Chancellor John Healey is implementing stringent security measures ahead of his upcoming Budget speech on October 28 to prevent leaks of sensitive information. The Treasury is introducing a revamped high-security IT system designed to restrict the sharing, printing, or downloading of Budget documents across departmental boundaries. This new system will also monitor and log all access to these materials.

Access to the most sensitive Budget details, now labeled “Budget market sensitive,” has been tightly restricted to a limited group of government officials. These steps come after last year’s Budget, overseen by then-Chancellor Rachel Reeves, was overshadowed by a serious leak when the Office for Budget Responsibility (OBR) prematurely published official forecasts an hour before her Commons address. The leak led to significant market disruptions, including a surge in gilt yields following reports that the government had abandoned plans to raise income-tax rates by 2 pence.

The fallout from the 2023 incident was significant. Richard Hughes, chairman of the OBR, resigned in December after an inquiry described the leak as the most severe failure in the watchdog’s 15-year history. The premature release of forecasts revealed several market-sensitive measures before the official announcement, intensifying scrutiny over Budget security protocols.

In light of this history, Healey has taken a particularly cautious approach. He reportedly received advice from Dame Amanda Blanc, chief executive of Aviva, who urged him against “flying kites”—the practice of leaking potential policy proposals to gauge public reaction. Blanc confirmed that she advised Healey against such tactics during a private meeting, and he committed to avoiding them.

The Treasury’s preparations this year are grounded in the Macpherson Principles, which prohibit prior disclosure of market-sensitive economic and fiscal details, such as fiscal forecasts, tax rates, reliefs, and allowances. In February, the Treasury published a Budget Information Security Review outlining new leak-prevention and response measures. These include an emergency protocol developed in collaboration with the OBR and the Bank of England to address any future breaches swiftly.

A spokesperson for HM Treasury emphasized the department’s commitment to safeguarding Budget information. They said the Treasury has been steadily introducing proportionate measures to reinforce security and highlighted Healey’s aim of delivering a Budget centered on fiscal discipline and decentralizing economic power across Britain.