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The Independent UK
The Independent UK
Business
Karl Matchett

JP Morgan boss warns UK chancellor not to hike taxes on banks

John Healey JP Morgan Jamie Dimon Andy Burnham

The boss of JP Morgan has warned the new chancellor against raising taxes on bank profits in the autumn Budget.

Reports suggest Jamie Dimon told John Healey in a phone call that higher taxes on the financial sector, while potentially popular with the public, could harm the government and its economic growth ambitions, as it could reduce investment, send jobs elsewhere and lower income for high earners who in turn spend in the wider economy.

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