Rachel Reeves has a new nickname among Labour MPs – and it’s one she won’t be very happy about. Backbenchers in Westminster bars have dubbed her “The Spreadsheet Chancellor”, according to Tory MP Esther McVey.

The Tory MP said her Labour pals were turning on the Chancellor. They are reportedly fed up with her lack of ideas ahead of the Budget later this month.

Speaking on the latest episode of the Daily Expresso podcast, McVey said: “I was having a drink with a couple of them last night and they say they now call her The Spreadsheet Chancellor because she doesn’t have the principles, she doesn’t have the vision.

“She just knows she’s got to get this amount of money in and she’s desperately trying to get it in from anywhere and everywhere.”

McVey also claimed Labour MPs were angry that Reeves was not planning to spend money on any of their top priorities.

Rachel Reeves refused to rule out income tax hikes at a press conference on Tuesday. She repeatedly refused to reveal details of her Budget in late November, promising only to “fix the foundations” of the UK economy.

The press conference did not dampen speculation about her plans for the economy, amid fears tax hikes will further damage the UK economy.

Markets were quick to react. The pound plummeted and the FTSE lost £22bn in the wake of her pre-Budget speech.