JPMorgan and PM Meet Amid UK Bank Tax Fears

The UK's banking sector is bracing for potential tax changes ahead of Chancellor John Healey's first Budget on October 28, as pressure grows on the government to raise fresh revenue. JPMorgan Chase chief Jamie Dimon met with Prime Minister Andy Burnham and Healey in London while trade unions and some lawmakers push for a windfall tax on highly profitable banks.

UK banks, including HSBC, Barclays, Lloyds, and NatWest, made over £200 billion in pre-tax profits in five years, already paying a 28 per cent corporation tax plus a surcharge. Chancellor Healey has not ruled out higher bank taxes but stresses maintaining competitiveness and deregulation, as TheCityUK warns of the UK's already elevated banking tax burden versus global peers.

Dimon has previously criticised higher bank taxes, saying in July that additional levies would be another negative for the UK and could have adverse consequences for both the sector and the wider economy. Downing Street confirms that Burnham met Dimon but does not disclose what is discussed, while the Treasury says it will not comment on rumour, speculation or proposals.

JPMorgan employs 23,000 people across the UK and is also planning a £3 billion tower in Canary Wharf, underlining the scale of its British operations as the tax debate sharpens. Healey is under mounting pressure to close an expected fiscal hole in his first Budget, and trade union leaders along with some MPs argue that banks' strong profitability justifies a windfall tax, with proceeds directed to households facing living-cost pressures.