Moment furious Nick Ferrari loses it at Labour minister in on-air clash 'We're bankrupt'

LBC host Nick Ferrari grilled Peter Kyle MP as the Labour minister appeared on his radio show today to debate how government borrowing has hit its highest September level since 2020 after rising debt costs pushed the public finances deeper into the red. Figures from the Office of National Statistics revealed public sector net borrowing hit an eye-watering £20.2 billion last month-up from £1.6 billion in September 2024.

Addressing the figures, Ferrari told Kyle: "We are now on course to borrow £100 billion. It's up 13 per cent, and this is the second-highest figure since the days of Covid in 2020. We are bankrupt, bust and broke under Labour, aren't we, Secretary of State?"

When the minister replied, "No," Ferarri fumed: "Well, why were we having to borrow £20.2 billion last month and an annual total of £100 billion? It's the second worst since 2020. Do explain."

Kyle said that when you look at the debt-to-GDP ratio, "we are stable as this country" and are "doing what it takes to invest our way out of the challenge that we inherited from the Tory government."

The Labour politician added: "We inherited a growth emergency. We had no growth, high taxation, low growth, or no growth, and we have to break out of that cycle. What Rachel Reeves has done has restored stability to our economy."

However, Ferrari cut in to state: "She's maxed out the credit cards, Mr Kyle."

Kyle tried to continue, but the LBC host wasn't having any of it and raged: "She's maxed out the credit cards and spent £20.2 billion in one month alone."

As he reiterated his point, Kyle added: "Everything we have done has been within the fiscal rules, so the market can see we are operating within very tight fiscal rules. And in doing so, yes, we are investing in our economy, into the skills of our nation, into the innovation of our nation.

"We are finding ways to make sure we can get our public services back on their feet because all of this lays the foundation for economic growth."

Listeners took to X with their views, and one said: "Politicians don't half talk some bull. When I was younger, I looked up to politicians, not now. It isn't even a right v left, or whatever. They are all the same, freeloaders in suits." Another said: "Stable but borrowing 100 billion. This man is utterly deluded."

However, someone else noted: "We're borrowing to pay the interest on the debts the Tories racked up. At least try and be honest."