JP Morgan boss Jamie Dimon warns UK chancellor not to hike taxes on banks
Summary
Jamie Dimon, the head of JP Morgan, asked UK Chancellor John Healey not to raise taxes on bank profits in his upcoming budget. Dimon warned that higher taxes on banks might lead to job losses and hurt the business environment in the UK.Key Facts
- JP Morgan CEO Jamie Dimon spoke with Chancellor John Healey about avoiding tax hikes on banks.
- There is speculation about a new windfall tax on UK banks to help fund Andy Burnham’s cost of living plans.
- Campaigners estimate such a tax could raise £19 billion.
- UK banks currently pay a 28% corporation tax and an extra tax on their balance sheets, higher than standard rates.
- Dimon has previously said raising bank taxes could have bad effects on business.
- JP Morgan plans to build a large new office in London if the UK business environment remains positive.
- The UK’s four biggest banks made £29.2 billion in profits in the first half of the year.
- Nearly half of those profits were paid out to investors via dividends and share buybacks.
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