Responding to a question on borrowing costs from shadow chancellor Mel Stride, Treasury minister Darren Jones told the Commons: “Financial markets are always evolving as the shadow chancellor knows so it is a long-standing convention that the Government does not comment on specific financial market movements and I will not be breaking that convention today.

“Financial market movements, including changes in Government bond or gilt yields, which represent the Government’s borrowing costs, are determined by a wide range of international and domestic factors.

“It is normal for the price and yields of gilts to vary when there are wider movements in global financial markets, including in response to economic data.

“In recent months, movement in financial markets has been largely driven by data and global geopolitical events, which is to be expected, as markets adjust to new information.”

Conservative MPs had shouted “where is she” in reference to Chancellor Rachel Reeves as the urgent question was directed at her, but Mr Jones was sent by the Government to respond.