorable Moments

• “Either I'm stupid or they're stupid.” – Peter, on feeling out-of-sync with mainstream political discourse. (01:12)
• "It's the biggest crime on the British people. And I don't think many people really understand what is going on with this." – On inflation. (01:49)
• “The biggest transfer in wealth that has happened in this country... is inflation.” (14:56)
• "Every fiat currency always fails." (21:15)
• "Spending money is easy, right? It's even easier for a government. But no political party is going to win an election by coming and saying, we are broke." (22:00)
• "When our government overspends every year... they are stealing time from your future." (23:11)
• "If you vote for a government that spends more than it brings in, you're going to make the rich richer and the poor poorer." (17:55)
• "We want millionaires and billionaires who’ve done it through hard business, not through asset inflation and deficit spending." (28:25)
• "You can say tax the rich. It sounds great. That's going to win you votes. And it's really easy to say virtuous things..." (26:28)
• "The only solution is a country that returns to foundational principles of freedom and liberty, not a country that locks people up for tweets." (41:57)
• "We will get the country we deserve. We will get the government we deserve. We have to make our governments talk about what's really happening in this country." (48:55)

Important Segment Timestamps

• 00:08 — New episode format: candid, unscripted, with Peter and his son.
• 01:33–04:44 — Peter’s ideological and political background; rise of new parties and realignment.
• 06:17 — The real responsibilities of government.
• 10:10 — Mood of national depression; everyday frustrations.
• 13:00 — Analysis of persistent economic stagnation and roots of the problem.
• 15:08 — The “great inflationary theft” and its mechanism.
• 19:45 — Flight of wealthy individuals; statistics on millionaire exodus.
• 21:15 — Why all governments are in debt; lessons from Rome and Argentina.
• 26:28 — Dissection of left-wing “tax the rich” arguments.
• 29:47 — Government policy levers and why growth is crucial.
• 33:49 — Environment for entrepreneurs in the UK.
• 37:52 — Labour’s shift from a working-class party.
• 41:32 — Direct address to the youth vote; dangers of socialist solutions.
• 45:24 — Peter's prescription: Work hard, reject victimhood, create value.
• 46:39–end — Closing call to action for listeners and politicians.

Tone and Style Notes

The episode is a passionate, often blunt monologue, combining Peter's ideological convictions (conservative-libertarian with empathy for social causes), vivid metaphors, and frustration at economic/political dysfunction. Delivered conversationally, with back-and-forth asides from Connor, there’s a sense of urgency and directness aimed at both listeners and politicians.

Summary

Peter McCormack’s first PMQs episode argues that inflation is the most significant—yet misunderstood—force driving inequality and despair in the UK. He calls for hard truths: smaller government, honest political discourse, educational reform (including financial literacy), and a cultural shift back to free-market innovation. He rails against the media’s misdirection, rebukes both Conservative and Labour parties for failing ordinary people, and implores younger generations to reject socialism. The episode doubles as a call to civic engagement and an indictment of current policy orthodoxy, ending with an open invitation for dialogue and further rants—if listeners find them worthwhile.