Dimon Warns UK Against Raising Bank Taxes: Capital Will Leave

JPMorgan CEO Jamie Dimon has issued a warning to the UK government about raising bank taxes. According to sources briefed on the conversation, Dimon told them that increasing taxes could lead to capital leaving the country.

Dimon cited New York as an example, where finance employment has dropped and the city's tax burden is partly to blame. He argued that taxing banks too heavily can push money out of the country before the government even sees the extra tax revenue it wants.

The UK bank tax surcharge is an additional tax that banks pay on top of regular company tax, and Dimon has repeatedly complained about it in the past. The upcoming October budget will be a test of his influence, as the government considers raising taxes to address its needs.