Rachel Reeves will not be investigated over pre-budget briefing, FCA says

Financial watchdog rejects claims Treasury officials deliberately misled reporters but leaves door open for follow-up inquiry

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Financial regulators have decided not to immediately investigate Rachel Reeves and the Treasury over pre-budget briefings but left the door open to further examine what the Conservatives claimed amounted to market manipulation.

The Financial Conduct Authority released a statement on Thursday saying it had turned down a request by politicians including the shadow chancellor, Mel Stride, to open an inquiry into briefings made before last week's announcement by the chancellor.