See more Daily Mail on Google - save us as a Preferred SourceBy DAVID WILCOCK, DEPUTY POLITICAL EDITOR Published: 12:52 BST, 10 September 2026 | Updated: 12:58 BST, 10 September 2026
Andy Burnham has held talks with a high-profile opponent of a wealth tax on banks ahead of the Budget.No10 confirmed Jamie Dimon, the chief executive of the US investment banking giant JP Morgan visited 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 surge in oil prices caused by Trump's war with Iran.No10 would not say what was discussed, with a spokeswoman saying the PM 'routinely engages with a wide range of businesses investors and industry leaders'. But Mr Dimon has previously repeatedly warned that a higher windfall tax could see jobs and investment go elsewhere.Earlier this month, he told the Master Investor Podcast that he 'always thought it was wrong', adding: 'If the Government decides to do it then there's nothing I can do, but it will over time 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 London's stock markets in the past two years.'I wouldn't want to see that, if I was running a country,' he said, stressing that he wants 'to see the UK thrive'.The Guardian reported that he made similar arguments to the senior politicians yesterday. No10 confirmed Jamie Dimon, the chief executive of the 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 caused by Trump's war with IranIt came as the head of the TUC today said Labour should hammer firms with wealth taxes despite the precarious state of the UK economy. General secretary Paul Nowak called for a series of measures to help workers ahead of the body's annual conference next week.'We have an economy that is not working for too many people, a tax system that is better at taxing people than wealth,' he said.Mr Healey will deliver his first Budget as Chancellor on October 28, following his appointment by Prime Minister Andy Burnham last month.The former defence secretary is faced with the challenge of finding more money to fund Mr Burnham's devolution priorities and increased defence spending, as well as new cost-of-living measures such as cutting VAT from energy bills and reducing business rates for pubs.Experts, including the National Institute of Economic and Social Research (Niesr), have warned Mr Healey that he will need to either raise taxes or cut spending elsewhere as pressure on the public finances has left no room for extra borrowing.Mr Healey has promised plans would be 'built on fiscal discipline' and meet the fiscal rules set by previous chancellor Rachel Reeves.
