Jamie Dimon, chief executive of JP Morgan, is due to meet UK chancellor John Healey on Wednesday and will warn against increasing taxes on banks, people briefed on the meeting said.
The meeting comes as markets and commentators weigh heavy speculation that the chancellor’s first budget in October could include a higher windfall tax on financial institutions. Dimon, a prominent figure on Wall Street and the head of the largest US bank, is expected to argue that such measures could deter investment and put employment in the UK at risk.
JP Morgan’s boss will press the case that higher charges on banks would have broader economic consequences, according to those familiar with his planned remarks. The visit marks a high-profile engagement between the UK government and a leading US banking executive at a sensitive fiscal moment.
The outcome of the discussion will be watched by investors and industry groups anxious about possible changes in tax policy ahead of the autumn budget. The meeting underscores the attention being paid to Chancellor Healey’s early policy choices as he prepares his first fiscal statement in October.