FCA urged to investigate whether Tory allies shorted pound on insider info

Labour's Tulip Siddiq calls on City watchdog to determine whether hedge fund billionaires knowingly profited from Kwasi Kwarteng's mini-budget

The City watchdog is being urged to investigate whether leaks of Kwasi Kwarteng's mini-budget allowed billionaire hedge fund investors to make small fortunes" by betting against the pound.

Tulip Siddiq, the shadow economic secretary to the Treasury, said the Financial Conduct Authority needed to determine whether it was possible for traders to have used insider information to benefit from the crashing currency.