Committee questions over budget leak
Meg Hillier, chair of the Commons Treasury select committee, has written to Treasury permanent secretary James Bowler and Financial Conduct Authority chief executive to assess whether a media report published ahead of the budget involved an improper release of inside information. Shortly before the chancellor delivered his budget statement at 12.30pm, bank share prices moved following a Bloomberg story published at 10.45am. The article stated that the bank corporation tax surcharge increase would be lower than the 8% feared by lenders and would be temporary.
Budget confirmation and next steps
In his budget statement, Chancellor John Healey confirmed that the bank corporation tax surcharge will temporarily increase from 3% to 6% for 15 months starting 1 January 2027, to fund household support measures. Hillier asked the Treasury to confirm whether banks or their representatives were given advance outline or specific details of the changes before publication, and how many individuals had access to the information. The chancellor is scheduled to face questions on the matter when he appears before the committee next month.