The pound has fallen and government borrowing continued to rise despite the Treasury’s attempts to calm financial markets. Traders also reduced bets on the number of rate cuts by the Bank of England this year as concerns about the economy and Chancellor Rachel Reeves ’ borrowing plans grew. The ongoing unease is a setback for the Treasury, which made a rare intervention on Wednesday. In its first such statement since the mini-Budget crisis of 2022, it dismissed as “pure speculation” suggestions