Jamie Dimon warned Britain’s new prime minister Andy Burnham against a tax raid on banks, saying it would threaten JPMorgan’s planned £3bn London office and have "adverse consequences" for UK investment. He said taxing banks could drive capital away.

Dimon noted that JPMorgan paid $5bn in extra tax from the bank levy and corporation‑tax surcharge introduced after the 2008 bailout. He called the levy wrong, stressed the bank’s role as a good citizen in the UK, and said he would be cautious if the government penalised any company out of the ordinary.

He praised outgoing chancellor Rachel Reeves, expressed uncertainty about what he would do if taxes rose, and warned that an uncompetitive tax system leads to capital flight, citing companies delisting from London. Trade unions urged Burnham to tax wealth, including banks, to raise £9bn over four years.