Treasury accused of giving ‘deliberately false and misleading’ pre-Budget briefings

On Nov 30, 2025

The Treasury has been accused of giving “deliberately false and misleading” briefings about a £20 billion fiscal “black hole” ahead of the recent Budget.
The Scottish National Party (SNP) has urged the Financial Conduct Authority (FCA) to investigate these claims, suggesting potential “market manipulation” by Chancellor Rachel Reeves.
Ms Reeves had previously indicated a significant shortfall, linking poor productivity growth to the need for tax rises.
However, the Office for Budget Responsibility (OBR) disclosed it had informed the Chancellor in September that the fiscal gap was likely smaller than initially anticipated.
SNP Westminster leader Stephen Flynn described the Budget as “built on a lie” and highlighted the alleged briefings’ impact on financial markets and interest rates.

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