Burnham government faces decision on JP Morgan's £10bn Canary Wharf tower tax break
Andy Burnham's government faces a critical decision on whether to uphold a major business rates exemption for JP Morgan's planned £10bn flagship tower in Canary Wharf. The next Chancellor will be the final arbiter on the tax break, which could reach 100%. A non-binding Memorandum of Understanding was signed in March, but the deal requires a legally binding enterprise zone designation, which is complicated by the post-Brexit Subsidy Control Act. JP Morgan CEO Jamie Dimon has warned the bank could scrap the project if the government becomes hostile to banks. The tower is expected to create up to 7,800 construction jobs and pump £10bn into the local economy. However, industry group UKHospitality has criticized the tax deal as unfair to high street firms. The decision will signal the government's willingness to court international investment.
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