Labour demands investigation into legality of pound-shorting hedge fund profiteering
Tulip Siddiq: investigate possible insider trading that caused the Pound to collapse, she says.
Labour are urging the Financial Conduct Authority to investigate whether leaks of the mini-Budget allowed hedge fund managers to make huge profits by shorting the pound.
Shadow City minister Tulip Siddiq told the Evening Standard the FCA should examine reports that some hedge fund bosses had made “small fortunes” by betting against sterling.
She said:
“The Financial Conduct Authority should investigate any potential wrongdoing, to determine whether it is possible that any leaks or information provided by this Conservative Government to their wealthy friends contributed to the collapse of the Pound.
“A weaker Pound means that imports such as food and energy will become even more expensive, at time when inflation and the cost-of-living crisis is already spiralling out of control.”
Well, it’s good that someone in politics is picking up on what’s being said by commentators like This Site.
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I absolutely agree that something is definitely amiss but how can you prove it?
The only evidence that can be found is within those who are doing it.
There’s definitely a Tory enrichment policy going on but is it designed as a simple “Snatch and Grab” or is it to also make Truss look a worse option than a returning Johnson who got the huge majority last time?
Will labour investigate itself over misuse of funds, and where is the forde report?