3 weeks ago
The leader of JP Morgan, Jamie Dimon, has warned he could scrap plans to build a caller £3bn UK office successful London if Keir Starmer is replaced by a caller Labour premier curate who is dispute to banks.
JP Morgan revealed plans past November to build nan building successful Canary Wharf, hours aft lenders were spared taxation hikes successful Rachel Reeves’s autumn fund pursuing beardown lobbying by nan banking sector.
Dimon said nan US slope could look past nan existent governmental instability astir Starmer’s early successful No 10, which has roiled enslaved markets and sent home slope shares plunging.
However, he warned that plans to build nan bank’s caller HQ – which will location much than half of its 23,000 UK unit – could beryllium reversed if a caller leader were to target lenders.
He told Bloomberg TV during an question and reply successful Paris connected Tuesday that building plans would beryllium threatened “not [by] governmental instability, but if they go dispute to banks again”.
“I’ve ever objected to nan truth … we paid astir apt $10bn successful other taxes by now,” he added. “I don’t deliberation that’s correct aliases fair. If that happens excessively overmuch we will reconsider.”
It is understood that Dimon was referring to nan UK’s determination to target banks pinch 2 sector-specific taxes arsenic a consequence of nan 2008 financial crisis: nan slope surcharge, which is simply a taxation connected slope profits, and nan slope levy, which applies to definite parts of lenders’ UK equilibrium sheets.
Dimon has publically praised Starmer and Reeves successful nan past, and said connected Tuesday that Starmer was a “smart guy”. However, JP Morgan stressed successful November that nan Canary Wharf building scheme would dangle connected “a continuing affirmative business situation successful nan UK”.
Questions were precocious raised astir nan financial inducements nan institution has sought from nan UK authorities to build nan skyscraper. JP Morgan has requested a discount connected its business rates, according to documents produced by Tower Hamlets council, contempt having reported a net income of $57bn (£43bn) successful 2025.
The existent governmental turmoil has ruffled feathers successful different corners of nan City, pinch 1 finance banking root telling nan Guardian that banal marketplace flotations “could beryllium derailed” by a activity fight.
“If you’re readying for an IPO, for example, you request stableness successful nan markets … There’s been talk of a number of IPOs coming down nan way successful nan UK, and that gets derailed successful situations for illustration this.”
They added that location had been “quite affirmative signals from nan City” astir Reeves’ plans to make growth, “so for thing to beryllium derailed astatine this constituent would beryllium damaging”.
“The worst point astatine nan infinitesimal would beryllium going done different messy activity race,” nan root said, adding that “we don’t want to spot what we knowledgeable pinch nan erstwhile government” – a reference to nan Conservative party’s rotating formed of premier ministers.
