JPMorgan Isn't Happy With Andy Burnham's First U.K. Budget -- WSJ

By Chelsey Dulaney

British bank stocks rallied after Prime Minister Andy Burnham's first budget included a smaller-than-expected tax rise on the sector, but JPMorgan isn't pleased.

"To single out this industry for additional taxes again, one of the U.K.'s biggest generators of growth and jobs, lacks principle," JPM said. "It also overlooks that the banking industry operates in a highly competitive global marketplace."

JPMorgan CEO Jamie Dimon has been a vocal critic of U.K. bank taxes, and earlier this year warned JPM could scrap its plan for a new London headquarters if the country "becomes hostile to banks again."

The surcharge on U.K. bank profits is set to rise to 6% from 3%, though media reports had earlier suggested the surcharge could go up to 8%. Treasury chief John Healey said the increase-which will be limited to 15 months-will help pay for energy support for households.

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October 28, 2026 11:22 ET (15:22 GMT)