Andy Burnham held talks in Downing Street with Jamie Dimon, chief executive of JP Morgan, a vocal critic of proposals for a wealth tax on banks, ahead of Chancellor John Healey's first Budget on 28 October. The meeting has fuelled speculation that the government could soften its stance on taxing bank profits, which have swelled amid an oil price surge linked to Trump's war with Iran, at a time when Healey faces pressure to raise revenue without breaching fiscal rules.

Dimon has previously warned that a higher windfall tax could drive jobs, investment and capital away from Britain, citing the recent exodus of firms from London's stock market, and reportedly repeated these arguments to senior politicians during the visit. Downing Street declined to detail what was discussed, saying only that the PM "routinely engages" with business leaders. The talks came as TUC general secretary Paul Nowak urged Labour to press ahead with wealth taxes on firms despite economic pressures, while experts including Niesr have warned Healey he must raise taxes or cut spending, having promised his Budget will be built on "fiscal discipline".