Moment furious row erupts on GB News in humiliating Rachel Reeves blow (Image: GB NEWS)

GB News returned with Andrew Pierce and Miriam Cates as they discussed Rachel Reeves comments where she suggested that the long-term damage done to the UK economy was caused by the 2020 Brexit deal. The broadcasters were joined by journalist Mike Parry and former Labour MP Stephen Pound on Wednesday’s edition where the pair were embroiled in a heated back and forth. It comes as Ms Reeves is reportedly considering a £2bn tax raid in a bid to fix public finances. The Chancellor is considering a tax raid on GPs to fill a black hole in public finances by imposing a new charge on limited liability partnerships (LLP). The partnerships, used by around 190,000 people, including GPs, lawyers and accountants, are currently not subject to employers’ National Insurance as partners are considered self-employed.

Stephen remarked: “Mike’s talking as if Rachel Reeves wakes up in the morning saying, ‘Who can I dampen…'” The show guest immediately interjected, as Mike yelled: “She does!” To which the former Labour MP hit back: “She doesn’t!” The commentater slammed Reeves as he claimed the Chancellor is “targeting anything that makes a profit” in a bid to grow the economy. Mike then dubbed Reeves as “economically illiterate” in a humiliating putdown.

Read more: GB News guest brutally shuts down Rachel Reeves with four-word statement

Host Miriam said: “The problem is Stephen, high earners are taxed so highly in this country, thye understandably look for different ways in reducing their tax.

Whether that’s through a limited liability partnership or limited company where they can pay themselves in different ways. You can argue that it’s wrong but if you’re looking at 60, 70, or even 80 per cent tax so it’s not even worth working, you can see why people do that.”

In response to her comment both Mike and Stephen began speaking at the same time, as Stephen argued: “There about 250 people in this country that you can call billionaires…”

Presenter Andrew interjected: “Well, they’ve all left.”

The former MP went on: “No… they’re still here. But that tiny number of people in the high earner bracket pay 27 per cent of all the taxes. The idea that you can hit the top whack is simply for the birds.”

Stephen fumed: “Are you saying we should be whacking the billionaires?”

Mike hit back claiming that the individuals in Reeves’ latest proposal will pay up to £27,000 more in tax each year branding the move “outrageous”.