Summary
The UK's Conservative Party has requested the financial regulator to investigate possible market abuse by the Treasury and Chancellor Rachel Reeves. This comes after claims that the Treasury shared misleading information about the country's finances before the Budget announcement. Reeves denied misleading the public, but the regulator has received a formal complaint and is expected to respond.
Key Facts
- The Conservative Party has called for an investigation into possible market abuse by the Treasury and Chancellor Rachel Reeves.
- They claim that the Treasury provided misleading information about the UK's finances before the Budget.
- Shadow Chancellor Mel Stride sent a letter to the Financial Conduct Authority (FCA) requesting the investigation.
- The FCA's role includes handling reports of market abuse like insider dealing and market manipulation.
- Chancellor Reeves announced tax increases and changes to benefit policies in the Budget.
- It was revealed that the UK finances were in better shape than Reeves had previously stated.
- The Office for Budget Responsibility informed the Treasury that the finances were stronger than believed before the Budget announcement.
- Despite controversy, Reeves maintains she did not mislead the public.
