US EditionCall for Probe Into 'Possible Market Abuse' in Budget Run-Up
The SNP claims Treasury briefings overstated a £20 billion deficit, potentially affecting markets and Bank of England decisions, urging the Financial Conduct Authority to investigate.
- Earlier this month, Scottish National Party Westminster leader Stephen Flynn urged the Financial Conduct Authority to investigate claims of deliberately false Treasury briefings about a £20 billion black hole.
- OBR disclosures earlier this year showed a productivity downgrade fuelled warnings of a £20 billion shortfall, although the Office for Budget Responsibility told Chancellor Rachel Reeves on September 17 the gap was likely smaller.
- Alleging market impacts, Stephen Flynn wrote that Chancellor Rachel Reeves's intervention and briefings affected financial markets, investment, foreign exchange, and likely influenced Bank of England interest-rate decisions, while the Budget raised taxes by £26 billion, prompting calls for an immediate investigation.
- The Financial Conduct Authority declined to comment on Flynn's letter but confirmed inquiries and noted government borrowing costs fell slightly after Wednesday's Budget.
- Shadow Chancellor Mel Stride has called for the Financial Conduct Authority to investigate possible market abuse by Treasury and Downing Street officials, noting chancellor credibility affects government borrowing costs and bond markets.
11 Articles
11 Articles
Evening Standard
Watchdog urged to investigate pre-Budget briefing over deficit claims
SNP Westminster leader Stephen Flynn described the Budget as ‘built on a lie’.
SNP urges watchdog to investigate Rachel Reeves's 'false' pre-Budget briefing claims
THE City watchdog has faced calls to investigate whether the Treasury misled the public over the size of the fiscal repair job Rachel Reeves faced ahead of this week’s Budget ...
FCA pressed to investigate Treasury over Budget briefings
The Financial Conduct Authority has been urged to wade into the row between the Treasury and the Office for Budget Responsibility and investigate government briefings about a so-called £20bn fiscal hole. Scottish National Party leader Stephen Flynn urged the City regulator to investigate Reeves and other Downing Street officials over “deliberately false and misleading” briefings about public finances. In his letter to the body, Flynn suggested…
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