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Jamie Dimon to warn UK chancellor against higher bank taxes
Dimon is expected to meet John Healey as speculation grows about a windfall tax on banks in the October 28 budget, with JP Morgan employing about 23,000 staff in the UK.
Jamie Dimon, the chief executive of JP Morgan, is set to meet UK chancellor John Healey on Wednesday to warn against raising taxes on banks ahead of the chancellor’s inaugural budget on 28 October, according to the Guardian Business.
The meeting comes amid speculation that Healey could consider a windfall tax on banks and oil companies in the budget, and Dimon is expected to argue that higher taxes could threaten investment and employment in the UK, the outlet said.
The Guardian Business notes that lenders in the UK already face a 28% corporation tax rate, above the standard 25%, along with a separate surcharge on UK balance sheets, and Dimon has previously warned that further increases could have adverse consequences.
The report also cites Dimon’s history of lobbying against additional UK bank taxes after the 2008 financial crisis bailout, and it says he has linked higher levies to job impacts, including reference to finance-role declines in New York that he attributed to that city’s tax regime.