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Revealed: Banking giant threatened to leave UK over mooted tax increase; JP Morgan Chase wrote to Rachel Reeves to lobby against rumoured banking surcharge rise ahead of autumn budget (www.opendemocracy.net)

submitted 4 hours ago by Pro@programming.dev to c/unitedkingdom@feddit.uk

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One of the world’s largest banks threatened to leave the UK if the government increased tax on banks at last year’s autumn budget, openDemocracy can reveal.

The head of US banking giant JP Morgan Chase (JPMC) was among several industry leaders to personally meet with Rachel Reeves last autumn, amid speculation that the chancellor planned to raise tax on banking profits to help fill a £22bn “blackhole” in public finances.

In the end, the tax hike did not materialise. The government has since announced a range of cuts to tackle the funding shortfall, including slashing departmental budgets, disability benefits and the winter fuel allowance for pensioners.

Now, documents obtained by openDemocracy show that a representative of Jamie Dimon, the CEO of JPMC, wrote to Reeves after the meeting to say the bank would consider moving parts of its business abroad if taxes increased.

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