GB News hosts speechless over Labour bombshell and it's more bad news for Starmer

GB News presenters Anne Diamond and Dawn Neesom addressed reports that Chancellor Rachel Reeves plans to tax the rich in order to plug its deficit - anticipated to be around £30bn. But the move could prove disastrous for Keir Starmer's time in Number 10 as a show guest suggested it was time "to get rid of Labour". The Spectator Deputy Editor Freddy Gray warned that the UK's economy is "stuck" and that Rachel Reeves' potential taxes may continue to increase the lack of economic investment and opportunity in Britain, due to wealthy individuals leaving.

Speaking on the Sunday's morning show, Gray commented: "The doom loop keeps looping around and around. Because Labour keeps sticking to its strange idea there are working people and there are other people who are rich and taxable. The world doesn't work like that and unless Rachel Reeves doesn't make this realisation we're going to be stuck in this doom loop."

Gray warned that more increases to capital gain tax (CGT) will not be lucrative for the governement and will ultimately not provide more revenue.

"Another problem you will have more flight of millionaires out of Britain," he explained, "which is already happening at staggering speeds."

He added Britain will become less entrepreneurial as a result.

The commentator suggested she needs to increase income tax - a plan Reeves has refused to do.

"We as a country are in big trouble," the GB News guest mused.

On Sunday the Telegraph cited Treasury sources as saying Reeves also now planned to build up a bigger buffer to better protect government finances from volatility in the bond markets and rising borrowing costs.

That raises the prospect that she will need to raise more in taxes or cut spending to establish a larger buffer. Reeves last year raised taxes by 40 billion pounds, something she said she would not repeat.