Dimon warns UK’s Healey against raising taxes on banks, FT says
Dimon said higher taxes often drive away jobs, citing a decline in finance jobs in New York that he blamed in part on the city’s tax burden.
JPMorgan Chase CEO Jamie Dimon cautioned UK Chancellor John Healey against raising taxes on banks during a recent call, according to the Financial Times. The warning came as Prime Minister Burnham's government prepares its October budget. Dimon argued that higher taxes often result in job losses, pointing to a decline in finance jobs in New York, which he attributed to the city's tax burden.
The report cited unnamed sources familiar with the conversation. Burnham has indicated a possibility of increasing bank taxes in the budget, as strong profits in the financial industry have led to calls for higher levies on lenders, including from organized labor. Dimon had previously criticized the UK's bank tax surcharge in recent weeks, stating that an increase could lead to a loss of capital.
"If you have a uncompetitive tax system, capital leaves your country," Dimon stated on The Master Investor Podcast with Wilfred Frost, as part of a discussion on July 16.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.