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Ian Hislop set off gasps and howls of laughter on the BBC's Have I Got News For You after taking aim at Rachel Reeves with a stinging three-word jibe. As the panel watched footage of the Chancellor standing outside Downing Street holding the red Budget Box ahead of announcing her latest statement, Hislop delivered the cutting line: “Oh, it’s the fiscal drag queen,” prompting immediate shock from the audience.
Producers then cut to a clip of Reeves peering down a microscope, giving Hislop another opening as he added: “Oh look, let’s look for some growth.” Viewers loved the dig, with many racing to X to share their reactions. One fan wrote: “‘Fiscal drag queen’ followed by a string of laughing emojis. Another posted: “The fiscal drag queen was a fantastic line. I'm glad we can all come together to slam this BS budget plan! What a joke! v funny #hignfy.”
Host Richard Ayoade also joined in the political ribbing, taking aim at the BBC’s own budget coverage.
He joked that the corporation had been so overexcited they broadcast live from a Starbucks — before showing three reporters sitting behind laptops “as if they were in a coffee shop.”
Panellist Bella Hull piled on too, mocking a viral clip of Reeves holding the ministerial red box — the traditional Budget Box carried by the Chancellor. She said people “Really don’t like her bag,” sparking another wave of laughter from the studio.
Each week, team captains Ian Hislop and Paul Merton welcome a revolving line-up of hosts and a gaggle of guest panellists to poke fun at the week’s biggest stories. This episode featured writer and broadcaster Richard Osman and comedian Bella Hull, who quickly became a favourite with viewers.
Bella won over audiences with her sharp wit and on-screen charm, sparking a flurry of posts on X.
One viewer said: “My first encounter with Bella Hull on tonight's #hignfy. She was excellent.” Another wrote simply “bella hull” followed by love-heart emojis, while a third added: “Bella Hull is very funny.”
Reeves has dominated headlines this week after unveiling her latest Budget, a package that included tax changes, revised spending plans and a heavy focus on tackling so-called “fiscal drag.”
The announcement sparked fierce debate across Westminster and social media alike, making her an inevitable target for the panel’s sharpest jokes.
Jimmy Carr has recently confirmed to return to the comedy news quiz show. In a statement celebrating the news, Carr said: "I'm absolutely delighted that Last One Laughing is coming back for a second series.
"I think what’s happened is someone high up at Amazon has clicked ‘subscribe & save’ on Prime Video and, hey presto, we’re back in business.
"I’m so pleased people had as much fun watching the first season as we had making it. Can’t wait to bask in the reflected glory of the next 10 comedy legends taking on the challenge."