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The Guardian - UK

National

Richard Partington, Anna Isaac and Jasper Jolly

‘The City can’t be taken for granted’: how banks won over Rachel Reeves

Rachel Reeves JP Morgan United Kingdom Goldman Sachs Jamie Dimon Positive Money

City of London skyline — The City of London lobbied ferociously to ensure it was one of the few off-limits sectors in Reeves’s tax-raising budget. Photograph: Amer Ghazzal/Shutterstock

Over canapés of beef and stilton pie, bone marrow gravy and mushy peas, the financiers at JP Morgan’s New York headquarters held their champagne flutes aloft for a toast: “His majesty the king.”

Just days before Rachel Reeves’s budget – amid the chancellor’s efforts to soothe business fears and bond market jitters – Jamie Dimon, the Wall Street banking company’s boss, was hosting a birthday celebration for King Charles at its new $3bn (£2.3bn) Manhattan headquarters.

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