Jamie Dimon, the chief executive of JP Morgan, met with Prime Minister Andy Burnham and Chancellor John Healey on Wednesday to express concerns about potential tax increases on banks. According to reports, Dimon cautioned that higher levies could jeopardize investment and employment within the UK economy.
The meeting occurred as speculation mounted that Healey may propose a windfall tax targeting banks and oil companies in his upcoming budget on 28 October. This would represent a significant policy shift, as the UK banking sector currently operates under a 28% corporation tax rate—higher than the standard 25%—plus a separate surcharge on UK balance sheets. Dimon has a documented history of opposing additional bank taxes, having previously warned that such measures could produce “adverse consequences” for the sector. In August, he told Healey in a separate telephone conversation that increased taxation could negatively affect employment levels, drawing a parallel to financial sector job losses in New York that he attributed to that city’s tax environment.
Dimon’s influence on tax policy discussions has been evident in past budget cycles. He was among several bank executives who successfully lobbied against tax increases prior to the previous budget under Rachel Reeves. That effort included Dimon hosting Varun Chandra, the prime minister’s business envoy, at a King Charles birthday celebration at JP Morgan’s Manhattan offices. Shortly thereafter, Dimon announced plans for a £3bn office tower in London’s Canary Wharf, contingent on maintaining a “continuing positive business environment.”
The bank tax debate has drawn attention from multiple sides. Labor groups including the TUC and the campaign organization Positive Money have urged the government to implement higher bank levies, arguing the revenue could support efforts to address rising household costs. Meanwhile, UK Finance, an industry body, reported that banks paid approximately £43.3bn in taxes for the financial year ending in March 2025. The UK’s four largest lenders—HSBC, NatWest, Barclays, and Lloyds Banking Group—generated £200bn in pre-tax profits over the preceding five-year period, largely driven by elevated interest rates.
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