Broadcaster Mike Parry has launched a scathing attack on Chancellor Rachel Reeves, claiming he knows "more about how to run an economy" than her despite only having an A-level in economics.
Speaking on GB News, Parry criticised Reeves as UK borrowing costs hit record highs.
"You can stop talking now about what happened when Liz Truss allegedly smashed the economy, it's even worse now," Parry said.
"It's worse than it was in 1998. There's no confidence in Rachel Reeves," he added, suggesting the situation "can't get better because of her policies."
Mike Parry hit out at Rachel Reeves on GB News
GB NEWS / PA
The UK's long-term government borrowing costs have risen to their highest level since 1998, with 30-year gilt yields reaching 5.22 per cent on Tuesday.
The yield increased by four basis points, surpassing the spike seen in 2023.
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Chancellor Rachel Reeves has suggested tax rises may still be neededPOOLThe UK's Debt Management Office sold £2.25 billion of 30-year notes at a yield of 5.19 per cent.
The rise comes amid a fresh wave of bond sales and growing investor concerns over stagflation risks.
Markets are now expecting slower interest rate cuts in the UK than previously anticipated, while concerns over potential Trump trade policies have contributed to a wider sell-off in government bonds.
Parry highlighted comments from Lord Wolfson, the chief executive of Next, regarding Labour's economic policies.
Mike Parry, Andrew Pierce, Bev Turner and Stephen Pound debated Rachel Reeves's record
GB NEWS
"Lord Wolfson says Next is facing £73m-a-year increase in staffing costs due to higher wages and Labour's increase in employer national insurance," Parry said.
He claimed this would "put at least a one per cent rise on the cost of the clothing he sells."
"How does that attract growth? They want people to live off the state, it's an outrage," Parry added.
The retailer's increased employee costs are partly attributed to rising National Insurance contributions.
Economists warn the government could miss its Budget borrowing targets due to the rising costs.
Ruth Gregory from Capital Economics suggests "there is a significant chance that the OBR will judge that the Chancellor, Rachel Reeves, is on course to miss her main fiscal rule."
The government maintains its commitment to economic stability, with Number 10 stating that "meeting our fiscal rules is non-negotiable."
Globally, markets are questioning the inflationary impacts of incoming President Trump's trade policies.
The Office for Budget Responsibility will begin updating its forecast next month, with findings to be presented to parliament in March.
Servicing the national debt is currently forecast to consume seven per cent of total public spending.
