Jamie Dimon, chief executive of the largest US bank, JP Morgan, is understood to have warned Andy Burnham and his chancellor, John Healey, against raising taxes on banks in his inaugural budget in October.
The Wall Street billionaire met the politicians on Wednesday and cautioned them that higher taxes could put investment and employment in the UK at risk, it is understood.
The meeting came amid speculation that Healey is considering a windfall tax on banks and oil companies in his budget on 28 October.
Dimon has a long track record of lobbying against Britain’s additional bank taxes, which were imposed after the government bailed out big UK lenders in the 2008 financial crisis.
The bond market is already in turmoil with the thirty year gilt yield well over 5.9%.
J P Morgan employ about 25,000 people in the UK.
I suspect that his words will fall on deaf ears. In the words of an old boss of mine we are led by ‘educated idiots’ - a good summary of Cipolla’s theory of stupidity.