Jamie Dimon warns UK chancellor against higher bank taxes

Jamie Dimon has a habit of saying out loud what other bank CEOs whisper privately. This week, the JPMorgan Chase chief aimed that candor directly at the new UK government, warning that raising taxes on banks could trigger capital flight and cost London some of its most significant financial sector investments. Speaking on a podcast released July 21, 2026, one day after Andy Burnham was sworn in as Prime Minister, Dimon put the stakes plainly: a planned £3 billion JPMorgan headquarters in Canary Wharf may not happen if the tax environment turns hostile. The warning shot Dimon’s core argument is straightforward. Raise the cost of doing business too high, and businesses find somewhere cheaper to operate. “If you have an uncompetitive tax system, capital leaves your country,” Dimon said during the July 2026 podcast. The Canary Wharf project, valued at £3 billion, would represent a major vote of confidence in London as a global financial hub. Should the government move forward with higher bank taxes, Dimon said he would have to reconsider the project entirely. The timing is deliberate. Burnham’s government, which took office July 20, inherited significant fiscal pressure and has not rul...