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UK Launches Probe Into Autumn Budget Tax Leak

Bloomberg reported that the Bank Corporation Tax Surcharge would rise by less than 8%, prompting bank shares to rally ahead of the official announcement.

,   and  TIPP Staff
2 min read
UK launches investigation into bank tax budget leak. Pic via(@Reuters)

Britain's Government Security Group has launched an investigation into how details of bank tax changes emerged hours before Chancellor John Healey announced them in the October 28 Autumn Budget.

Bloomberg reported that the Bank Corporation Tax Surcharge would rise by less than 8%, prompting bank shares to rally ahead of the official announcement.

Treasury Permanent Secretary James Bowler told the Treasury Committee that no banks or trade bodies received advance briefings, although he acknowledged that knowledge of the plans had necessarily widened within government shortly before the Budget.

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Committee Chair Dame Meg Hillier questioned the effectiveness of the investigation, describing repeated inquiries as a "doom-loop" that rarely identifies those responsible.

Healey is due to face questions from the Committee on Wednesday, as concerns over Treasury information security continue.

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