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UK's Healey expresses dismay over bank tax leak ahead of budget - Finance news and analysis from Global Banking & Finance Review
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UK's Healey expresses dismay over bank tax leak ahead of budget

Published by Global Banking & Finance Review

Posted on November 11, 2026

1 min read

· Last updated: November 11, 2026

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UK’s John Healey Dismayed by Bank Tax Leak Ahead of Budget Announcement

Bank Tax Leak and Government Response

Finance Minister's Reaction

LONDON, Nov 11 (Reuters) - British finance minister John Healey said on Wednesday that he was dismayed by the leak of a bank tax rise that was reported in the media shortly before he announced his budget.

Call for Investigation

"I'm dismayed that it happened at all. It's absolutely right that it's fully investigated," Healey told lawmakers from parliament's Treasury Committee.

Details of the Leak

Media Report and Market Impact

Hours before Healey's October 28 budget, Bloomberg reported that it would contain a temporary bank tax increase of less than 8%, lower than lenders had feared, sending bank shares rallying.

Government Action

Britain's government has launched a leak inquiry.

Reporting Credits

(Reporting by Suban Abdulla, writing by Andy Bruce; editing by Yoruk Bahceli)

Key Takeaways

  • Healey condemned the pre-budget leak of the bank tax increase and called for a full investigation; a formal inquiry is now underway by the Government Security Group (civilserviceworld.com).
  • The leak came via a Bloomberg report on October 28 indicating the surcharge would rise to 6%, not the feared 8%, prompting a rally in bank shares (live.euronext.com).
  • Treasury permanent secretary James Bowler assured no banks or their representatives were briefed in advance, but acknowledged a necessary expansion of knowledge circles prior to the budget, raising concerns about information security (civilserviceworld.com).

References

Frequently Asked Questions

Who is John Healey in the context of UK finance?
John Healey is the British finance minister who recently addressed concerns over a leak concerning a bank tax rise.
What was leaked before the UK budget announcement?
Details of a temporary bank tax increase were leaked to the media before the official budget announcement.
How did the bank tax leak affect the market?
The leak revealed a lower-than-expected bank tax rise, causing bank shares to rally.
What action did the UK government take after the leak?
The government launched a formal leak inquiry to investigate the source of the information.
Which media outlet reported the bank tax leak?
Bloomberg reported the bank tax rise before the official budget announcement.

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