Jamie Dimon Warns UK Against Increasing Bank Taxes

CEO of JPMorgan Chase & Co. Jamie Dimon warned UK Chancellor of the Exchequer John Healey against increasing taxes on banks during a phone call last week. Dimon argued that uncompetitive tax systems drive capital and jobs away from a country, citing a decline in New York City finance jobs as an example of the negative impact of high tax burdens.

The warning comes as the government of Prime Minister Andy Burnham prepares an October budget. While the government has considered increasing bank levies due to strong financial industry profits and pressure from organized labor, Dimon maintains that such a move would discourage investment in the United Kingdom.