Bitcoin hits fresh record high over $109,000, oil prices fall ahead of Trump inauguration

The UK chancellor, Rachel Reeves, will travel to the World Economic Forum’s annual meeting in Davos this week in the hope of convincing some of the world’s largest companies to invest, with allies saying she will use spending cuts rather than further tax increases to meet her own fiscal rules.

At the same time, the Treasury is considering a push to cut the benefits bill, in a move that is causing nervousness among Labour MPs.