Dame Meg Hillier, chair of the Treasury Committee, has asked the Treasury and the FCA to examine whether a Bloomberg story published on Budget day was an "improper release of inside information".
Bloomberg published "Healey's Bank Tax Hike to Be Less Severe Than Lenders Feared" at 10:45am on 28 October, before John Healey delivered his statement. Citing "people familiar with the matter", it said the bank surcharge would not reach the 8% lenders feared and would be temporary. Bank shares moved before Healey spoke.
The report proved accurate. The Budget confirmed that the Bank Corporation Tax Surcharge rises from 3% to 6% for 15 months from 1 January 2027.
In letters dated 28 October, Hillier asks the Treasury's permanent secretary, James Bowler, to confirm that banks and their trade bodies were not told of the changes, in outline or in detail, before the Budget. She also asks how many people had access to the information. The Guardian reports that she wrote:
"This appears to have been more than idle speculation, and it had implications for relevant securities."
She has asked the FCA chief executive for a view on whether this could be an improper release of inside information and for an assessment of the impact on the market.
The committee has published both letters, Brit Brief reports. No evidence has been reported on who supplied the information, and the Treasury has not commented in the reports so far.