JP Morgan boss Jamie Dimon has issued a stark warning to Andy Burnham, cautioning that raising taxes on banks could threaten the bank's £3bn headquarters in London and drive investment away from the UK. The comments came on the Master Investor Podcast, where Dimon pushed back against any plans to target the banking industry for extra revenue.
Dimon's Warning on Bank Tax Surge
Dimon, CEO of the world's largest bank, argued that additional taxes on banks would have adverse consequences for the UK economy. He noted that his shareholders have already paid $5bn in extra taxes, and warned that penalising banks beyond the ordinary is not good for the country. UK banks currently pay a 28% corporation tax rate, higher than the standard 25%, plus a separate levy on UK balance sheets.
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Impact on JP Morgan's £3bn Canary Wharf Tower
Last year, Dimon gave the green light for a 279,000 sq metre tower in Canary Wharf, which will house more than half of JP Morgan's 23,000 UK employees. However, he has now said the project is a binary decision and that he would be forced to reconsider if the new Labour government under Burnham raises taxes on banks. In May, Dimon had already hinted he could scrap the plans if Keir Starmer were replaced by a leader hostile to banks.
| Tax Type | Current Rate | Proposed Change (if any) |
|---|---|---|
| Corporation tax (banks) | 28% | Could increase under Burnham |
| Standard corporation tax | 25% | No change |
| UK bank levy | Separate balance sheet charge | Potentially higher |
Key Takeaways
- JP Morgan's CEO directly warned Andy Burnham against raising bank taxes.
- The £3bn Canary Wharf headquarters plan is at risk if tax changes are enacted.
- Banks already pay a higher tax rate than other UK businesses.
- Dimon emphasised that JP Morgan has been a good citizen, hiring thousands and investing in Britain.
- Any tax hike could deter foreign investment and hurt London’s financial hub status.
What Could Happen Next?
Dimon’s remarks come as the UK government seeks ways to raise revenue, but the banking sector is wary of being singled out. The boss of JP Morgan has called the existing bank levy “wrong” and urged caution. If Burnham proceeds with tax increases, the planned skyscraper and thousands of jobs could be put in jeopardy.
FAQ
Why is Jamie Dimon warning about bank taxes?
Dimon believes that additional taxes on banks could have harmful consequences, including threatening JP Morgan's £3bn London headquarters and pushing investment away from the UK.
How much tax do UK banks already pay?
Banks in the UK pay a 28% corporation tax rate, higher than the standard 25%, plus a separate levy on their UK balance sheets.
What is the status of JP Morgan's Canary Wharf tower?
Construction has begun but Dimon has warned it could be halted if the government imposes higher taxes on banks, calling the decision a binary choice.
Who is Andy Burnham and why is he involved?
Andy Burnham is a senior Labour figure and Mayor of Greater Manchester, who has been vocal about taxing banks to raise revenue. Dimon directly addressed him in his warning.
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