Key facts
- JP Morgan CEO Jamie Dimon warned the UK government against new taxes on banks.
- Dimon stated that penalizing banks could threaten JP Morgan's planned £10 billion London tower project.
- He argued that uncompetitive tax systems cause capital to leave a country.
- Dimon expressed concern that such taxes could drive investment away from Britain.
- He reiterated his warning on the Master Investor Podcast.
Jamie Dimon, the chief executive of JP Morgan, has warned the UK government against imposing new taxes on the banking sector, suggesting such measures could deter investment and jeopardize the bank's planned £10 billion headquarters in London. Dimon stated that an uncompetitive tax system causes capital to leave a country and that penalizing companies can have adverse consequences. He reiterated his concerns on the Master Investor Podcast, noting that he was unsure of his decision regarding the planned Canary Wharf tower if the government were to increase taxes on banks. Banks in the UK currently pay a 28% corporation tax rate, which includes a 3% surcharge on top of the standard 25% rate. Dimon previously gave the go-ahead for the 279,000 sq metre tower, intended to house over half of JP Morgan's 23,000 UK employees, but has since indicated plans could be scrapped if a new Labour prime minister proved hostile to banks.