JPMorgan Chase chief executive Jamie Dimon has warned UK chancellor John Healey against creating a more hostile tax environment for banks. As the financial services sector prepares for a major pre-Budget lobbying campaign, Dimon cautioned that higher taxes often drive jobs elsewhere, citing a decline in finance roles in New York.

Banks remain a tempting target for Healey in the upcoming October Budget, given the sector's bumper profits. While union leaders have called for higher taxes to fund energy bill assistance, Dimon has made it clear that a windfall levy on bank profits or wider tax rises on wealth would be unwelcome.

This warning follows previous successful lobbying efforts by bank bosses, including discussions with former chancellor Rachel Reeves, as JPMorgan Chase weighed plans for a new £3bn London base at Canary Wharf.