Damon warned the British finance minister against raising taxes on banks — FT
JPMorgan Chase CEO Jamie Dimon warned British Finance Minister John Healy against raising taxes on banks during a phone call last week, according to Fortune, citing the Financial Times.
According to the FT, Dimon stated that higher taxes often lead to job losses. As an example, he cited the decline in jobs in New York’s financial sector, which he partly attributed to the city’s tax burden. The publication cited unnamed sources familiar with the conversation.
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Prime Minister Andy Bernam’s government is preparing the budget for October. Bernam has not ruled out raising taxes on banks amid high profits in the financial sector and calls—particularly from labor unions—to increase the tax burden on lenders.
Damon has also criticized the UK’s bank levy in recent weeks. In July, on the Master Investor podcast, he stated that an uncompetitive tax system could lead to capital flight from the country.
