JP Morgan chief executive warns UK against raising taxes

Jamie Dimon, Chairman and chief executive of JPMorgan, warned John Healey, Chancellor of the Exchequer, against creating a more hostile tax environment for banks last Thursday, Financial Times reported. 

This comes ahead of Healey’s first budget release at the end of October. 

Dimon reportedly told Healey that higher taxes often drive jobs elsewhere, attributing New York City’s decline in financial jobs to its heavy tax burden.

Dimon told Healey that the only way to solve the UK's economic challenges is to promote economic growth through sound policies. 

It is understood that Dimon successfully lobbied then-Chancellor Rachel Reeves last year against raising the bank tax ahead of the budget announcement.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓