Ousted chancellor Rachel Reeves claims her £66bn tax raid made Britain 'stronger' and says she has no regrets

Speaking at Harvard University, the ousted chancellor defended her two Budgets without apology, insisting the £66bn tax burden was the only way to end Britain's "failed austerity experiment" and build a "stronger fiscal buffer." Reeves argued her decisions shifted the tax system toward "rewarding work" rather than "passive accumulation of wealth." Britain's tax-to-GDP ratio is forecast to hit a post-war high of 38.3 per cent.

Reeves' most controversial measure — hiking employers' national insurance to 15 per cent — was blamed by the Bank of England for pushing up prices and unemployment.

Unemployment reached a five-year high of 5.2 per cent under Reeves, undermining her claim of a "low-wage, low-investment cycle" broken.

Reeves said the £24bn fiscal headroom she built allowed her successor John Healey to deliver cost-of-living support in last week's Budget.