Jamie Dimon, the chief executive of US bank JP Morgan, has reportedly urged Chancellor John Healey not to raise taxes on banks' profits in his upcoming budget. This comes amid growing speculation that a windfall tax on UK lenders could be introduced to help fund Andy Burnham’s cost of living agenda.
Campaigners suggest such a tax could generate £19bn. According to the Financial Times, Dimon warned Healey in a phone conversation that increased levies could impact jobs, referencing a decline in finance roles in New York attributed to the city's tax regime.
Dimon has previously criticised Britain's bank tax surcharges, which were implemented after the 2008 financial crisis. He stated in July that further tax increases could have “adverse consequences.” The UK's four largest lenders collectively reported £29.2bn in profits in the first half of the year.