Jamie Dimon, the chief executive of JP Morgan, has cautioned UK Chancellor John Healey against increasing taxes on the banking sector in his inaugural budget, scheduled for October 28. During a meeting on Wednesday, the Wall Street billionaire warned that further fiscal burdens could jeopardize investment and employment opportunities within the UK.
The discussions occur amid widespread speculation that the government is considering a windfall tax on both banks and oil companies. Dimon has long opposed Britain’s specific bank levies, which were originally implemented following the government bailouts of major lenders during the 2008 financial crisis. Currently, UK lenders face a 28% corporation tax rate—higher than the standard 25%—alongside an additional surcharge on their domestic balance sheets.
The JP Morgan chief has previously stated that raising these levies could lead to “adverse consequences.” During a telephone conversation with Healey in August, Dimon highlighted that higher taxes might negatively impact jobs, pointing to a decline in finance roles in New York that he attributed to that city’s tax environment. Previously, Dimon successfully lobbied against tax increases alongside other bank executives before the budget introduced by Healey’s predecessor, Rachel Reeves.
Following that successful lobbying effort, Dimon announced plans for a 3 million-square-foot tower in London’s Canary Wharf, contingent on a “continuing positive business environment in the UK.” However, in May, he suggested that the £3 billion project—intended to serve as the firm’s UK headquarters for over half of its 23,000 local staff—could be canceled if a future Labour prime minister proved hostile toward the banking industry.
While Andy Burnham has not publicly committed to a bank tax, he faces pressure from groups like the TUC and Positive Money to introduce higher levies to help address the cost-of-living crisis. Proponents argue that such measures are necessary to support households, noting that the UK’s four largest lenders—HSBC, NatWest, Barclays, and Lloyds Banking Group—have collectively generated £200 billion in pre-tax profits over the last five years, largely driven by rising interest rates.
According to data from the industry body UK Finance, the banking sector contributed an estimated £43.3 billion in total taxes for the financial year ending in March 2025. The report also notes that however, in May this year, he said he could scrap plans for the £3bn tower – which is expected to serve as JP Morgan’s UK headquarters and house more than half its 23,000-strong UK workforce – if Keir Starmer were replac.
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