deVere Chief Warns Bank Levy Would Drive Jobs Away from London

Nigel Green, CEO of deVere Group, has warned Chancellor John Healey against introducing a new bank levy to fund household energy bills. According to Green, such a move would hand a competitive advantage to rival global financial centers, causing British banks to lose jobs and revenue.

The existing tax system already taxes lenders at 25% corporation tax plus an additional 3% surcharge and a separate levy on their balance sheets, introduced after the 2008 crisis. Green argues that punishing this sector would be self-defeating, as it already pays a significant share of the tax take.

JPMorgan Chase CEO Jamie Dimon has also privately urged Healey to avoid making the UK a hostile place for banks to operate, citing the decline in finance roles in New York. Green emphasizes that global banks make decisions based on predictability and stability, not hope, and that any signal of a harsher regime would push jobs away from London.

The deVere boss urges Healey to back the industry that funds the country instead of reaching for a windfall tax, which he believes would be a costly mistake dressed up as a quick win.