JPMorgan chief executive Jamie Dimon warns UK Chancellor John Healey against raising taxes on banks ahead of the chancellor’s first Budget, according to reports. The warning is described as being delivered in a call between Dimon and Healey, with Dimon arguing that higher taxes could have wider economic effects.
The outlets report that Dimon’s message focuses on the risk that increased bank taxes could lead to jobs being driven elsewhere, potentially affecting employment in the City. The Guardian adds that the comment is aimed at any prospective windfall tax tied to banks’ strong profits, amid speculation that such a measure could raise significant sums. The Financial Times frames the call as part of broader lobbying by the financial services sector ahead of the October Budget. Other coverage emphasizes the immediate timing and the potential consequences for bank activity and jobs.
