Meg Hillier, chair of the Commons Treasury select committee, has written to the Treasury permanent secretary James Bowler and to the Financial Conduct Authority. She wants to know whether a Bloomberg story published before the Budget amounted to an improper release of inside information. Bank share prices moved ahead of the statement.
Bloomberg published its story at 10.45am, citing people familiar with the matter. Chancellor John Healey was due to deliver his Budget 2026 statement in the Commons at 12.30pm. The story reported that the bank surcharge would not reach 8 percent and that it would be temporary.
What the Budget confirmed
The Budget raised the bank surcharge from 3 percent to 6 percent. The increase lasts 15 months, starting on 1 January 2027. Healey said the money would fund breathing space for households, including support on energy bills.
Healey said banks would pay an extra 3 percent. He called the increase time-limited.
Questions for the Treasury and the regulator
Hillier asked the Treasury to confirm whether banks or their representatives were told of the changes in advance. She also asked how many people had access to the information. To the FCA, she put the question of whether the event could breach the UK Market Abuse Regulation.
Hillier said the story appeared to be more than idle speculation. It had implications for relevant securities, she wrote. The chancellor is due to appear before the Treasury Committee next month.
