JP Morgan boss warns of ‘consequences’ if Burnham taxes banks

JP Morgan chief executive Jamie Dimon has warned that higher taxes on banks could have consequences for Britain’s investment climate, according to a report monitored from a public news feed.

The Guardian Business reported that Dimon cautioned Andy Burnham against increasing tax charges on the banking sector, saying such a move could threaten JP Morgan’s plans for a £3bn headquarters in London. The remarks suggest the bank is uneasy about any policy that would place extra pressure on the industry as the UK’s new prime minister looks for ways to raise revenue.

Dimon, who leads the world’s biggest bank, has long criticised the UK’s bank tax surcharge. In the latest report, he is described as resisting any attempt to target banks for additional receipts, arguing that it could push investment away from Britain. The comments come as the government weighs fiscal choices that could affect major financial firms operating in London.

The report did not say what specific measures Burnham is considering, but it linked the warning directly to the broader debate over bank taxation and the future of large-scale investment in the City. JP Morgan’s proposed London headquarters was singled out as a possible casualty if costs for banks rise further.

The issue is likely to be closely watched by the financial sector, which has repeatedly argued that higher charges can weaken Britain’s competitiveness as a global banking centre. For policymakers, the challenge is balancing the need to raise money with concerns about discouraging long-term investment and jobs.

This article is based on a monitored public feed and attributes the reporting to The Guardian Business.

Source: The Guardian Business - https://www.theguardian.com/business/2026/jul/21/jp-morgan-andy-burnham-tax-banks-jamie-dimon