JPMorgan Chase Boss Warns Chancellor Against Higher Bank Taxes

JPMorgan Chase boss Jamie Dimon has warned Chancellor John Healey against creating a more hostile tax environment for banks. The Wall Street executive urged the UK Government to reconsider its plans to increase taxes on banks, citing the potential for jobs to leave the country. In a call with Mr. Healey on Thursday, Mr. Dimon reportedly said that higher taxes often drive jobs elsewhere.

Mr. Dimon's warning comes as the UK government is considering introducing a windfall levy on bank profits to fund energy bill relief for households. Union leaders have been calling for increased taxes on banks to help alleviate the cost of living crisis, but banking leaders are pushing back against these plans.

Miles Celic, chief executive of TheCityUK lobby group, said that ministers and officials need to treat the private sector as a partner in attracting investment and boosting growth. 'They need to do things with industry, not to it,' he added.