Leak of bank tax in Budget 'deeply regrettable,' says Treasury chief

Résumé détaillé

But Treasury committee chair is sceptical any ‘leaker’ will be identified

The Treasury’s top civil servant has told MPs that the leak of details of the bank tax in the Budget is “deeply regrettable”.

James Bowler, Permanent Secretary at the Treasury, said the early release of the information had moved markets, impacting shares in banks.

He told the Commons Treasury Committee that a news organisation had obtained the “shape” of the bank tax, that it was temporary and lower than expected, but not the details.

John Healey has ordered an inquiry to seek to identify who “leaked” details of the new bank tax in the Budget.

The Chancellor stressed: “This could not be more serious and could not be more important for me as Chancellor.

“It isn't just that any leak of budget information is serious; it is that there are real-world impacts, not just moving the markets or the gilt yields.“

He explained further: “We saw last year with speculation, kite flying, leaks, briefings, we saw people cashing in their pension pots when they didn't need to. We saw people cancelling and changing investment plans when they didn't need to.

Mr Healey was pressed by the Treasury Committee to find out who, if anyone, passed on details of the higher levy on the City before it was officially announced in the Budget on October 28.

Mr Bowler confirmed to the committee that the Government Security Group is leading an investigation into the potential leak of measures in the Budget which may have moved financial markets.

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