Jamie Dimon warns U.K.’s Healey about raising taxes on banks
'If you have a uncompetitive tax system, capital leaves your country'
JPMorgan Chase & Co.'s CEO, Jamie Dimon, has warned UK Chancellor of the Exchequer John Healey against increasing taxes on banks. According to the Financial Post, Dimon made the warning in a phone call with Healey last week. The UK government is preparing its budget for October.
Dimon reportedly told Healey that higher taxes could harm jobs in the City, citing a decline in finance roles in New York that he attributed to the city's tax regime, as reported by the Guardian Business. The Chancellor's government has been speculated to consider a windfall tax on UK lenders to fund Prime Minister Andy Burnham's cost of living agenda.
Dimon has previously expressed concerns about the UK's bank tax surcharge, stating that an increase could drive capital away, Fortune reported. He has also said that a "uncompetitive tax system" can cause capital to leave a country. The Trades Union Congress has condemned Dimon's remarks, with its general secretary, Paul Nowak, arguing that banks should pay "fair taxes" to help cut energy bills.
Brief written by urgent.news from Financial Post, Guardian Business, Fortune — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
