Economic leaks crackdown

MINISTERS and bureaucrats have been stripped of early access to key economic data amid fears it could lead to insider trading.

Until now, more than 100 government officials have been able to see market-sensitive jobs figures, inflation rates and trade read-outs up to 24 hours before they are officially shared.

But last night the Office for National Statistics announced this privilege would end in all but the most unusual cases.

It means that even the Prime Minister and Chancellor will not see data before it is published.

Experts welcomed the announcement, saying it would shore up trust in Britain’s institutions. Hetan Shah, head of the Royal Statistical Society, called it a ‘huge success’.

The decision comes after US academics and the Wall Street Journal found evidence that currency markets were moving after unpublished information was shared with officials, suggesting key statistics were leaking out early – potentially allowing traders in the know to make a quick profit.

The decision to scrap prereleases was made by UK national statistician John Pullinger in response to concerns raised by the Treasury Select Committee and Sir David Norgrove, chairman of the UK Statistics Authority. From July, information will only be shared before publication in a very limited set of circumstances.