JPMorgan Chase CEO Warns London Job Losses Loom Over Tax Hikes

JPMorgan Chase CEO Jamie Dimon has warned Chancellor John Healey that raising taxes on the wealthy and financial sector could lead to job losses in London. According to The Financial Times, Dimon made this warning during a phone call with Healey.

Dimon cited the example of New York, where a high tax burden has led to a decline in finance roles. He expressed concerns that similar policies in the UK could have a negative impact on London's financial sector, which employs 23,000 people across four cities.

The Chancellor is facing pressure to find billions to fund various priorities, including devolution plans and increased defense spending. Economists warn that either tax rises or spending cuts are necessary due to the public finances being under strain.