JPMorgan CEO warns UK against raising bank taxes

JPMorgan Chase CEO Jamie Dimon has warned UK Chancellor John Healey that increasing taxes on banks could undermine the country's competitiveness and drive capital, jobs, and investment abroad.

During a phone call, Dimon cited the decline of financial employment in New York as a potential consequence of high tax burdens. He cautioned against increasing the existing bank corporation tax surcharge or implementing broader wealth taxes. The warning comes as the UK government prepares its October 28 budget, seeking to fund increased defense spending, devolution, and cost-of-living measures while managing public finances.

While the government faces pressure to close fiscal gaps, the Trades Union Congress has advocated for raising the bank corporation tax surcharge from 3 percent to at least 8 percent, a move estimated to generate £9 billion for the Treasury over four years. Dimon has previously argued that such punitive tax regimes could lead to unintended economic consequences, including corporate departures and a loss of financial talent.