![\"Jamie](\"https:\/\/www.europesays.com\/people\/wp-content\/uploads\/2026\/05\/jamiedimondarkpic.jpeg\")
\t\tJamie Dimon, the boss of JP Morgan.\t<\/p>\n\t\t\tWednesday 13 May 2026 7:30 am
\n\t\t\t\t\t\u00a0|\u00a0\u00a0Updated:\u00a0<\/p>\n
\t\t\tWednesday 13 May 2026 7:51 am\n\t<\/p>\n
\t\tJamie Dimon, the boss of JP Morgan.\t<\/p>\n
The chief executive of JP Morgan has threatened to pull a major investment<\/a> from the UK if Labour government policy turns \u201chostile to banks\u201d.<\/p>\n Jamie Dimon \u2013 the influential American banker \u2013 revealed plans for a \u00a33bn square feet tower in Canary Wharf last year, which is projected to inject as much as \u00a310bn over the next six years into the local economy.<\/p>\n But in an interview with Bloomberg TV, Dimon was asked whether the plans would be reviewed in light of the upheaval in Westminster over the last week that has sent jitters across the bond market.<\/p>\n \u201cNot political instability but if they become hostile to banks again, yes,\u201d Dimon said.<\/p>\n He added: \u201cI\u2019ve always objected to the fact, we didn\u2019t damage the UK in any way, we paid probably $10bn [\u00a37.4bn] in extra taxes by now. I don\u2019t think that\u2019s right or fair. If that happens too much we will reconsider.\u201d<\/p>\n Industry bosses have raised issue with the outsized tax rate<\/a> slapped on lenders in London compared with their counterparts overseas. <\/p>\n London\u2019s total tax rate for the banking sector came in at at 46.4 per cent in the last year, sitting well above Amsterdam (42.2 per cent), Frankfurt (38.9 per cent), Dublin (28.9 per cent) and New York (27.9 per cent). Last year, the sector paid around \u00a343.3bn in tax, according to UK Finance, making up around 4.3 per cent of total receipts.<\/p>\n Markets rattled by the Labour left<\/p>\n Borrowing costs hit the highest since 1998<\/a> yesterday as fears of a lurch to the left ramped up. As markets opened a group left-wing group of Labour MPs took aim at the government\u2019s fiscal rules, with a policy paper claiming they \u201cresolved in favour of caution\u201d.<\/p>\n The paper also called on the government to tax wealth more heavily and to reward work.<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\t\u2018Complex risks\u2019: Jamie Dimon strikes cautious tone as JP Morgan profit beats target<\/a><\/p>\n Should Starmer be forced out of his role, likely candidates to succeed him and Chancellor Rachel Reeves are expected to have a less welcoming view of the banking sector.<\/p>\n The UK\u2019s banking giants led a major sell-off across the FTSE 100 on Tuesday morning, driven by that sentiment.<\/p>\n Lloyds and Natwest have both upgraded their income expectations for the year ahead as interest rates are expected to remain elevated as a result of the Iran war. This has led to renewed chatter around tax speculation with analysts viewing the sector as\u00a0\u201cripe for a tax grab\u201d<\/a>.<\/p>\n Last year, former deputy Prime Minister Angela Rayner made a dramatic intervention where she called for taxes to be raised on the banking sector in a bid to curb a cut to welfare spending. The left wing darling of the Labour party is being viewed as a top candidate to succeed Starmer or play a fundamental role in future governments.<\/p>\n The comments bring another round of uncertainty to the hopes of the JP Morgan tower. <\/p>\n