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Jamie Dimon warns UK bank taxes could have adverse consequences
Dimon said UK banks already face a 28% corporation tax rate plus a separate levy on UK balance sheets.
JP Morgan CEO Jamie Dimon warned against raising tax charges on banks in the UK, arguing that higher sector taxes could harm investment and complicate the bank’s plans in London, according to the Guardian Business.
Dimon made the remarks on the Master Investor Podcast with Wilfred Frost, saying the impact of “tax the banks” measures would be borne by shareholders and that the approach could have “adverse consequences.”
The bank chief cited the UK’s existing tax structure for lenders, saying banks pay a 28% corporation tax rate, higher than the standard 25%, along with a separate levy on their UK balance sheets.
Dimon also tied the warning to JP Morgan’s London expansion, saying the planned £3bn headquarters tower in Canary Wharf, which will cover 279,000 square metres and house more than half of its 23,000-strong UK workforce, could be affected if a government led by Andy Burnham were to raise taxes on banks.