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Dimon warns UK against bank tax hikes
Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
JPMorgan CEO Jamie Dimon warned UK Chancellor John Healey against raising bank taxes. The warning comes as the UK prepares its October budget amid calls to tax banks more.
Background
The UK government, led by Prime Minister Andy Burnham, is preparing its budget for October. There have been calls, including from labor unions, to increase taxes on banks due to their strong profits. Dimon, a prominent figure in global finance, has previously lobbied against higher bank taxes and warned that such moves could drive capital and jobs away.
How it unfolded
- Jul 16, 2026Dimon spoke with Chancellor John Healey, warning against higher bank taxes, and also made similar comments on the Master Investor Podcast.
- Aug 16, 2026The Financial Times reported on Dimon's call with Healey, citing unnamed sources.
- Aug 17, 2026Multiple news outlets, including Fortune and The Guardian, covered the story, highlighting the upcoming October budget.
Who’s saying what
- Official
- Chancellor John Healey has not ruled out raising bank taxes in the October budget.
- Labor
- Organized labor groups are pushing for banks to pay more taxes, citing strong profits.
- Banking
- Jamie Dimon argues that higher taxes on banks could drive capital and jobs away, citing New York's finance sector decline.
Still unverified
The details of Dimon's call with Healey are based on unnamed sources cited by the Financial Times.