Jamie Dimon, chief executive of JP Morgan, has cautioned against increasing tax charges on banks in the United Kingdom, suggesting that higher levies could jeopardize the bank’s plans to construct a new £3 billion headquarters in London. Dimon, who leads the world’s largest bank, expressed his concerns in a recent interview on the Master Investor Podcast with Wilfred Frost.

Dimon criticized the UK’s bank surcharge, which results in a combined corporation tax burden of 28% for banks—higher than the standard 25% rate—plus an additional levy on their UK balance sheets. He argued that such measures have negative economic consequences and warned that excessive taxation could drive capital and investment away from the country.

The JP Morgan CEO emphasized the bank’s ongoing commitment to the UK, stating that the firm has not harmed the British economy and has been a significant employer in the country. He highlighted that the bank had authorized the construction of a 279,000 square meter (approximately 3 million square feet) tower at Canary Wharf last year, intended to serve as its UK headquarters and accommodate more than half of its roughly 23,000 UK-based employees.

However, Dimon reiterated concerns first raised in May about potentially canceling or relocating the £3 billion project, particularly if political leadership shifted toward figures perceived as antagonistic to the banking sector. He mentioned that uncertainty surrounding future tax policies under a hypothetical Andy Burnham government could influence JP Morgan’s investment decisions.

The UK’s Trades Union Congress and associated labor groups have called for increased taxation on banks and wealthier individuals, with the TUC estimating that reversing recent Conservative reductions to the bank surcharge could raise up to £9 billion over four years. Supporters argue the funds could be used for public services and economic recovery.

Dimon responded that a competitive and stable tax environment is essential to encourage capital formation and economic growth. He warned that an “uncompetitive tax system” risks pushing companies and investment out of the UK, citing recent instances of firms delisting from London markets.

The JP Morgan CEO’s remarks underscore ongoing tensions between the financial industry and policymakers as the UK government balances revenue needs with economic competitiveness in the post-pandemic landscape.