"“Not political instability, but if they become hostile to banks again, yes,” Dimon told the broadcaster when asked whether the febrile mood in Westminster was giving him pause. “I've always objected to the fact, we didn't damage the UK in any way, we paid probably $10 billion in extra taxes by now. I don't think that's right or fair. If that happens too much we will reconsider.”"
"The proposed tower, which would span roughly three million square feet and accommodate up to 12,000 staff, was unveiled the day after Rachel Reeves delivered her latest Budget. The chancellor opted against raising taxes on banks after intensive lobbying by the industry, a decision that JPMorgan rewarded with one of the most consequential corporate property announcements London has seen in a generation."
"Were it built, the skyscraper would rank among the largest office buildings in Europe. JPMorgan has put the construction-phase boost to the local economy at £9.9 billion, while the Treasury has dangled a business rates discount of “up to 100 per cent” to secure the investment. The bank, however, was careful to caveat its commitment at the time, stressing that the project remained “subject to a continuing positive business environment in the UK”."
JPMorgan chairman and chief executive Jamie Dimon warned that the bank would reconsider its planned Canary Wharf skyscraper if the UK tax bill for banks increases too much. He said the bank would not be deterred by political instability itself, but would respond if policies become hostile to banks again. Dimon referenced prior payments of roughly $10 billion in extra taxes and said this was not fair. The proposed tower would cover about three million square feet and house up to 12,000 staff. JPMorgan cited potential economic benefits during construction and noted that incentives like business rates discounts depend on a continuing positive business environment in the UK.
Read at Business Matters
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