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Jamie Dimon warns UK officials against higher bank taxes
Dimon met UK politicians ahead of the 28 October budget and linked higher levies to risks for UK investment and employment at JP Morgan, which has about 23,000 staff in the country.
Jamie Dimon, the chief executive of JP Morgan, met with UK politicians Andy Burnham and Chancellor John Healey to warn against raising taxes on banks ahead of the government’s inaugural budget in October, according to the Guardian Business. The outlet said Dimon cautioned that higher taxes could put investment and employment in the UK at risk.
The meeting came as speculation has grown that Healey is considering a windfall tax on banks and oil companies in the budget scheduled for 28 October, the report added. It also noted that Dimon has a history of lobbying against additional bank taxes imposed after the 2008 financial crisis.
According to the article, lenders in the UK already pay a 28% corporation tax rate, higher than the standard 25%, plus a separate surcharge on their UK balance sheets. The report said Dimon previously warned that further increases could have adverse consequences, including impacts on jobs.
The Guardian Business also said Dimon told Healey in a telephone conversation in August that higher levies could hit jobs, citing a fall in finance roles in New York that he attributed to that city’s tax regime. It added that JP Morgan has employed about 23,000 staff in the UK, and that Dimon has previously floated plans for a large London office tower while later saying the plan could be dropped if leadership became hostile to banks.