Dimon expected to oppose higher UK bank taxes ahead of October budget
The JPMorgan chief is reportedly due to tell Chancellor John Healey that further levies could put UK investment and finance jobs at risk.
JPMorgan chief Jamie Dimon is expected to caution UK Chancellor John Healey against raising bank taxes when they meet on Wednesday, according to The Guardian Politics.
Dimon is reportedly preparing to argue that a windfall tax or other higher levies could threaten investment and employment in the UK. The meeting comes as the government considers possible changes to bank taxation in its 28 October budget.
UK banks currently pay corporation tax at a 28% rate, alongside a separate surcharge on their UK balance sheets. Dimon has previously opposed additional taxes on British lenders and warned that further increases could have adverse economic consequences.
The reported meeting follows a telephone conversation in August, during which Dimon is said to have raised concerns that higher taxes could affect finance jobs. Those claims, and the details of the proposed tax changes, have not been confirmed by Dimon or Healey.
The UK’s four largest lenders—HSBC, NatWest, Barclays and Lloyds Banking Group—are reported to have generated £200bn in pre-tax profits over the past five years. Banks paid an estimated £43.3bn in tax in the financial year ending March 2025, according to a report commissioned by industry body UK Finance.
It remains unclear whether the government will introduce a bank windfall tax, or what form or rate any increase would take.
