Zia Yusuf has claimed that the Labour Government is driving the country towards bankruptcy, declaring Chancellor Rachel Reeves is "the architect of the accelerating decline of the British economy".
Speaking to GB News, the Reform UK policy chief hit out at Ms Reeves surviving Sir Keir Starmer's Cabinet reshuffle, branding it a "testament to the utter paucity of talent available to this Prime Minister".
The Prime Minister was forced into a major cabinet reshuffle following the announcement of Angela Rayner's resignation as Deputy Prime Minister.
Chancellor Rachel Reeves remained in her position, but David Lammy was appointed as Ms Rayner's replacement as well as Justice Secretary, with Yvette Cooper moved to Foreign Secretary and Shabana Mahmood taking her position as Home Secretary.
Zia Yusuf predicted Rachel Reeves and Keir Starmer will leave Government
|GB NEWS / PA
Criticising the decision by the Prime Minister, Mr Yusuf told GB News: "The fact that he hasn't sacked Rachel Reeves is testament to the utter paucity of talent available to this Prime Minister. Rachel Reeves has been the architect of the accelerating decline of the British economy.
"We're seeing our 30-year bond yields, gilts, now at multi-decade highs. Britain pays more to finance its debt than Greece. If you look at the interest payments alone in our national budget, one in every £12 of taxpayer spending is now to pay interest."
Hitting out at Ms Reeves further, he fumed: "What has Rachel Reeves done since she became Chancellor? She's increased National Insurance contributions, it's a tax on jobs. And what happened? There were fewer jobs right there. A lot of people have been taken off the payrolls.
"Obviously, the inheritance tax raid on farmers, the appalling situation in terms of the Winter Fuel Allowance that they told nobody about."
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Rachel Reeves remained as Chancellor after Keir Starmer's Cabinet reshuffle
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Warning of the upcoming Budget in November, Mr Yusuf explained: "If you look at what's being rumoured, well sourced rumours about the next Budget, a latest harebrained idea, taxing people on their primary residences, something that hasn't been known for decades.
"Then also talking about adding National Insurance to rent for landlords, all that's going to do is increase rent prices even more. One of the criticisms of Rachel Reeves has often been she doesn't get second and third order consequences. This is the first order consequences of her decision."
The Reform UK policy chief expressed little confidence in Reeves' future in the role, claiming she is on "borrowed time".
He stated: "The bond markets do not care whether British kids get good schooling, whether people are struggling. They just care about being paid, and the clue as to what's coming once Rachel Reeves goes, and I think she is on borrowed time, quite literally, is when she started crying on the front bench.
Mr Yusuf told GB News that Rachel Reeves is on 'borrowed time'
|GB NEWS
"Regardless of what anyone's view is on that, you saw a big gap down in British bonds, and the reason for that was they were terrified about what might come after."
Asked why the Prime Minister has kept Ms Reeves in her job, Mr Yusuf concluded: "Because this Labour Government is utterly devoid of talent. If you want evidence for that, I think we will get an earlier general election than 2029, but you better hold on to your hats because we're going to get something worse than Starmer, worse than Reeves.
He added: "Nigel will be the Prime Minister at some point, but we're going to see Rachel Reeves is going to be gone reasonably soon. I think Starmer will go reasonably soon after that.
"The people that come after them inside Labour will be way worse, and the markets, there's a real chance of a real big problem for Britain."