In a forthcoming meeting with UK Chancellor John Healey, JPMorgan Chase CEO Jamie Dimon is anticipated to voice concerns over potential tax increases on banks. The meeting, set to occur before the unveiling of the government’s October budget, is expected to center around Dimon’s argument that higher taxes could deter investment and threaten jobs within the financial sector. This discussion takes place amid ongoing speculation about the UK government’s consideration of a windfall tax targeting banks and oil companies, slated for the 28 October budget announcement.
Currently, UK banks are subject to a 28% corporation tax rate, which is higher than the standard rate of 25%, in addition to a banking surcharge that is calculated based on their UK balance sheets. Dimon has consistently opposed any further tax hikes, cautioning that such measures could have negative repercussions for the financial sector. During a phone call in August, Dimon reportedly communicated to Healey that increased taxes might impact employment, drawing parallels with the financial-sector job decline in New York, which he attributes in part to the city’s tax regime.
JPMorgan has previously expressed concerns regarding tax increases, with Dimon and other banking leaders lobbying against hikes prior to last year’s UK government budget. The bank has committed to substantial investments in London, including a £3 billion headquarters project in Canary Wharf. However, Dimon has indicated that plans for this project could be reconsidered if the UK adopts policies perceived as unfriendly to banks.
The push for elevated bank taxes has been championed by groups such as the Trades Union Congress and Positive Money, who argue that additional tax revenue could assist in mitigating rising household costs. Meanwhile, the UK’s four largest banks—HSBC, NatWest, Barclays, and Lloyds Banking Group—have collectively generated approximately £200 billion in pre-tax profits over the last five years. In alignment with this debate, figures from UK Finance suggest that British banks collectively paid an estimated £43.3 billion in taxes during the financial year concluding in March 2025.