SNP urge watchdog to investigate Treasury over pre-Budget briefing about deficit claims

The City watchdog has faced calls to investigate whether the Treasury misled the public over the size of the fiscal repair job Rachel Reeves faced ahead of this week’s Budget.

In a letter to the Financial Conduct Authority (FCA), the Scottish National Party (SNP) urged the watchdog to look into claims of “deliberately false and misleading” briefings about a £20 billion black hole in the public finances.

The letter comes amid a growing row over pre-Budget speculation that the Chancellor faced a significant gap in her spending plans, partly as a result of a downgrade in productivity forecasts.

That speculation was fed by Ms Reeves when she used a speech on November 4 to suggest tax rises were needed because poor productivity growth would have “consequences for the public finances”.

Warnings had suggested the gap could amount to £20 billion, but on Friday the Office for Budget Responsibility (OBR) revealed it had informed the Chancellor as early as September 17 that the gap was likely smaller than initially expected.

The OBR’s revelation has prompted opposition figures, including Conservative leader Kemi Badenoch, to accuse Ms Reeves of lying to the public.

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