Jamie Dimon, chief executive of JP Morgan, is due to meet the new chancellor John Healey to argue against raising taxes on banks in the upcoming budget, warning it could damage UK investment and jobs. The meeting, set for Wednesday, comes as speculation grows that Healey may introduce a windfall tax on banks and oil firms in his 28 October budget, with the government under pressure from campaigners to raise revenue for household support amid the cost-of-living squeeze.

UK banks already pay a 28% corporation tax rate plus a balance-sheet surcharge, and Dimon has previously said further rises could have "adverse consequences", pointing to job losses in New York he attributes to that city's tax regime. He successfully lobbied against higher levies ahead of Rachel Reeves's last budget and subsequently announced plans for a £3bn, 3m sq ft JP Morgan tower in Canary Wharf, though he has hinted he could scrap the project if a less bank-friendly Labour leader replaced Keir Starmer. The UK's four largest lenders made £200bn in pre-tax profits over five years, and banks paid an estimated £43.3bn in tax in the year to March 2025, according to industry body UK Finance.