Dimon Warns UK Against Bank Tax Hike Amidst Autumn Budget Preparations

As the UK government prepares to unveil its Autumn Budget on October 28, bankers are intensifying their lobbying efforts against potential tax increases. Finance Minister John Healey is expected to present a fiscal strategy that could include a windfall tax targeting banks and oil companies.

JPMorgan Chase CEO Jamie Dimon has cautioned against increasing the tax burden on banks, citing the existing tax landscape in the UK. Banks in Britain already contend with a 25% corporation tax and a 3% bank surcharge, resulting in a total tax rate of approximately 46.4% for U.K. operations in 2025.

Dimon has previously voiced his concerns regarding the high tax regime for banks in the UK, stating that it could compel JPMorgan to reevaluate its investment decisions and result in a $5 billion toll on shareholders.