Jamie Dimon casts doubt on JP Morgan's London tower with tax warning to Burnham government
JP Morgan CEO Jamie Dimon has refused to commit to the bank's planned £10bn tower in Canary Wharf, warning the new UK government under Andy Burnham against penalising the banking sector with new taxes. Dimon stated he hopes London remains the bank's European home but cautioned that an uncompetitive tax system would drive capital away. The warning comes as Burnham's government faces a decision on whether to uphold a major tax break for the project, following a non-legally binding Memorandum of Understanding signed in March. The decision will test the new Chancellor after Rachel Reeves was ousted from Cabinet. Dimon criticised the UK Bank Levy, calling it unfair since JP Morgan did not cause the financial crisis, and urged for policies that drive growth.
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