UK Investigates Potential Budget Bank-Tax Leak

Britain’s Government Security Group is investigating how Bloomberg obtained details of a bank-tax increase before Chancellor John Healey announced it in his October 28 Budget. The report said the increase would be temporary and below the 8% lenders had feared; Healey later confirmed the surcharge would rise from 3% to 6% for 15 months starting in January 2027. The Treasury’s top civil servant said he was assured that banks, their representatives and trade groups were not briefed, while lawmakers said the report appeared to affect bank shares and asked the Financial Conduct Authority to assess whether inside information was improperly disclosed. Treasury Committee chair Meg Hillier criticized previous inquiries into budget leaks for failing to identify anyone responsible and said the Treasury still owed Parliament answers.