British Treasury Minister Darren Jones said on Thursday that public spending will be in line with what was set out in the Autumn Budget and added that there is no need for any emergency intervention bu Finance Minister Rachel Reeves, per Reuters.

Key takeaways

"The government does not comment on specific market movements."

"It is normal for the price of gilts to vary."

"UK financial markets continue to function in an orderly way."

"We have set tough new fiscal rules that are non-negotiable."

Market reaction

These comments failed to trigger a recovery in Pound Sterling. At the time of press, GBP/USD was down 0.7% on the day at 1.2280.