Full Breakdown
JP Morgan Chief Executive Meets UK Chancellor Over Proposed Bank Tax Hike
9/9/2026, 9:04:08 PM
Dimon to Warn Chancellor on Upcoming Budget
JP Morgan chief executive Jamie Dimon is scheduled to meet new chancellor John Healey in London ahead of the Chancellor’s first budget, set for Oct 28. The meeting follows a recent phone call in which Dimon emphasized the importance of “getting public policy right” for the economy. Sources say the discussion will focus on Healey’s possible introduction of a windfall tax on banks and oil companies.
Background: UK Bank Tax Landscape
UK banks currently pay a 28 % corporation-tax rate, higher than the standard 25 %, plus a separate balance-sheet surcharge imposed after the 2008 bail-out. The Treasury has not commented on the meeting. Industry body UK Finance has warned that targeting the sector could overlook the “significant tax contribution already made” and the broader role of banking in credit provision and investment.
Data & Statistics
- The four largest UK lenders—HSBC, NatWest, Barclays and Lloyds—have generated £200 bn in pre-tax profit over the past five years (industry report).
- Those banks paid an estimated £43.3 bn in tax for the financial year ending March 2025.
- JP Morgan employs more than half of its 23,000-strong UK workforce and had planned a £3 bn skyscraper in Canary Wharf, a project it could abandon if the government adopts a “hostile” stance toward banks.
- Dimon’s annual compensation is reported at $43 m.
Official Statements & Responses
The Treasury declined to comment on the upcoming meeting. Dimon has previously warned that additional levies could have “adverse consequences” for investment and employment in the UK.
Criticism & Opposition
The Trade Union Congress (TUC) and campaign group Positive Money have called for higher bank levies, arguing that increased revenue could help offset rising household bills. Labour leader Andy Burnham has not yet made a specific statement on the issue.
The outcome of the Dimon-Healey meeting could shape the fiscal approach to the banking sector in the October 28 budget and influence the future of JP Morgan’s UK investment.
