As any football fan knows, statements of support from the board are rarely followed by good news. As in football, so in finance, and the Treasury’s attempt to dismiss as “pure speculation” the suggestion that yields on Government debt spiking to their highest level since 2008 could put Chancellor Rachel Reeves in breach of her own fiscal rules do not seem likely to inspire confidence.

As things stand, we are not barreling towards economic disaster. But we are at risk of willing it into existence.

After a record-breaking tax grab in October, Rachel Reeves is eyeing up the taxpayer once again. The Chancellor framed the £41.5bn of tax rises in her maiden Budget as a “once in a Parliament” emergency intervention to help plug a £22bn “black hole” in the public finances.

Rising UK borrowing costs raise risk that chancellor will have to impose tighter fiscal policy as soon as March

Chancellor Rachel Reeves faces demands to cancel a trip to China as the UK economy descends into chaos. She is jetting off to Beijing despite fears that a crisis on the financial markets could force her to impose fresh tax hikes or impose swingeing spending cuts.