Sun, 30 Nov 2025

Sun, 30 Nov 2025 Tories urge financial regulator to investigate Reeves and Treasury over Budget build-up

Shadow chancellor Mel Stride calls for the financial regulator to investigate "possible market abuse" over briefings in the run-up to the Budget.

* Shadow Chancellor Mel Stride has called on the Financial Conduct Authority (FCA) to investigate potential market abuse by individuals in the Treasury and Downing Street.
* The FCA regulates financial services firms in the UK, including handling and investigating reports of market manipulation and insider dealing.
* Stride's letter to the FCA outlines briefings given by Chancellor Rachel Reeves that were allegedly overly pessimistic about the state of the country's finances, leading to "rife" speculation and volatile gilt markets.
* The Conservative Party has called on Reeves to resign over allegations she misled the public about the state of the public finances in the run-up to the Budget.
* Reeves has denied misleading the public, saying that her briefings were accurate based on the information available at the time.
* It has emerged that the Office for Budget Responsibility (OBR) had told the Treasury on October 31 that the UK was on course to meet its borrowing rule by £4.2bn, contradicting Reeves' earlier warnings of a potential £20bn gap.
* The OBR also revealed that it had informed Reeves in September that the public finances were in better shape than widely thought.
* Stride claims "leaks and spin" from the Treasury led to market speculation being "rife", and has requested an investigation into possible market manipulation by individuals with access to confidential information.
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