The Labour Party is demanding urgent answers on the potentially
market sensitive nature of the data leak from the Home Secretary
last week, as it emerged last night (Thursday 27 October) this
may have contained information regarding crucial government
immigration policy which could have an impact on the upcoming
forecast by the Office for Budget Responsibility.
The party’s Shadow Chief Secretary to the Treasury has written this morning to the Prime Minister,
asking whether the leak was about immigration policy and “growth
visas” and seeking assurances that the information leaked by the
Home Secretary has not and will not fall into the hands of actors
in the UK gilt market. Mr McFadden also asks for guarantees
that the Home Secretary will not share market sensitive
information with those outside government in future.
McFadden also asked if, after weeks of economic turmoil, the
government was accepting the recent recommendations of the
MacPherson review into the pre-release of Budget information
which says clearly there should be “a ban on the pre-release of
the core of the Budget (and Autumn Statement)”, including
“economic and fiscal projections”.
Home Secretary resigned two weeks ago
after admitting she sent sensitive data to an outside party in a
potential breach of the Ministerial Code.
She was reappointed to the same post after just six days when
took over from as Prime Minister, a move that has garnered widespread
criticism and already called into question the Prime Minister’s
commitment to ensuring the highest standards of integrity which
he spoke about on the day he assumed office.
Writing in the letter to the Prime Minister, Shadow Chief
Secretary to the Treasury said:
“OBR forecasts are extremely market sensitive. This is always the
case but never more so than now.
“Markets - especially the market for UK gilts - are nervously
awaiting the next OBR forecast before making an assessment on how
credible the government’s fiscal plans are, the underlying
strength of the UK economy, and how policy will affect this.
“It is astonishing that the Home Secretary may have leaked
information about immigration policy which could have an impact
on the OBR forecast and the decisions the Government is
considering in the run up to the Autumn statement.
“It is also astonishing that the Prime Minister would overlook
such a breach and reappoint someone who resigned over fears they
had broken the Ministerial Code in this way.
“We need urgent reassurances now that no market sensitive data
was leaked, that the government has not undermined the Office for
Budget Responsibility further, and that the Home Secretary will
never be linked to a leak like this again.”
Ends
Notes
The letter can be found attached to this email.
