{"id":765196,"date":"2026-09-09T16:16:13","date_gmt":"2026-09-09T16:16:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/765196\/"},"modified":"2026-09-09T16:16:13","modified_gmt":"2026-09-09T16:16:13","slug":"jp-morgan-boss-jamie-dimon-to-warn-uk-chancellor-against-bank-tax-hike-jamie-dimon","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/765196\/","title":{"rendered":"JP Morgan boss Jamie Dimon to warn UK chancellor against bank tax hike | Jamie Dimon"},"content":{"rendered":"

Jamie Dimon, the chief executive of the largest US bank, JP Morgan, is to warn John Healey<\/a> against raising taxes on banks in his inaugural budget in October.<\/p>\n

The Wall Street billionaire will meet the new chancellor on Wednesday and caution him that higher taxes could put investment and employment in the UK at risk, it is understood.<\/p>\n

The meeting comes amid speculation that Healey is considering a windfall tax on banks and oil companies in his budget on 28 October.<\/p>\n

Dimon has a long track record of lobbying against Britain\u2019s additional bank taxes<\/a>, which were imposed after the government bailed out big UK lenders in the 2008 financial crisis.<\/p>\n

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

The JP Morgan chief executive has previously warned that raising these taxes further could have \u201cadverse consequences<\/a>\u201d. In August, he told Healey in a telephone conversation that higher levies could hit jobs<\/a>, citing a fall in finance roles in New York that he blamed on the city\u2019s tax regime.<\/p>\n

Dimon was among a group of bank bosses who successfully lobbied against higher taxes before Rachel Reeves\u2019s budget last year \u2013 with Dimon hosting Varun Chandra<\/a>, who remains in his post as the prime minister\u2019s business envoy, at a birthday celebration for King Charles at the bank\u2019s Manhattan headquarters.<\/p>\n

Days afterwards, Dimon announced plans to build a 3m sq ft tower in London\u2019s Canary Wharf district<\/a>, although he added that a \u201ccontinuing positive business environment in the UK\u201d was required.<\/p>\n

However, in May this year, he said he could scrap plans for the \u00a33bn tower<\/a> \u2013 which is expected to serve as JP Morgan\u2019s UK headquarters and house more than half its 23,000-strong UK workforce \u2013 if Keir Starmer were replaced by a new Labour prime minister who was hostile to banks.<\/p>\n

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Andy Burnham has not made any specific comments about a bank tax so far. However, he has faced calls to introduce higher levies from the TUC and the campaign group Positive Money, which argue a tax increase could help cover rising household bills as part of his drive to tackle the cost of living.<\/p>\n

The UK\u2019s four biggest lenders \u2013 HSBC, NatWest, Barclays and Lloyds Banking Group \u2013 have generated \u00a3200bn in pre-tax profits over the past five years, largely off the back of rising interest rates<\/a>.<\/p>\n

UK banks together paid an estimated \u00a343.3bn in tax for the financial year that ended in March 2025, according to a report commissioned by the industry body UK Finance.<\/p>\n","protected":false},"excerpt":{"rendered":"Jamie Dimon, the chief executive of the largest US bank, JP Morgan, is to warn John Healey against…\n","protected":false},"author":2,"featured_media":765197,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":["post-765196","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\/765196","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=765196"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/765196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/765197"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=765196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=765196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=765196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}