JPMorgan Chase CEO Jamie Dimon warned that higher UK banking taxes could weaken the country's ability to attract capital. Speaking on the Master Investor Podcast on July 16, Dimon said an uncompetitive tax system may cause investment to leave the UK, increasing pressure on the new prime minister to consider how further tax increases could affect Britain's position as a financial center. He noted that he had not decided whether JPMorgan would reconsider plans for a new London headquarters if levies rose, but urged politicians to be concerned about the number of companies delisting from London. Dimon also warned that high global government debt and deficits may eventually become a problem, and he remained bearish on long-dated bonds, arguing that even with 2% inflation, the 10-year yield should be between 4% and 4.5%.
JPMorgan Chase & CoDimon warns higher UK bank taxes could drive capital away, potentially affecting JPMorgan's UK operations and new London HQ plans.