John Healey is under scrutiny following the early publication of bank tax changes ahead of his budget statement, raising questions about a potential leak of market-sensitive information. The advance report reportedly influenced bank share prices before the official announcement.

Meg Hillier, chair of the Commons Treasury select committee, has written to both the Treasury and the Financial Conduct Authority (FCA) seeking clarification on whether the premature disclosure constitutes an improper release of inside information. The Bloomberg report, published at 10:45 a.m., more than an hour before Healey’s 12:30 p.m. Commons speech, revealed that the bank corporation tax surcharge would rise temporarily from 3% to 6%, falling short of the 8% increase that financial markets had anticipated.

Hillier’s letter to Treasury permanent secretary James Bowler and the FCA’s chief executive highlighted two key elements of the Bloomberg story: that the surcharge would not reach the expected 8% and that the increase would be of temporary duration. The official Budget 2026 statement later confirmed the bank surcharge increase to 6% for a 15-month period starting January 1, 2027, intended to support households facing economic pressures.

The Bloomberg article cited "people familiar with the matter," suggesting the information may have come from individuals with privileged access, rather than mere speculation. Hillier expressed concern that the early disclosure could have affected trading in relevant securities, potentially contravening market abuse regulations managed by the FCA.

In her communication, Hillier emphasized the FCA’s mandate for “market cleanliness” and requested its assessment on whether the incident constituted an improper release of inside information and how it may have impacted the market.

Separately, Hillier urged the Treasury to confirm that banks or their representatives were not briefed on the bank surcharge changes prior to the official budget release. She also sought details on how many individuals had access to this sensitive information before public disclosure.

During his Commons statement, Healey affirmed that the bank surcharge would temporarily increase by 3 percentage points, aiming to have banks contribute to “breathing space” measures designed to assist British households with energy bills.

Sources within the Commons have expressed concern that the premature leak may have enabled bankers to engage in advantageous trading ahead of the announcement. Healey is expected to face questions on the matter during his upcoming appearance before the Treasury select committee next month, with Hillier calling for a thorough investigation by the Treasury and FCA in advance.