Rachel Reeves seeks to win over business chiefs in Davos with Thatcherite defence of Budget [Video]

Rachel Reeves was seeking to win over business chiefs in Davos to invest in Britain by portraying herself as the “Iron Chancellor” who will stick to her fiscal rules and deliver economic growth.

The Labour Chancellor adopted one of Margaret Thatcher’s famous phrases, known as TINA, to argue that ‘there is no alternative to our last Budget”.

He was replaced late on Tuesday by the former Amazon executive Doug Gurr on an interim basis.

The Chancellor had demanded that the CMA and other British regulators “tear down the barriers hindering businesses and refocus their efforts on promoting growth” in a meeting last week.

The Office for National Statistics said public sector net borrowing stood at £17.8 billion last month, the third highest for any December on record.

Borrowing was £10.1 billion higher than the same month last year and more than the £14.1 billion expected by most economists.

Liberal Democrat Treasury spokesperson Daisy Cooper said: “This is yet another …