Labour calls for investigation into alleged ‘leak’ of Mini Budget
Labour has called for a Financial Conduct Authority (FCA) probe into the handling of the Mini Budget after hedge fund managers bet on the fall of the Pound vs the US Dollar, making big profits.
The call from shadow city minister, Tulip Siddiq, came amid speculation that some hedge fund bosses received information regarding the Mini Budget before it’s official Friday release allowing them to make “small fortunes” by betting against the Pound Sterling.
The shadow city minister told The Evening Standard:“The Financial Conduct Authority should investigate any potential wrongdoing, to determine whether it is possible that any leaks or information provided by this Conservative Government to their wealthy friends contributed to the collapse of the Pound.
“A weaker Pound means that imports such as food and energy will become even more expensive, at time when inflation and the cost-of-living crisis is already spiralling out of control.”