Britain’s Treasury Committee has asked the Financial Conduct Authority (FCA) and HM Treasury to explain a possible pre-Budget disclosure after a Bloomberg report on Chancellor John Healey’s bank-tax plan was followed by apparent movement in bank shares.
Dame Meg Hillier, the committee’s chair, wrote to both bodies Oct. 28. The letters say Bloomberg published its report at 5:45 a.m. ET (9:45 UTC), before the Budget and the Office for Budget Responsibility (OBR) released its fiscal outlook. An update at 6:03 a.m. ET (10:03 UTC) noted movement in bank shares.
Bloomberg reported, citing people familiar with the matter, that the surcharge would be temporary and remain below 8%. The Budget set the bank corporation tax surcharge at 6%, up from 3%, for 15 months beginning Jan. 1, 2027, to help fund household energy support. Banks will pay the higher tax, while households are intended to benefit from the support. The proposal follows an earlier debate over a possible bank-tax increase.
She asked the FCA to examine whether the pre-Budget disclosure breached rules on inside information and to assess any market effects. She asked HM Treasury whether banks, their representatives or trade groups had received advance details and how many people had access. The letters do not identify who disclosed the information. The Treasury letter also refers to a February 2026 Budget Information Security Review and the Macpherson Principles.
The committee said its Budget inquiry would begin next week and asked both bodies for a prompt response.
