JP Morgan chief Dimon to caution UK chancellor on proposed bank tax rise

JP Morgan CEO Jamie Dimon is set to sit down with new Chancellor John Healey before the October budget to argue that raising the existing bank tax burden could undermine investment and cost jobs in Britain. Dimon, a long-time opponent of additional levies introduced after the 2008 bailouts, has warned that further hikes may have “adverse consequences,” referencing a decline in finance positions in New York that he attributed to local tax rules.

The discussion comes amid reports that Healey is considering a windfall tax on banks and oil companies. Dimon previously helped a group of banking leaders block higher taxes in the prior budget and hosted business envoy Varun Chandra at a royal event. He has also linked the viability of a planned £3 billion Canary Wharf headquarters tower to a stable business environment, noting he could abandon the project if a future Labour government proved hostile to banks. Trade unions and campaign groups have called for higher bank levies to help offset living-cost pressures.