Rachel Reeves has said the welfare system is "letting down taxpayers", while she again committed to reaching 2.5% in defence spending by 2027 due to the "enormity of the situation" facing European security. The chancellor told Sky's political editor Beth Rigby on the Electoral Dysfunction podcast, out on Friday, that there needs to be "better value for money" for what people pay in taxes. Listen to the full interview with Rachel Reeves on the Electoral Dysfunction podcast, out on 7th March: https://news.sky.com/topic/electoral-dysfunction-11062 #skynews #uk #politics SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews Follow us on Twitter: https://twitter.com/skynews Like us on Facebook: https://www.facebook.com/skynews Follow us on Instagram: https://www.instagram.com/skynews Follow us on TikTok: https://www.tiktok.com/@skynews For more content go to http://news.sky.com and download our apps: Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8 Android https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB Sky News Daily podcast is available for free here: https://podfollow.com/skynewsdaily/ Sky News videos are now available in Spanish here/Los video de Sky News están disponibles en español aquí: https://www.youtube.com/channel/UCzG5BnqHO8oNlrPDW9CYJog To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales