Full Breakdown
JPMorgan Chief Warns UK Chancellor Against Higher Bank Taxes
8/17/2026, 10:15:34 PM
Dimon’s Direct Warning to Chancellor John Healey
He cited a decline in finance employment in New York, which he linked to that city’s tax burden, and warned that a windfall tax would have “adverse consequences” for the UK’s competitiveness.
Recent Tax Landscape and Prior Lobbying
The United Kingdom already taxes banks at a 28 % corporation-tax rate—higher than the standard 25 %—and adds a separate surcharge on UK balance-sheet assets, a measure introduced after the 2008 financial-crisis bailouts. He also indicated that his firm’s £3 billion Canary Wharf headquarters project could be reconsidered if a future Labour government proved hostile to banks.
Bank Profitability and Tax Contributions
The four largest UK lenders—HSBC, NatWest, Barclays and Lloyds—reported £29.2 billion in profits in the first six months of the year, with £13.7 billion earmarked for dividends and share buy-backs. Industry body UK Finance estimates that banks collectively paid £43.3 billion in tax for the financial year ending March 2025.
Outlook Ahead of the October 28 Budget
Healey’s first budget, scheduled for October 28, must balance funding for defence, devolution and cost-of-living measures against limited borrowing capacity. The Treasury has noted that the chancellor regularly meets senior sector representatives, including those from financial services, underscoring the relevance of Dimon’s lobbying as the government weighs any increase to the bank surcharge.
