{"text":[[{"start":10,"text":"Jamie Dimon has warned Britain’s new prime minister against launching a tax raid on banks, which the JPMorgan Chase boss said would threaten its planned £3bn London office and have “adverse consequences” for UK investment."}],[{"start":24.4,"text":"The chief executive of the world’s biggest bank wants to dissuade Andy Burnham from seeing the City of London as a soft target for raising extra revenue only hours after the former mayor of Greater Manchester replaced Sir Keir Starmer on Monday."}],[{"start":38,"text":"“It would be one more negative on that bucket of things you got to think about,” Dimon said about the risk of Burnham raising the bank levy or corporation tax surcharge, which were imposed after the government bailed out big UK lenders in the 2008 financial crisis."}],[{"start":54.35,"text":"“I mean, it may sound great, ‘tax the banks’, but it’s $5bn that my shareholders paid on that extra tax,” Dimon told the Master Investor Podcast with Wilfred Frost. “I just think things like that have adverse consequences.”"}],[{"start":68.7,"text":"Dimon gave the go-ahead for JPMorgan’s new 3mn sq ft tower in London last year after being given assurances about the government’s business-friendly policies. He told the podcast that the outgoing chancellor Rachel Reeves had done “a great job”, ahead of her replacement by former defence secretary John Healey on Monday evening."}],[{"start":88.85,"text":"On its planned London office, the US bank boss said he did not know what he would do if Burnham’s government did raise taxes for banks. But he warned: “I would be very cautious if I was a government thinking that penalising any company out of the ordinary is a good thing for that country.”"}],[{"start":106.55,"text":"Referring to the UK bank levy, Dimon said: “I always thought it was wrong. JPMorgan did not damage the UK and I called the chancellor at the time. [We] did not damage the UK. We’re a great citizen there. We hire people there. We want to be bigger there.” "}],[{"start":123.4,"text":"The comments are the latest example of the JPMorgan boss putting pressure on British politicians. He is facing questions from US senators over whether he lobbied the UK government against a tax on bankers’ bonuses in 2009 on the advice of the late child sex offender Jeffrey Epstein."}],[{"start":141.1,"text":"Banks in the UK pay a 28 per cent corporation tax rate, higher than the standard 25 per cent, as well as a separate levy on their UK balance sheets. "}],[{"start":150.25,"text":"“If you have an uncompetitive tax system, capital leaves your country,” Dimon, who has been chief executive of JPMorgan since 2006, told the podcast. "}],[{"start":159.65,"text":"“And if capital leaves your country, it goes to other countries. And you see that now. You see, what is it? How many companies have delisted from London in the last couple of years? I wouldn’t want to see that if I was running a country.”"}],[{"start":172.65,"text":"Trade unions have been urging Burnham to tax wealth, including by equalising rates on capital gains and income, as well as increasing tax on banks."}],[{"start":182,"text":"Paul Nowak, general secretary of the Trades Union Congress, argued that Burnham could raise £9bn over four years simply by reversing the previous Conservative government’s cut to the so-called bank surcharge. "}],[{"start":195.3,"text":"Some financiers fear such moves could appeal to the new prime minister in a bid to placate the “soft left” of the Labour Party and fund higher investment in public services."}],[{"start":213.45000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1784601000_5868.mp3"}