JP Morgan boss warns of ‘consequences’ if Burnham taxes banks
Summary
Jamie Dimon, the CEO of JP Morgan, warned against increasing taxes on banks in the UK. He said higher taxes could stop the bank from building its new £3 billion headquarters in London and could push investment out of the country.Key Facts
- JP Morgan plans to build a new £3 billion headquarters in London's Canary Wharf.
- The bank pays a higher corporation tax rate of 28% in the UK, compared to the standard 25%.
- Dimon said extra taxes on banks could hurt investment and cause companies to leave the UK.
- He praised the former chancellor Rachel Reeves for not increasing bank taxes in her budget.
- The Trades Union Congress wants higher taxes on banks to raise £9 billion over four years.
- Dimon said JP Morgan hires many people in the UK and wants to grow there.
- If the government raises bank taxes, Dimon said he might reconsider building the new headquarters.
- He believes the UK should keep a competitive and consistent tax system to support growth.
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