Mike Parry launched a fierce attack on a guest during a heated exchange about Labour's economic management, declaring that they should be "ashamed to have ever been a member of the party that's now going to bankrupt this country."
The broadcaster expressed fury over Chancellor Rachel Reeves' handling of the economy, referencing her emotional moment in Parliament several weeks ago.
He predicted "an ocean of tears coming shortly" across Britain as the fiscal situation deteriorates.
GB NEWS
|Mike Parry fumed at the Labour MP
In a scathing comment to former Labour MP Stephen Pound on GB News, Parry fumed: "Look at the situation regarding the Chancellor.
"I mean, if she thought she was in enough trouble to burst into tears in the House of Commons just a few weeks ago, I think you’ll find there’s going to be an ocean of tears coming shortly not least across the country.
"You know the old joke: how do you make yourself a small fortune? You start with a big one. Walk into a casino with a big one.
"So, a £22billion deficit, allegedly a black hole, which none of us agreed with. Even the Office for Budget Responsibility said it was less than ten.
"Exactly. And usually, that sort of money is just a swap-over from one Government to another, depending on their spending aspirations. Fine you get that.
"But she’s managed to turn ten into £50billion worth of debt, dragging the economy down like there’s a huge weight wrapped around it.
"It’s a disgrace, Stephen. And I bet you’re ashamed to have ever been a member of the party that’s now going to bankrupt this country."
Economic experts have delivered a sobering assessment of Britain's fiscal position, with the National Institute of Economic and Social Research warning that the Treasury requires more than £50 billion in additional revenue to comply with its financial rules.
The prestigious think tank's analysis reveals that the Government faces a £41.2billion deficit by 2029-30, whilst needing to preserve a £9.9billion fiscal buffer.
This combined shortfall creates unprecedented pressure on the Chancellor ahead of her autumn budget.
NIESR economists described the situation as an "impossible trilemma" for Reeves, who must balance adherence to fiscal rules, delivery of spending commitments, and Labour's manifesto pledge against raising taxes on working people.
GB NEWS
|Rachel Reeves is onecourse to miss her borrowing targets
The institute's deputy director, Professor Stephen Millard, stated bluntly that "fiddling at the edges is not going to do" when addressing such a substantial gap.
The scale of potential tax increases has alarmed economists, with NIESR calculating that bridging the fiscal gap would require an unprecedented five percentage point rise in both basic and higher income tax rates.
Alternative revenue-raising measures under consideration include extending the current freeze on tax thresholds, which would generate an additional £8.2billion through fiscal drag.
The Chancellor faces severe constraints in meeting her two "non-negotiable" fiscal rules: ensuring day-to-day spending is covered by tax receipts, and reducing debt as a proportion of national income within five years.
Recent policy reversals, including the Winter Fuel Payments U-turn, have compounded the Treasury's difficulties by increasing expenditure whilst economic growth remains sluggish.