{"id":703225,"date":"2026-07-21T11:00:11","date_gmt":"2026-07-21T11:00:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/703225\/"},"modified":"2026-07-21T11:00:11","modified_gmt":"2026-07-21T11:00:11","slug":"jp-morgan-boss-warns-of-consequences-if-burnham-taxes-banks-banking","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/703225\/","title":{"rendered":"JP Morgan boss warns of \u2018consequences\u2019 if Burnham taxes banks | Banking"},"content":{"rendered":"

The boss of JP Morgan, Jamie Dimon, has warned Andy Burnham<\/a> against raising tax charges on banks, suggesting it could threaten plans to build its \u00a33bn headquarters in London and drive investment away from Britain.<\/p>\n

The chief executive of the world\u2019s biggest bank, who has a track record of criticising the UK\u2019s bank tax surcharge<\/a>, does not want to see the UK\u2019s new prime minister targeting the banking industry to raise extra revenue.<\/p>\n

\u201cI mean, it may sound great, \u2018tax the banks\u2019, but it\u2019s $5bn that my shareholders paid on that extra tax,\u201d said Dimon on the Master Investor Podcast with Wilfred Frost, in an interview recorded last week and released on Tuesday. \u201cI just think things like that have adverse consequences.\u201d<\/p>\n

Banks in the UK pay a 28% corporation tax rate, higher than the standard 25%, as well as a separate levy on their UK balance sheets.<\/p>\n

\u201cI would be very cautious if I was a government thinking that penalising any company out of the ordinary is a good thing for that country,\u201d Dimon said. \u201cI always thought [the UK bank levy] was wrong.<\/p>\n

\u201cJP Morgan did not damage the UK and I called the chancellor at the time. [We] did not damage the UK. We\u2019re a great citizen there. We hire people there. We want to be bigger there.\u201d<\/p>\n

Dimon gave the go-ahead<\/a> to build a 279,000 sq metre (3m sq ft) tower in Canary Wharf last year hours after the banking industry was spared increased taxes in former chancellor Rachel Reeves\u2019s autumn budget.<\/p>\n

However, in May Dimon said he could scrap plans to build the \u00a33bn tower,<\/a> which will serve as JP Morgan\u2019s UK headquarters and house more than half its 23,000 UK workforce, if Keir Starmer were replaced by a new Labour prime minister who was hostile to banks.<\/p>\n

He reiterated his warning on the podcast, saying he did not know what he would do about the planned office if Burnham\u2019s government did raise taxes for banks.<\/p>\n

Asked whether he would U-turn on the decision to build the Canary Wharf tower, he said: \u201cThat\u2019s a binary decision \u2026 I don\u2019t know what I would do. I thought Rachel [Reeves] did a great job by the way. I want London to be a happy home for a long time.<\/p>\n

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He added: \u201c[The UK] should have a competitive tax system \u2026 that is consistent and conducive to capital formation that will drive the growth of a country.\u201d<\/p>\n

Trade unions have been urging Burnham to tax wealth, and the Trades Union Congress has claimed that \u00a39bn could be raised over four years if the previous Conservative government\u2019s cut to the bank surcharge were reversed.<\/p>\n

\u201cIf you have an uncompetitive tax system, capital leaves your country,\u201d Dimon said. \u201cAnd if capital leaves your country, it goes to other countries. And you see that now. You see, what is it? How many companies have delisted from London in the last couple of years? I wouldn\u2019t want to see that if I was running a country.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The boss of JP Morgan, Jamie Dimon, has warned Andy Burnham against raising tax charges on banks, suggesting…\n","protected":false},"author":2,"featured_media":689554,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":["post-703225","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-gb","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/703225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=703225"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/703225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/689554"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=703225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=703225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=703225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}