Dimon urges UK to avoid higher bank taxes

Jamie Dimon, chief executive of JPMorgan Chase (JPM), recently cautioned UK Chancellor of the Exchequer John Healey against raising taxes on banks during a call held last week. His intervention comes at a sensitive moment, as the new government shapes its first major fiscal package.

During the conversation, Dimon focused specifically on the potential employment consequences of higher bank taxes. He argued that increased tax burdens on the financial sector can lead to job losses as firms reassess their presence in higher-tax locations.

To support his warning, Dimon pointed to a decline in finance jobs in New York. He attributed this trend in part to the city’s tax burden, suggesting that higher levies had contributed to employers shifting roles away from the city.

By drawing a direct link between local tax policy and job movements in New York, Dimon sought to underline the risks he sees for the UK if bank taxes are increased. His comments suggest concern that similar dynamics could emerge in other major financial centres when tax rates rise.

The call between Dimon and Healey took place as Prime Minister Andy Burnham’s government prepares its budget for October 2026. Ministers are considering a range of fiscal options, and the treatment of banks is one of the issues under review.

Dimon’s remarks add a high-profile banking-sector voice to the discussion around the UK’s forthcoming budget. The exchange underscores how international financial institutions are monitoring UK policy choices, particularly measures that could affect their tax liabilities and employment footprints.

The warning illustrates how global banks seek to influence tax debates by referencing experiences in other financial hubs. In this case, New York’s finance job trends are being used as a benchmark in arguments over UK policy design.

While the content of the government’s October 2026 budget has not been set out in these reports, the call highlights the tension between potential revenue-raising measures and concerns about competitiveness and employment in the financial sector. Dimon’s intervention signals that bank taxation will likely remain a central issue as the UK finalises its fiscal plans.