Britain’s City regulator was urged on Monday by Labour to investigate whether leaks of the mini-Budget allowed hedge fund managers to make huge profits by shorting the Pound.
Shadow City minister Tulip Siddiq called for the probe by the Financial Conduct Authority amid reports that some hedge fund bosses had made “small fortunes” by betting that Sterling would fall after Chancellor’s Kwasi Kwarteng’s radical fiscal statement on Friday.
It also appeared that his plan to cut the 45p rate of Income Tax had leaked in advance of his mini-Budget.
One highly-respected economist said he had “got wind of” the abolition of this top rate of tax a couple of days before it was announced.
However, his revelation raised questions over whether this apparent leak, or others, may have reached the City before Friday.