JP Morgan CEO Jamie Dimon to warn UK chancellor against bank tax hike in October budget

Jamie Dimon, chief executive of JP Morgan, is scheduled to advise UK Chancellor John Healey during the chancellor's first meeting with major financial institutions this Wednesday. The billionaire plans to urge Mr Healey against implementing a windfall tax on banks and oil companies set for October 28. Current regulations in London already impose a 28% corporation tax rate and a separate surcharge on bank balance sheets, exceeding the standard 25% rate. Dimon previously stated in August that higher levies could negatively impact jobs, pointing to reduced finance roles in New York as evidence of such risks. He noted that other bank leaders successfully lobbied against similar measures during Rachel Reeves' last budget. Despite these warnings, Dimon recently announced a project to construct a 3 million square foot tower in London's Canary Wharf district.