From experience, I can tell you how this will go...
You'll tell him he's banned from going out if he can't behave responsibly.
He will agree to keep you onside but will become resentful of this.
He will start making excuses about needing to go out (business meeting perhaps) and lie to you about what he's doing and where, since he knows how you'll react.
He will tell his mates his other half "won't let him come out"
When he eventually does go out, you'll spend the entire time worrying about the state he's in, whether he will come home, what he will be like if he does, etc.
Then you'll be represented as nagging or controlling, as some posters here have already done! You cancelled his cards so yes, he only spent £80 - what would have happened if you hadn't? You did that for good reason, don't start doubting your reaction now.
I think this is salvageable OP but you really need to get to the bottom of why he feels the need to behave like a teenager, why he can't control himself and drink in moderation, why he isn't considerate enough even to notify you of his whereabouts for almost 24 hours, why he's happy to just assume you can manage 3 kids including a baby on our own for an entire weekend. It's just so disrespectful and brushing it under the carpet won't help resolve this as at some point he will need to go out again! Like I say, my husband went through a phase like before we had kids - now he wouldn't dream of it.
Don't let yourself become the bad guy here. You deserve to be treated with more respect than this whether it's every two weeks or every two years. The kids are just as much his responsibility as yours.
Oh, and I hope you've planned a lovely weekend to yourself next weekend? He owes you one I think!