Andy Burnham has held discussions with a leading opponent of a wealth tax on banks in the run-up to the elections Budget.
No10 confirmed that Jamie Dimon, the CEO of US investment banking giant JP Morgan, was visiting Downing Street yesterday.
John Healey is preparing for his first budget as chancellor next month, with fears growing that he will target bank profits swollen by the rise in oil prices caused by Trump’s war with Iran.
No. 10 would not say what was discussed, with a spokeswoman saying the Prime Minister is “in routine contact with a wide range of business investors and industry leaders”.
But Mr. Dimon has previously repeatedly warned that a higher windfall tax could send jobs and investment elsewhere.
He said this to the newspaper earlier this month Master Investor Podcast that he “always thought it was wrong,” adding, “If the government decides to do it, there’s nothing I can do, but over time it will cause decisions to be made that they may not like.”
“If you have an uncompetitive tax system, capital leaves your country and… goes to other countries,” he warned, referring to an exodus of companies from the country. Londonstock markets over the past two years.
“I wouldn’t want to see that if I were leading a country,” he said, emphasizing that he wants to see “the UK prosper.”
The Guardian reported that he had made similar arguments against senior politicians yesterday.
No10 confirmed that Jamie Dimon, the CEO of US investment banking giant JP Morgan, visited Downing Street yesterday
Mr Healey is preparing for his first budget as chancellor next month, with fears growing that he will target bank profits swollen by the surge in oil prices following Trump’s war with Iran.
It came as the head of the TUC said today Work companies must be burdened with wealth taxes, despite the precarious state of the economy British economy.
Secretary-General Paul Nowak called for a range of measures to help workers ahead of the body’s annual conference next week.
“We have an economy that doesn’t work for too many people, a tax system that is better at taxing people than wealth,” he said.
Mr Healey will present his first budget as chancellor on October 28, following his appointment by Prime Minister Andy Burnham last month.
The former defense secretary faces the challenge of finding more money to fund Burnham’s devolution priorities and increased defense spending, as well as new cost-of-living measures such as cutting VAT on energy bills and reducing business rates for pubs.
Experts, including the National Institute for Economic and Social Research (Niesr), have warned Mr Healey that he will either have to raise taxes or cut spending elsewhere as pressures on public finances have left no room for additional borrowing.
Mr Healey has promised the plans will be ‘built on budget discipline’ and will adhere to former Chancellor Rachel Reeves’ budget rules.
