John Healey faces questions over budget leak that moved bank share prices
Summary
UK Treasury Committee chair Meg Hillier asked the Treasury and Financial Conduct Authority to investigate whether information about a bank tax change was improperly disclosed before the budget. A Bloomberg report published more than an hour before John Healey’s statement preceded movement in bank share prices; the FCA and Treasury have been asked to assess what happened.Key Facts
- Bloomberg published a report at 10:45 a.m. saying the bank surcharge would be below the 8% lenders had feared and would be temporary.
- Healey announced that the bank corporation tax surcharge would rise from 3% to 6% for 15 months starting 1 January 2027.
- Hillier wrote to the Treasury’s permanent secretary and the FCA chief executive asking them to review the report and its market impact.
- Hillier asked the Treasury to confirm whether banks or their representatives received advance information about the changes.
- The article says bank share prices moved after the Bloomberg report appeared and before Healey’s budget statement at 12:30 p.m.
- Healey is due to appear before the Commons Treasury select committee next month, where he will be asked about the leak.
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