The CEO of America's largest bank, Jamie Dimon, has threatened to abandon JP Morgan's plan to build a new skyscraper in London if the Government moves further to the Left. He said the bank would review its plans for the new London HQ if its tax bill becomes 'too much'.
The boss of America's largest bank has threatened to abandon its plan to build a new skyscraper in London if the Government moves further to the Left.
Jamie Dimon, the CEO of JP Morgan, said the bank would review its plans for the new London HQ if its tax bill becomes 'too much'. The warning came as the Prime Minister's future hung in the balance, with growing calls for his resignation. That could prompt a shift further to the Left with higher taxes imposed on banks.
JP Morgan announced its plans to build a new tower last November - expected to cost £3billion to build - and be home to 12,000 employees. The bank claims it would inject £9.9billion into the local economy. Dimon told Bloomberg TV that he would review plans for the new London HQ 'if they become hostile to banks again'.
'I've always objected to the fact, we didn't damage the UK in any way, we paid probably $10billion in extra taxes by now. I don't think that's right or fair. If that happens too much we will reconsider.
' JP Morgan boss Jamie Dimon has previously threatened to pull investment from the UK. The bank said in November that its Canary Wharf plan would 'depend on a continuing positive business environment in the UK'. High-profile figures on the left of the Labour Party have agitated for higher taxes on banks, after Rachel Reeves spared lenders any hikes in her last Budget.
Former Deputy Prime Minister Angela Rayner has previously called for an increase in the banking surcharge from 3 per cent to 5 per cent. City analysts have raised concerns over what a change in the Labour leadership would mean for the UK's fiscal rules. Borrowing costs have surged to 28-year highs in recent days
JP Morgan Jamie Dimon London Skyscraper UK Tax Bill Government Labour Party Rachel Reeves Angela Rayner UK Fiscal Rules Borrowing Costs Brexit Referendum UK's Business Environment UK's Fiscal Rules UK's Fiscal Rules UK's Fiscal Rules UK's Fiscal Rules
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