Jamie Dimon, CEO of JP Morgan, warned UK Chancellor John Healey not to increase taxes on banks in his first budget planned for October 2026. Dimon stressed that higher taxation would negatively impact the UK financial sector’s growth prospects and competitiveness [1, 2, 3].

Dimon cited New York City’s experience, where increased taxes led to financial sector job losses, as a cautionary example. "It would be one more negative on that bucket of things you got to think about," Dimon said, underscoring how a non-competitive tax regime could drive capital away [1]. He also emphasized that "if the tax system lacks competitiveness, capital will leave your country," highlighting the risk to UK financial services jobs and investment [3].

JP Morgan is considering building a £3 billion headquarters tower at Canary Wharf. The building would house more than half of its 23,000 UK employees—over 11,500 staff—but progress depends on a positive business environment in the UK [1].

The UK's four largest banks—HSBC, NatWest, Barclays and Lloyds—reported combined profits of £29.2 billion in the first half of 2026, paying £13.7 billion in dividends and stock buybacks [1]. Campaigners estimate that a windfall tax on banks could raise about £19 billion for government spending plans in October [1].

Currently, UK banks pay a 28% corporation tax rate, which is higher than the standard 25% corporation tax imposed on other sectors, along with a separate bank levy introduced after the 2008 financial crisis bailouts [1]. Dimon previously lobbied successfully against bank tax increases in the 2025 budget under former Chancellor Rachel Reeves [1, 2].

Separately, Andy Burnham’s government is reportedly considering a potential bank windfall tax to help fund cost of living measures, although no official announcement has been made [1, 3].

Dimon initially voiced his concerns publicly on July 16, warning about the economic risks of raising bank taxes during a podcast. He followed up with a phone call to Chancellor Healey between August 10 and 13, reiterating his opposition ahead of the October budget [1, 2, 3]. The UK government is expected to finalize and announce the first budget of Healey’s tenure in October 2026 [1, 3].