Jamie Dimon and Industry React to New UK Chancellor's Appointment with Warnings on Tax and Growth
JPMorgan Chase CEO Jamie Dimon praised outgoing UK finance minister Rachel Reeves for fiscal prudence but warned new Chancellor John Healy against increasing the bank levy, though he declined to say if it would cancel a £3bn London headquarters project. Dimon urged the new government to adopt pro-growth policies. The article includes wider industry reactions: IG's Chris Beauchamp noted taxing banks is politically easy but risky for revenues; deVere Group's Nigel Green warned that Healey's appointment signals higher wealth, capital gains, and property taxes, advising wealthy individuals to act before the Autumn Budget. Green highlighted that the UK lost 16,500 millionaires in 2025 and forecasts further outflows. Norton Rose Fulbright's Jonathan Herbst called for policy continuity in financial services regulation. The analysis suggests markets had rallied on expectations of fiscal restraint, which Healey's appointment undermines.
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