Downing Street would not deny reports that Chancellor Rachel Reeves rowed with her US counterpart during a visit to Washington DC earlier this year.

Ms Reeves had an argument with Scott Bessent when she visited the US capital for the International Monetary Fund’s spring meetings, according to the Financial Times.

The Chancellor publicly criticised the US-led war against Iran before travelling across the Atlantic, prompting Mr Bessent to berate her on the sidelines of the gathering, the newspaper reported.

Ms Reeves reportedly hit back that she did not work for the US treasury secretary, and disliked how he had spoken to her, before reiterating her argument that America lacked clear goals going into the conflict and was not making the world safer.

On Tuesday, the Prime Minister’s official spokesman was asked if he would steer away from the reports, and appeared not to.

He did however insist Ms Reeves and her US counterpart have had “constructive” engagements since the Washington DC visit.

The spokesman said: “We would not get into private conversations. The Chancellor and the US treasury secretary have a good relationship.

“They have had constructive conversations together since the Chancellor’s visits to Washington.

“I think there is a readout from the US Department of Treasury, which made clear the productive nature of their relationship.”

The Chancellor emerged as one of the most outspoken UK Government critics of the US decision to go to war in Iran before travelling to the IMF meetings in April.

At the time, she described the war as a “folly” and said: “This is a war that we did not start. It was a war that we did not want.

“I feel very frustrated and angry that the US went into this war without a clear exit plan, without a clear idea of what they were trying to achieve.”

The government has identified 40 sub-sectors, including rare earth magnets and printed circuit boards, for expedited clearance of foreign direct investment (FDI) proposals from countries sharing land borders with India, PTI reported.Under the revised framework, proposals from countries such as China, Pakistan, Bangladesh, Nepal, Bhutan, Myanmar and Afghanistan in these sectors will be processed within 60 days, as per the updated standard operating procedure (SOP).The move follows a decision taken in March to fast-track FDI approvals in specified manufacturing sectors from these countries.However, the government has clarified that majority ownership and control of the investee entity must remain with resident Indian citizens or Indian-owned entities at all times.The 40 identified sub-sectors fall under six broad categories –capital goods manufacturing, electronic capital goods and electronic components, polysilicon and ingot-wafer production, advanced battery components, rare earth permanent magnets, and rare earth processing.These include manufacturing of insulation items, castings and forgings for thermal, hydro and nuclear power plants, machine tools, display components such as LCD and LED panels, camera modules, electronic capacitors, speakers and microphones, lithium-ion batteries, wearables, and rare earth metal and magnet processing facilities.The SOP also introduces detailed reporting norms for investments involving entities with direct or indirect ownership from land-bordering countries.“The reporting under these guidelines will be governed under the Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019, and the information will be accessible by the Reserve Bank of India (RBI),” the DPIIT said.The responsibility for reporting lies with the Indian investee company, which must submit required details to the DPIIT before receiving foreign capital.“The reporting is to be made prior to the inward remittance of foreign capital. In cases which do not involve foreign capital inward remittances, the reporting is to be made prior to execution of the relevant transactions, including issuance/transfer of capital instruments, as the case may be,” it added.Investors will be required to disclose details such as shareholding patterns, beneficial ownership, organisational structure, promoters, board composition, key managerial personnel and control rights.The Indian entity will also need to provide incorporation details and disclose existing or proposed shareholding linked to entities from land-bordering countries.